Tag: United States

Biden to mark Good Friday peace deal in 5-day Irish trip

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DUBLIN — U.S. President Joe Biden will pay a five-day visit to both parts of Ireland next month to mark the 25^th anniversary of the U.S.-brokered Good Friday peace accord, according to a provisional Irish government itinerary seen by POLITICO.
The plans, still being finalized with the White House, have the president arriving in Northern Ireland on April 11. That’s one day after the official quarter-century mark for the Good Friday Agreement, the peace deal designed to end decades of conflict that claimed more than 3,600 lives.
With Irish roots on both sides of his family tree, Biden has long taken an interest in brokering and maintaining peace in Northern Ireland. He has welcomed the recent U.K.-EU agreement on making post-Brexit trade rules work in the region — a breakthrough that has yet to revive local power-sharing at the heart of the 1998 accord.

According to two Irish government officials involved in planning the Biden visit itinerary, the president will start his stay overnight at Hillsborough Castle, southwest of Belfast, the official residence for visiting British royalty, as a guest of the U.K.’s Northern Ireland Secretary Chris Heaton-Harris.
Then he’s scheduled to visit Stormont, the parliamentary complex overlooking Belfast, at the invitation of its caretaker speaker, Alex Maskey of the Irish republican Sinn Féin party.
That could prove controversial given that, barring a diplomatic miracle, the Northern Ireland Assembly and its cross-community government — a core achievement of the 1998 agreement — won’t be functioning due to a long-running boycott by the Democratic Unionists. That party has not yet accepted the U.K.-EU compromise deal on offer because it keeps Northern Ireland, unlike the rest of the U.K., subject to EU goods rules and able to trade more easily with the rest of Ireland than with Britain. Nonetheless, assembly members from all parties including the DUP will be invited to meet Biden there.
The president is booked to officiate the official ribbon-cutting of the new downtown Belfast campus of Ulster University. During his stay in Northern Ireland he also is expected to pay a visit to Queen’s University Belfast, where former U.S. Secretary of State Hillary Clinton serves as chancellor.
Next, the Irish government expects the presidential entourage to cross the border into the Republic of Ireland, potentially by motorcade, the approach last adopted by Bill Clinton during his third and final visit to Ireland as president in 2000.
This would allow Biden to pay a visit to one side of his Irish family tree, the Finnegans, in County Louth. Louth is midway between Belfast and Dublin. Biden previously toured the area in 2016 as vice president, when he met distant relatives for the first time and visited the local graveyard.
In Dublin, it is not yet confirmed whether Biden will deliver a speech at College Green outside the entrance of Trinity College. That’s the spot where Barack Obama delivered his own main speech during a one-day visit as president in 2011.
A White House advance team is expected in Dublin this weekend to scout that and other potential locations for a speech and walkabout. He isn’t expected to hold any functions at the Irish parliament, which begins a two-week Easter recess Friday.
Members of Ireland’s national police force, An Garda Síochána, have been told by commanders they cannot go on leave during the week of April 10-16 in anticipation of Biden’s arrival. The Irish expect U.S. Secretary of State Antony Blinken to accompany the president and take part in more detailed talks with Northern Ireland’s leaders.
Irish Prime Minister Leo Varadkar plans to host the president and Blinken at Farmleigh House, a state-owned mansion previously owned by the Guinness brewing dynasty, inside Dublin’s vast Phoenix Park.
The final two days of Biden’s visit will focus on the other side of his Irish roots, the Blewitts of County Mayo, on Ireland’s west coast, which he also visited in 2016. Distant cousins he first met on that trip have since been repeated guests of the White House, most recently on St. Patrick’s Day.
White House officials declined to discuss specific dates or any events planned, but did confirm that Biden would travel to Ireland “right after Easter.” This suggests an April 11 arrival in line with the Irish itinerary. Easter Sunday falls this year on April 9 and, in both parts of Ireland, the Christian holiday is a two-day affair ending in Easter Monday.
Jonathan Lemire contributed reporting.

