TODAY

Caracas, August 30, 2026 (venezuelanalysis.com) – Venezuelan Acting President Delcy Rodríguez has defended an oil agreement that US President Donald Trump called “the biggest in history.”

“The historic agreement with the United States will have a great impact on Venezuelans’ lives in the long term,” she said in a televised broadcast on Saturday evening. “It is useless to have oil reserves underground. They should be turned into welfare and prosperity for our country.”

The acting president pledged that the deal would lead to “education and healthcare” improvements and contribute to “energy security” in the Western Hemisphere. She reiterated gratitude to Trump and US Secretary of State Marco Rubio for the agreement.

According to Rodríguez, the joint initiative will see undisclosed private operators take over 17 oilfields for 25 years. The fields in question contain 65 billion barrels of crude, a little over 20 percent of the country’s reserves.

She added that the project had a 1.5 million barrel per day (bpd) target. With prices estimated at $65, Venezuela would collect US $19 per barrel, totaling $209 billion over the course of the agreement.

However, the price estimates stand markedly below present and projected market values, while the state’s take is likewise significantly reduced. Under previous legislation, enacted by former President Hugo Chávez, the Venezuelan state collected over $0.75 for every dollar of oil extracted in the form of royalties, taxes, and dividends from state oil company PDVSA.

Furthermore, an average of $8.4 billion in yearly revenue for 1.5 million bpd produced also amounts to a much reduced share for the Caribbean nation. In 2025, with lower market prices and Venezuela forced to sell at a discount to circumvent US sanctions, the country collected a reported $18.4 billion from an average of 941,000 bpd produced.

Unofficial sources have published the 17 oilfields in question, with nine being extra-heavy crude projects, eight of them in the Orinoco Oil Belt. The remaining eight are reportedly mature light and medium crude fields in Western Venezuela.

For his part, Trump presented the agreement as a major foreign policy victory that would boost US energy security for decades. In a social media message on Sunday, Trump claimed he would use Venezuelan oil to “fill up the Strategic National Reserves,” calling the supply “a gift from Venezuela.”

Details on the US role in the agreement have yet to be disclosed, with Trump Energy Secretary Chris Wright expected in Caracas in the coming days.

According to AP, the US government will have an ownership stake in a company receiving 100-year rights to drill in the assigned oilfields. Washington would reportedly secure 55 percent of the output and be able to purchase oil at cost.

The Wall Street Journal reported that the Trump administration plans to secure a 35 percent stake in North American Blue Energy Partners (NABEP), a firm owned by Venezuelan oil mogul Alejandro Betancourt that currently operates multiple oil projects. The operation would be conducted by the Pentagon’s Office of Strategic Capital through penny warrants that minimize capital investment.

Venezuelan and US officials have stated that the deal will attract $100 billion in private sector investment. Nevertheless, there has been no information released about the private actors involved.

Since the January 3 US military strikes and kidnapping of President Nicolás Maduro and First Lady Cilia Flores, the Trump administration has seized control over Venezuela’s energy sector. Washington has maintained wide-reaching sanctions in place while issuing licenses for select Western corporations. The US Treasury likewise manages Venezuela’s crude sale revenues, with the amounts and timings of the disbursements to Caracas left at the White House’s discretion.

The acting Rodríguez government has pushed a pro-business overhaul of its hydrocarbon law and regulations in coordination with US officials and corporate executives. In recent months, companies such as Chevron, BP, and Shell have struck new long-term oil and natural gas deals or renegotiated existing ones.

Popular movements call for ‘anti-imperialist resistance’

The announced agreement with the Trump administration has drawn significant criticism over its lack of transparency and implications for Venezuelan sovereignty.

Economist Francisco Rodríguez questioned whether the deal would require parliamentary approval as established by the Venezuelan Constitution. He likewise called for an explanation on whether the announced revenue figures are at current prices or adjusted for inflation. “19 dollars per barrel in 2051, when the project ends, correspond to a real value of 9 dollars today,” he wrote.

Venezuelan social movements also took to the streets of Caracas on Saturday to protest against “neocolonialism and imperialist attacks.” The mobilization was organized by the Popular Anti-Imperialist Front, a coalition of grassroots collectives that has staged regular demonstrations in recent weeks.

“The Popular Anti-Imperialist Front aims to bring together revolutionary movements to resist the imperialist aggression our country is facing,” activist Fernando Berroterán told Venezuelanalysis. “We are staging protests in different communities to raise popular consciousness.”

