Category: International

India and Israel have signed a bilateral investment agreement aimed at expanding mutual trade and strengthening economic ties, during the visit of Israeli Finance Minister Bezalel Smotrich to New Delhi. The pact was signed by Smotrich and India’s Minister of Corporate Affairs, Nirmala Sitharaman, and is being hailed as a milestone in the deepening partnership between the two nations. The agreement seeks to promote greater collaboration in areas such as cybersecurity, defence, innovation, and high-technology, Sitharaman said. Smotrich, who has been sanctioned by several Western nations for his links to illegal West Bank settlements, described the deal as “an important strategic step for our joint vision.” Writing on X, Smotrich noted: “This agreement will open new opportunities for investors in both countries, strengthen Israeli exports, and provide businesses with the certainty and tools to grow in one of the world’s largest and fastest-growing markets.” India’s Ministry of Finance termed the accord a “historic milestone,” highlighting its potential to foster cooperation in fintech innovation, infrastructure development, financial regulation, and digital payment connectivity. According to official figures, bilateral trade between India and Israel stood at $3.9 billion in 2024, while current mutual investments are estimated at $800 million. Much of this relationship, however, is dominated by defence and security ties, with India being Israel’s largest weapons buyer. The agreement comes at a time when Israel faces growing global isolation over its war on Gaza. India, under Prime Minister Narendra Modi, has steadily moved closer to Israel. New Delhi was among the first to condemn the Hamas-led October 7, 2023, attack on Israel as an “act of terror.” Since then, Indian authorities have cracked down on pro-Palestine demonstrations—banning them in some cases—while permitting pro-Israel rallies.

US President Donald Trump on Sunday said he is prepared to move into the “second stage” of sanctions against Russia, signalling a fresh wave of economic pressure aimed at forcing Moscow to end the war in Ukraine. Speaking to reporters on his way to the US Open Final, Trump was asked if he was ready to escalate punitive measures on Russian President Vladimir Putin. “Yeah, I am,” he replied. The remarks followed comments by Treasury Secretary Scott Bessent, who told NBC’s Meet the Press that tougher, coordinated measures between Washington and Brussels could push Putin to the negotiating table. “If the US and the EU can come in, do more sanctions, secondary tariffs on the countries that buy Russian oil, the Russian economy will be in full collapse, and that will bring President Putin to the table,” Bessent said. He stressed that the administration is prepared to intensify pressure but needs European partners to follow suit. Bessent also criticised India and China, calling them “bad actors” for continuing to purchase Russian oil despite Western sanctions. The US has already slapped a 50% tariff on Indian imports of Russian oil, but New Delhi has accused Washington and Europe of hypocrisy, pointing out that several European countries still buy Russian energy without facing similar penalties. The Trump administration’s next steps are expected to depend on whether European allies agree to mirror Washington’s tougher approach, which could further isolate Moscow’s economy.

Ukrainian President Volodymyr Zelenskyy has urged countries to impose tariffs and trade restrictions on Russia and those doing business with it, following Moscow’s largest aerial assault since the war began. In an interview with ABC News, Zelenskyy said, “It is the right idea to put tariffs on countries that continue to make deals with Russia,” when asked about recent meetings between leaders including Prime Minister Narendra Modi, Chinese President Xi Jinping, and Russian President Vladimir Putin in China, as well as former U.S. President Donald Trump’s suggestion of tariffs on India. The appeal came after Russia unleashed more than 800 drones and 13 missiles, including four ballistic, on Saturday night, targeting several Ukrainian cities. For the first time, a government building in Kyiv—the Cabinet of Ministers—was hit, with flames breaking out on its upper floors. At least two people, including an infant, were killed when drones struck residential buildings. Air-raid sirens blared across the capital for 11 hours. According to early reports, some drones entered Ukraine from Belarus. Zelenskyy said emergency crews were working tirelessly to respond to the devastation. In a series of posts on X, he stressed that verbal condemnations by world leaders must be matched with concrete steps. “Statements must be backed by strong actions—sanctions against Russia and individuals connected with Russia, tough tariffs, and other restrictions on trade. Their losses must be felt. That is what is truly convincing,” he said. U.S. President Donald Trump also signaled a tougher stance, saying on Sunday he was ready to impose new sanctions on Russia. Asked whether this included directly targeting President Vladimir Putin, Trump responded, “Yes, I am…” Zelenskyy welcomed the “broad response” from Ukraine’s partners to the latest assault, but warned that Moscow’s actions were a test of global resolve. “Clearly, Russia is trying to inflict pain on Ukraine with even more brazen attacks. This is a clear sign that Putin is testing the world—whether they will accept or tolerate this,” he said.