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( With inputs from : www.politico.eu )

March 30, 2023
It’s not just TikTok: French also warn against WhatsApp, Instagram

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PARIS — In a typically French move, France’s top lawmakers are refusing to side with the United States and single out China’s TikTok.
This week, top members of France’s National Assembly strongly encouraged fellow MPs to “limit” their use of social media apps and messaging services, according to a damning internal email seen by POLITICO. The recommendation does include Chinese-owned TikTok — at the heart of a storm on both sides of the Atlantic — but also features American platforms such as Snap and Meta’s WhatsApp and Instagram, alongside Telegram, founded by Russian-born brothers, and Signal.
“Given the particular risks to which the exercise of their mandate exposes MPs using these applications, we wish to appeal to your extreme vigilance and recommend that you limit their use,” wrote Marie Guévenoux and Eric Woerth from Emmanuel Macron’s Renaissance party and Eric Ciotti from conservative Les Républicains.
France’s narrative of putting Chinese and American companies in the same basket is in stark contrast to moves by other European countries, including the Dutch government, which decided to target apps from countries that wage an “offensive cyber program” against the Netherlands, such as China, Russia, North Korea and Iran.
But refusing to pick sides and follow the United States’ geopolitical lead is a long political tradition in France, which is often accused of anti-American bias. During the Cold War, French President Charles de Gaulle tried to position his country as an alternative between the U.S.’s capitalism and the Soviet Union’s communism.
“France has not mourned the loss of its power and is trying to resurrect the so-called third way, also carried by [European commissioner] Thierry Breton,” said Asma Mhalla, a tech geopolitics lecturer at Columbia University and Sciences Po. “This will serve as a political argument to put French sovereignty and French tech back on the table,” she added, arguing that the next step will likely be to promote French apps instead.
And indeed, the top lawmakers’ letter encourages members of parliament to use French software WIMI for project management and collaborative work.
Their main issue with foreign social media apps is that Chinese and American laws are extraterritorial. The personal data gathered via the platforms — including contacts, photos, videos, and both professional and personal documents — could be used by foreign intelligence services, they argued in their email.

During Macron’s tenure, France has fought tooth and nail against the U.S. Cloud Act, a piece of legislation that allows American authorities to seize data stored on American servers even if they’re located abroad. Paris has even come up with a specific set of rules for cloud services to try and shield European data from Washington’s extraterritorial reach.
In China, an intelligence law also requires domestic technology companies to hand over data to state authorities on subjects anywhere in the world.
“The U.S. are well aware that all their arguments used against TikTok — namely that Chinese law is extraterritorial — awkwardly echo what the Europeans have been reproaching them for some time,” said Mathilde Velliet, a researcher in tech geopolitics at the French Institute of International Relations (IFRI).
“On the other hand,” she added, “the U.S. also believes they cannot be put on the same footing as China, because they’re a European ally with a different political and security relationship, and because it’s a democracy.”
Washington and EU capitals including Paris and Brussels also engage in dialogue on data security issues and cyber espionage, which is not the case with Beijing.
In the National Assembly’s corridors, however, the top lawmakers’ decision to call out foreign platforms from both the U.S. and China was very much welcome. “It’s all starting to look like a third way, which would be European sovereignty,” said Philippe Latombe, an MP from Macron’s allied party Modem. “And that’s good news.”
Océane Herrero contributed reporting.
This article has been updated.

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( With inputs from : www.politico.eu )

March 23, 2023
What the hell is wrong with TikTok?

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Western governments are ticked off with TikTok. The Chinese-owned app loved by teenagers around the world is facing allegations of facilitating espionage, failing to protect personal data, and even of corrupting young minds.
Governments in the United States, United Kingdom, Canada, New Zealand and across Europe have moved to ban the use of TikTok on officials’ phones in recent months. If hawks get their way, the app could face further restrictions. The White House has demanded that ByteDance, TikTok’s Chinese parent company, sell the app or face an outright ban in the U.S.
But do the allegations stack up? Security officials have given few details about why they are moving against TikTok. That may be due to sensitivity around matters of national security, or it may simply indicate that there’s not much substance behind the bluster.

TikTok’s Chief Executive Officer Shou Zi Chew will be questioned in the U.S. Congress on Thursday and can expect politicians from all sides of the spectrum to probe him on TikTok’s dangers. Here are some of the themes they may pick up on:
1. Chinese access to TikTok data
Perhaps the most pressing concern is around the Chinese government’s potential access to troves of data from TikTok’s millions of users.
Western security officials have warned that ByteDance could be subject to China’s national security legislation, particularly the 2017 National Security Law that requires Chinese companies to “support, assist and cooperate” with national intelligence efforts. This law is a blank check for Chinese spy agencies, they say.
TikTok’s user data could also be accessed by the company’s hundreds of Chinese engineers and operations staff, any one of whom could be working for the state, Western officials say. In December 2022, some ByteDance employees in China and the U.S. targeted journalists at Western media outlets using the app (and were later fired).
EU institutions banned their staff from having TikTok on their work phones last month. An internal email sent to staff of the European Data Protection Supervisor, seen by POLITICO, said the move aimed “to reduce the exposure of the Commission from cyberattacks because this application is collecting so much data on mobile devices that could be used to stage an attack on the Commission.”
And the Irish Data Protection Commission, TikTok’s lead privacy regulator in the EU, is set to decide in the next few months if the company unlawfully transferred European users’ data to China.
Skeptics of the security argument say that the Chinese government could simply buy troves of user data from little-regulated brokers. American social media companies like Twitter have had their own problems preserving users’ data from the prying eyes of foreign governments, they note.
TikTok says it has never given data to the Chinese government and would decline if asked to do so. Strictly speaking, ByteDance is incorporated in the Cayman Islands, which TikTok argues would shield it from legal obligations to assist Chinese agencies. ByteDance is owned 20 percent by its founders and Chinese investors, 60 percent by global investors, and 20 percent by employees.
There’s little hope to completely stop European data from going to China | Alex Plavevski/EPA
The company has unveiled two separate plans to safeguard data. In the U.S., Project Texas is a $1.5 billion plan to build a wall between the U.S. subsidiary and its Chinese owners. The €1.2 billion European version, named Project Clover, would move most of TikTok’s European data onto servers in Europe.
Nevertheless, TikTok’s chief European lobbyist Theo Bertram also said in March that it would be “practically extremely difficult” to completely stop European data from going to China.
2. A way in for Chinese spies
If Chinese agencies can’t access TikTok’s data legally, they can just go in through the back door, Western officials allege. China’s cyber-spies are among the best in the world, and their job will be made easier if datasets or digital infrastructure are housed in their home territory.
Dutch intelligence agencies have advised government officials to uninstall apps from countries waging an “offensive cyber program” against the Netherlands — including China, but also Russia, Iran and North Korea.
Critics of the cyber espionage argument refer to a 2021 study by the University of Toronto’s Citizen Lab, which found that the app did not exhibit the “overtly malicious behavior” that would be expected of spyware. Still, the director of the lab said researchers lacked information on what happens to TikTok data held in China.
TikTok’s Project Texas and Project Clover include steps to assuage fears of cyber espionage, as well as legal data access. The EU plan would give a European security provider (still to be determined) the power to audit cybersecurity policies and data controls, and to restrict access to some employees. Bertram said this provider could speak with European security agencies and regulators “without us [TikTok] being involved, to give confidence that there’s nothing to hide.”
Bertram also said the company was looking to hire more engineers outside China.
3. Privacy rights
Critics of TikTok have accused the app of mass data collection, particularly in the U.S., where there are no general federal privacy rights for citizens.
In jurisdictions that do have strict privacy laws, TikTok faces widespread allegations of failing to comply with them.
The company is being investigated in Ireland, the U.K. and Canada over its handling of underage users’ data. Watchdogs in the Netherlands, Italy and France have also investigated its privacy practices around personalized advertising and for failing to limit children’s access to its platform.
TikTok has denied accusations leveled in some of the reports and argued that U.S. tech companies are collecting the same large amount of data. Meta, Amazon and others have also been given large fines for violating Europeans’ privacy.
4. Psychological operations
Perhaps the most serious accusation, and certainly the most legally novel one, is that TikTok is part of an all-encompassing Chinese civilizational struggle against the West. Its role: to spread disinformation and stultifying content in young Western minds, sowing division and apathy.
Earlier this month, the director of the U.S. National Security Agency warned that Chinese control of TikTok’s algorithm could allow the government to carry out influence operations among Western populations. TikTok says it has around 300 million active users in Europe and the U.S. The app ranked as the most downloaded in 2022.
A woman watches a video of Egyptian influencer Haneen Hossam | Khaled Desouki/AFP via Getty Images
Reports emerged in 2019 suggesting that TikTok was censoring pro-LGBTQ content and videos mentioning Tiananmen Square. ByteDance has also been accused of pushing inane time-wasting videos to Western children, in contrast to the wholesome educational content served on its Chinese app Douyin.
Besides accusations of deliberate “influence operations,” TikTok has also been criticized for failing to protect children from addiction to its app, dangerous viral challenges, and disinformation. The French regulator said last week that the app was still in the “very early stages” of content moderation. TikTok’s Italian headquarters was raided this week by the consumer protection regulator with the help of Italian law enforcement to investigate how the company protects children from viral challenges.
Researchers at Citizen Lab said that TikTok doesn’t enforce obvious censorship. Other critics of this argument have pointed out that Western-owned platforms have also been manipulated by foreign countries, such as Russia’s campaign on Facebook to influence the 2016 U.S. elections.
TikTok says it has adapted its content moderation since 2019 and regularly releases a transparency report about what it removes. The company has also touted a “transparency center” that opened in the U.S. in July 2020 and one in Ireland in 2022. It has also said it will comply with new EU content moderation rules, the Digital Services Act, which will request that platforms give access to regulators and researchers to their algorithms and data.
Additional reporting by Laura Kayali in Paris, Sue Allan in Ottawa, Brendan Bordelon in Washington, D.C., and Josh Sisco in San Francisco.

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( With inputs from : www.politico.eu )

March 23, 2023
Twitter’s plan to charge researchers for data access puts it in EU crosshairs

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Elon Musk pledged Twitter would abide by Europe’s new content rules — but Yevgeniy Golovchenko is not so convinced.
The Ukrainian academic, an assistant professor at the University of Copenhagen, relies on the social network’s data to track Russian disinformation, including propaganda linked to the ongoing war in Ukraine. But that access, including to reams of tweets analyzing pro-Kremlin messaging, may soon be cut off. Or, even worse for Golovchenko, cost him potentially millions of euros a year.
Under Musk’s leadership, Twitter is shutting down researchers’ free access to its data, though the final decision on when that will happen has yet to be made. Company officials are also offering new pay-to-play access to researchers via deals that start at $42,000 per month and can rocket up to $210,000 per month for the largest amount of data, according to Twitter’s internal presentation to academics that was shared with POLITICO.

Yet this switch — from almost unlimited, free data access to costly monthly subscription fees — falls afoul of the European Union’s new online content rules, the Digital Services Act. Those standards, which kick in over the coming months, require the largest social networking platforms, including Twitter, to provide so-called vetted researchers free access to their data.
It remains unclear how Twitter will meet its obligations under the 27-country bloc’s rules, which impose fines of up to 6 percent of its yearly revenue for infractions.
“If Twitter makes access less accessible to researchers, this will hurt research on things like disinformation and misinformation,” said Golovchenko who — like many academics who spoke with POLITICO — are now in limbo until Twitter publicly decides when, or whether, it will shut down its current free data-access regime.
It also means that “we will have fewer choices,” added the Ukrainian, acknowledging that, until now, Twitter had been more open for outsiders to poke around its data compared with the likes of Facebook or YouTube. “This means will be even more dependent on the goodwill of social media platforms.”
Meeting EU commitments
When POLITICO contacted Twitter for comment, the press email address sent back a poop emoji in response. A company representative did not respond to POLITICO’s questions, though executives met with EU officials and civil society groups Wednesday to discuss how Twitter would comply with Europe’s data-access obligations, according to three people with knowledge of those discussions, who were granted anonymity in order to discuss internal deliberations.
Twitter was expected to announce details of its new paid-for data access regime last week, according to the same individuals briefed on those discussions, though no specifics about the plans were yet known. As of Friday night, no details had yet been published.
Still, the ongoing uncertainty comes as EU regulators and policymakers have Musk in their crosshairs as the onetime world’s richest man reshapes Twitter into a free speech-focused social network. The Tesla chief executive has fired almost all of the trust, safety and policy teams in a company-wide cull of employees and has already failed to comply with some of the bloc’s new content rules that require Twitter to detail how it is tackling falsehoods and foreign interference.
Musk has publicly stated the company will comply with the bloc’s content rules.
“Access to platforms’ data is one of the key elements of democratic oversight of the players that control increasingly bigger part of Europe’s information space,” Věra Jourová, the European Commission vice president for values and transparency, told POLITICO in an emailed statement in reference to the EU’s code of practice on disinformation, a voluntary agreement that Twitter signed up to last year. A Commission spokesperson said such access would have to be free to approved researchers.
European Commission Vice President Věra Jourová said “Access to platforms’ data is one of the key elements of democratic oversight” | Olivier Hoslet/EPA-EFE
“If the access to researchers is getting worse, most likely that would go against the spirit of that commitment (under Europe’s new content rules),” Jourová added. “I appeal to Twitter to find the solution and respect its commitments under the code.”
Show me the data access
For researchers based in the United States — who don’t fall under the EU’s new content regime — the future is even bleaker.
Megan Brown, a senior research engineer at New York University’s Center for Social Media and Politics, which relies heavily on Twitter’s existing access, said half of her team’s 40 projects currently use the company’s data. Under Twitter’s proposed price hikes, the researchers would have to scrap their reliance on the social network via existing paid-for access through the company’s so-called Decahose API for large-scale data access, which is expected to be shut off by the end of May.
NYU’s work via Twitter data has looked at everything from how automated bots skew conversations on social media to potential foreign interference via social media during elections. Such projects, Brown added, will not be possible when Twitter shuts down academic access to those unwilling to pay the new prices.
“We cannot pay that amount of money,” said Brown. “I don’t know of a research center or university that can or would pay that amount of money.”
For Rebekah Tromble, chairperson of the working group on platform-to-researcher data access at the European Digital Media Observatory, a Commission-funded group overseeing which researchers can access social media companies’ data under the bloc’s new rules, any rollback of Twitter’s data-access allowances would be against their existing commitments to give researchers greater access to its treasure trove of data.
“If Twitter makes the choice to begin charging researchers for access, it will clearly be in violation of its commitments under the code of practice [on disinformation],” she said.
This article has been updated.

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( With inputs from : www.politico.eu )

March 23, 2023
Kyiv and Berlin slam Putin’s plan to station nuclear weapons in Belarus

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Officials in Kyiv and Berlin condemned Russian President Vladimir Putin’s announcement that Moscow would station tactical nuclear weapons in neighboring Belarus.
The Kremlin “took Belarus as a nuclear hostage,” Oleksiy Danilov, the secretary of Ukraine’s National Security and Defense Council, tweeted on Sunday.
Mykhailo Podolyak, an adviser to Ukrainian President Volodymyr Zelenskyy’s office, added that the move was a violation of the nuclear non-proliferation treaty, something that Putin denied in his announcement on Saturday. Podolyak tweeted that Putin “is afraid of losing & all he can do is scare [us] with tactics.”
Putin said on Saturday that Russia would construct a storage facility for tactical nuclear weapons in Belarus by July. He likened the plans to the U.S. stationing its nuclear weapons in Europe, and said Russia would retain control of the nuclear arms stationed in Belarus.
“The United States has been doing this for decades,” Putin was quoted as saying. “They deployed their tactical nuclear weapons long ago on the territories of their allies, NATO countries, in Europe,” he said.
Saturday evening, the German Federal Foreign Office told national media that the decision was akin to a “further attempt at nuclear intimidation.”
“The comparison made by President Putin on the nuclear participation of NATO is misleading and cannot serve to justify the step announced by Russia,” the Foreign Office was quoted as saying.
The Biden administration in the U.S. said it would “monitor the implications” of Putin’s announcement but would not adjust its nuclear weapons strategy.

“We have not seen any reason to adjust our own strategic nuclear posture nor any indications Russia is preparing to use a nuclear weapon,” National Security Council spokesperson Adrienne Watson said. “We remain committed to the collective defense of the NATO alliance.”
Russia used Belarus as a staging ground to send troops into Ukraine for Putin’s invasion. And Moscow and Minsk have maintained close military ties as the Kremlin continues its war on Ukraine.

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( With inputs from : www.politico.eu )

March 23, 2023
Putin says Russia to deploy tactical nuclear weapons in Belarus

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Russian President Vladimir Putin said on Saturday that Moscow would station tactical nuclear weapons in Belarus, Russian state media reported.
Russia will “complete construction of a storage facility for tactical nuclear weapons in Belarus on July 1,” Putin said, according to a report by Ria Novosti.
Belarusian President Alexander Lukashenko has agreed to the deployment, which won’t violate obligations under nuclear nonproliferation agreements, Putin was quoted as saying. Moscow would not transfer control of the nuclear arms to Minsk, according to the reports.
“We agreed with Lukashenko that we would place tactical nuclear weapons in Belarus without violating the nonproliferation regime,” Putin said, according to Tass.
“The United States has been doing this for decades,” Putin was quoted as saying. “They deployed their tactical nuclear weapons long ago on the territories of their allies, NATO countries, in Europe,” he said.
“We have agreed [with Belarus] that we will do the same. I stress that this will not violate our international agreements on nuclear non-proliferation,” Putin said.
Russia has already stationed 10 aircraft in Belarus capable of carrying tactical nuclear weapons, he said.
The U.S. said it would “monitor the implications” of Putin’s plan but would not adjust its nuclear weapons strategy.

“We have not seen any reason to adjust our own strategic nuclear posture nor any indications Russia is preparing to use a nuclear weapon,” National Security Council spokesperson Adrienne Watson said. “We remain committed to the collective defense of the NATO alliance.”
The development came as intense fighting continued around the Ukrainian town of Bakhmut, which Russia has been trying to capture for months. The Russian forces’ assault on the town has “largely stalled,” the British Defense Ministry said on Saturday.
Ukrainian President Volodymyr Zelenskyy said in his nightly address Saturday evening that Moscow “must lose” in its war of aggression against Ukraine. “We are doing everything possible and everywhere so that Russian revanchism loses in every element of its aggression against Ukraine and the freedom of nations in general,” he said.
“Russia must lose on the battlefield, in the economy, in international relations, and in its attempts to replace the historical truth with some imperial myths,” Zelenskyy said. “It is the full-scale defeat of Russia that will be a reliable guarantee against new aggressions and crises.”
The U.K. Defense Ministry said there was “extreme attrition” on the Russian side around Bakhmut, but that “Ukraine has also suffered heavy casualties” in its defense of the area, which has become a focal point of the war.
Moscow may be shifting its operational focus following “inconclusive results from its attempts to conduct a general offensive since January 2023,” the ministry said.
Gabriel Gavin contributed reporting.
This story has been updated.

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( With inputs from : www.politico.eu )

March 23, 2023
China’s Xi to visit Putin in Russia next week

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Chinese President Xi Jinping will pay a three-day visit to his Russian counterpart Vladimir Putin next week, Beijing and Moscow announced Friday, with “strategic cooperation” on the agenda.
“On March 20-22, 2023, at the invitation of Vladimir Putin, president of the People’s Republic of China Xi Jinping will pay a state visit to Russia,” the Kremlin’s press service said in a statement.
“A number of important bilateral documents will be signed,” the statement reads.
Neither country confirmed previous reports from the Wall Street Journal that Xi would use the opportunity to call Ukrainian President Volodymyr Zelenskyy — in what would be the first communication between the two leaders since Russia launched its full-scale invasion of Ukraine last February.
While China was initially committed to a “no-limit partnership” passed with Moscow days before the beginning of the war in Ukraine, Beijing has since sought to position itself as a peace broker, introducing a 12-point plan for peace.
Yet, Beijing’s attempts have drawn criticism from Western leaders. China, they said, is anything but neutral in the war, and thus not a good fit to be playing the arbiter.
China has been accused by the U.S. of delivering non-lethal “support” to Russia — and, according to exclusive customs data obtained by POLITICO, Chinese companies shipped more than 1,000 assault rifles, drone parts and body armor to Russian entities between June and December of last year.

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( With inputs from : www.politico.eu )

March 15, 2023
UBS buys Credit Suisse in rush deal

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FRANKFURT — Swiss banking giant UBS will buy the country’s second-largest bank Credit Suisse in a deal that will come as a relief to financial markets in Europe and across the world.
UBS said in a statement that the total price is 3 billion Swiss francs, or about $3.25 billion, in UBS shares.
The deal was pushed through in an effort to avoid further turmoil in global banking following the failure of Silicon Valley Bank and another regional lender in the U.S.
“With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation,” the Swiss National Bank said in a separate statement, noting that the deal was made possible with the support of the Swiss federal government, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank.
The central bank added that UBS and Credit Suisse can obtain a liquidity assistance loan of up to 100 billion francs.
Highlighting the urgency of securing a deal for the bank before markets open on Monday, Swiss authorities adjusted laws to allow further provision of liquidity by the Swiss central bank, while the government agreed to provide additional guarantees.
The expeditious rescue of Credit Suisse was welcomed by the European Central Bank as well as the Federal Reserve in the U.S.
The “swift action” by the Swiss authorities “are instrumental for restoring orderly market conditions and ensuring financial stability,” ECB President Christine Lagarde said in a statement.

The 167-year-old Credit Suisse has been involved in a series of scandals that have undermined the confidence of investors and clients. It has thus found itself in the eye of the storm when the collapse of Silicon Valley Bank sparked fears of a banking crisis.

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( With inputs from : www.politico.eu )

March 15, 2023
Why Xi Jinping is still Vladimir Putin’s best friend

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As he jets off for a state visit to Moscow this week, China’s President Xi Jinping is doing so in defiance of massive international pressure. Vladimir Putin, the man Xi once called his “best, most intimate friend,” has just become the world’s most wanted alleged war criminal.
The International Criminal Court issued an arrest warrant for Putin on March 17 for his alleged role in illegally transferring Ukrainian civilians into Russian territories. But that isn’t deterring Xi, who broke Communist Party norms and formally secured a third term as Chinese leader this month.
But why is China’s leader so determined to stand by Putin despite the inevitable backlash, at a time when the West is increasingly suspicious of Beijing’s military aims — and scrutinizing prized Chinese companies like TikTok — more closely than ever?
For a start, Beijing’s worldview requires it to stay strategically close to Russia: As Beijing’s leaders see it, the U.S. is blocking China’s path to global leadership, aided by European governments, while most of its own geographical neighbors — from Japan and South Korea to Vietnam and India — are increasingly skeptical rather than supportive.
“The Chinese people are not prone to threats. Paper tigers such as the U.S. would definitely not be able to threaten China,” declared a commentary on Chinese state news agency Xinhua previewing Xi’s trip to Russia. The same article slammed Washington for threatening to sanction China if it provided Russia with weapons for its invasion of Ukraine. “The more the U.S. wants to crush the two superpowers, China and Russia, together … the closer China and Russia lean on each other.”
It’s a view that chimes with the rhetoric from the Kremlin. “Washington does not want this war to end. Washington wants and is doing everything to continue this war. This is the visible hand,” Putin’s spokesman Dmitry Peskov said earlier this month.
10-year bromance
To understand Xi’s preference for Putin even though China’s economy is so intertwined with the West, analysts say it’s not just important to factor in Beijing’s vision for the future, but also to grasp the history that the Chinese and Russian leaders share.
“They’re just six months apart in terms of age. Their fathers both fought in World War II … Both men had hardships in their youths. Both have daughters,” said Alexander Gabuev, a senior fellow at the Carnegie Endowment for International Peace think tank and an expert on Russo-Chinese relations. “And they are both increasingly like an emperor and a tsar, equally obsessed with Color Revolutions.”

Their “bromance,” as Gabuev put it, began in 2013 when Xi met Putin toward the end of the Asia-Pacific Economic Cooperation summit in Bali — on Putin’s birthday. Citing two people present at the impromptu birthday party, Gabuev said the occasion was “not a boozy night, but they opened up and there was a really functioning chemistry.”
Russian President Vladimir Putin with Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation Summit in Nusa Dua in 2013 | Mast Irham/AFP via Getty Images
According to Putin himself, Xi presented him with a cake while the Russian leader pulled out a bottle of vodka for a toast. The pair then reminisced over shots and sandwiches. “I’ve never established such relations or made such arrangements with any other foreign colleague, but I did it with President Xi,” Putin told the Chinese CCTV broadcaster in 2018. “This might seem irrelevant, but to talk about President Xi, this is where I would like to start.”
Those remarks were followed by a trip to Beijing, where Xi presented Putin with China’s first friendship medal. “He is my best, most intimate friend,” Xi said. “No matter what fluctuations there are in the international situation, China and Russia have always firmly taken the development of relations as a priority.”
Xi has stuck to those words, even after Putin launched his invasion of Ukraine just over a year ago. Less than three weeks beforehand, Putin visited Beijing and signed what China once referred to as a “no limits” partnership. Chinese officials have steered clear of criticizing Russia — and they wouldn’t even call it a war — while echoing Putin’s narrative that NATO expansion was to blame.
Close but not equal
Concerns are mounting over Beijing’s potential to provide Russia with weapons. Last week, POLITICO reported that Chinese companies, including one connected to the government in Beijing, have sent Russian entities 1,000 assault rifles and other equipment that could be used for military purposes, including drone parts and body armor, according to customs data.
Chinese and Russian armed forces have also teamed up for joint exercises outside Europe. Most recently, they held naval drills together with Iran in the Gulf of Oman.
During Xi’s visit this week, the two leaders are expected to conclude up to a dozen agreements, according to Russian media TASS. Experts say Xi and Putin are likely to sign further agreements to boost trade — especially in energy — as well as make more efforts to trade in their own currencies.
Xi is also expected to reiterate China’s “position paper” with a view to settling what it calls the “Ukraine crisis.” The paper, released last month, mentions the need to respect sovereignty and resume peace talks, but also includes Russian talking points such as dissuading “expanding military blocs” — a veiled criticism of U.S. support for Ukraine to potentially join NATO. There are also reports that Xi could be talking by phone with Ukraine’s President Volodymyr Zelenskyy after the Moscow visit.
But Beijing’s overall top priority is to “lock Russia in for the long term as China’s junior partner,” wrote Ryan Hass, a senior fellow at the Brookings Institution, a think tank. “For Xi, cementing Russia as China’s junior partner is fundamental to his vision of national rejuvenation.”
To achieve this, Putin’s stay in power is non-negotiable for Beijing, he wrote: “China’s … objective is to guard against Russia failing and Putin falling.”
What better way, then, to show support than attending a state banquet when your notorious friend needs you most?

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( With inputs from : www.politico.eu )

March 15, 2023
Fighter jets coming ASAP, Poland tells Ukraine

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Poland will deliver four Soviet-era MiG-29 fighter jets to Ukraine “in the next few days,” President Andrzej Duda said Thursday.
Poland is the first country to formally commit to sending combat planes to Ukraine, which Kyiv says it urgently needs to repel the Russian invasion, which has become a brutal war of attrition in the eastern Donbas region.
“We will be handing over four fully operational planes,” Duda said at a joint press conference with Czech President Petr Pavel, according to French newswire AFP.
Additional planes which are “currently under maintenance” will be “handed over gradually,” Duda added, and Poland will replace the MiGs with American-made F-35s and South Korean FA-50 fighters.
After convincing its Western allies to supply Ukraine with dozens of tanks following a months-long diplomatic marathon, Kyiv has been intensively lobbying its partners in recent weeks to send modern fighter jets.
As he toured European capitals last month, Ukrainian President Volodymyr Zelenskyy made repeated pleas to the U.K. and France to provide modern jets to boost his country’s aging air force, which is mostly made up of Soviet-era planes.
Yet, Kyiv’s allies have been wary of handing over the latest generation of combat planes, such as American F-16s, out of fear it would only serve to further escalate the conflict.
So far, the U.K. has started training Ukrainian pilots as a “first step” toward sending jets, while the U.S. has welcomed two pilots on an American airbase to assess their flying skills, but will not let them operate American F-16s.

Meanwhile, countries such as France and the Netherlands have expressed openness to the idea, but steered clear of making any formal commitments.
The Polish government — one of Ukraine’s staunchest supporters since Russia launched its full-scale invasion in February 2022 — had already signaled its intention to send jets in recent days.

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( With inputs from : www.politico.eu )

March 15, 2023