Berroterán stated that he was “completely opposed” to the announced deal, adding that the Popular Anti-Imperialist Front would meet and establish a joint position in the coming days.

Fellow organizer Orlando Vega argued that the Venezuelan government has “stumbled” in its response following the January 3 US attacks. He urged a firmer stance, demanding the release of Maduro and Flores and a review of legislation approved “under US coercion.”

“Our call is for the people to organize pockets of resistance against imperialism and Zionism,” Vega concluded.

Edited by Lucas Koerner in Philadelphia, USA.

Nepal’s rescue teams, aided by Chinese and Indian experts, are racing to save more than 900 workers believed to be trapped underground at hydropower projects hit by devastating flash floods.

Nepali officials said on Monday that the focus was on reaching the workers in about a dozen hydropower project tunnels blocked by mud and rock debris.

The unprecedented deluge of ice, rock, mud and debris on the Nepal-Tibet border on Wednesday – caused by a glacier collapse – has killed 903 people with 4,247 missing in Nepal, its disaster authority said.

The flood also wreaked havoc across the border in China’s Tibet region, where at least 16 people died and 546 are missing, said Chinese authorities.

‘Big challenge’

Pictures and videos shared by rescue teams in Nepal showed earth-moving equipment digging and shovelling mud and rocks under lights in the dark of the night as workers watched. Soldiers used torchlights in a big pit they had created to look for space to get into one tunnel.

“A large amount of debris has been deposited and that is posing us a big challenge to open the tunnels,” Nepal army spokesperson, Raja Ram Basnet, told the Reuters news agency.

“Our main focus is on opening the tunnels.”

Hundreds of bodies, many unidentified, have been buried in shallow graves as they began decomposing in the humid weather after being swept down the mountains by the torrent.

At a hospital in the capital of Kathmandu, morgues have reached capacity and families are flocking to other hospitals in hopes of finding missing loved ones, reported Al Jazeera’s Minelle Fernandez.

In addition to the 933 missing hydropower workers, some 500 workers from the Truck and Container Association are also missing, said Fernandez.

The Red Cross has estimated that more than 90,000 people are likely to have been affected by the disaster, which China has linked to the effects of climate change.

Prime Minister Balendra Shah said the flood was an “unprecedented and devastating natural disaster” and it remained challenging to compile a complete assessment of the damage.

“Despite the adverse weather, difficult terrain and continuing risks, we are moving forward with determination to save the lives of our citizens,” he said in a Facebook post late on Sunday, adding that nearly 21,000 security personnel were involved in rescue operations, besides civilian workers and volunteers.

While accessibility has been restored on many roads and highways, almost “40 kilometres of roads have been absolutely swept away”, Al Jazeera’s Fernandez said.

“So there are challenges on the ground in getting this aid to communities, but the authorities, as well as the agencies and their networks are working their way through it.”

China sends experts, aid

China’s state-run CCTV said the government has mobilised more than 2,100 rescue workers and allocated at least 220 million yuan ($33mn) to support relief efforts. Equipment and supplies have been airdropped to frontline rescuers, while Chinese soldiers used life-detection equipment to look for the missing.

Beijing said 261 foreign nationals from 23 countries were unaccounted for in Tibet.

“President Xi Jinping, according to state media, has called for all out efforts to rescue those missing in the mudslide, and this is the second time that the president has made such a call,” said Al Jazeera’s Katrina Yu, reporting from Beijing.

“So this seems to be the Chinese leader’s effort to call on people, not only to continue their efforts, but redouble their efforts even as things are looking grimmer and grimmer.”

China has sent nine tunnel rescue experts to Nepal and shared satellite information with Nepalese authorities, said Yu.

Although Nepal has said it does not need foreign help in general search and rescue efforts, it has accepted help from giant neighbours India and China for their expertise in tunnel rescue.

Rescue operations have been suspended several times since Friday because of bad weather and concerns that a lake, formed across the Nepal-China border by the disaster, could trigger new flooding after it began overflowing into Nepal’s rivers.

The weather was good on Monday and rescue work continued to pick up pace, said Narendra Pariyar, the district administrator of Rasuwa, one of the two hard-hit districts.

In a scathing interview, French great Michel Platini accuses Infantino of always loving ‘money and power’.

French football great Michel Platini says FIFA president Gianni Infantino “must go” following the scandals that have surrounded football’s governing body and rocked the sport globally.

“Economic affairs are one thing, but Infantino has failed because he is the guarantor of the rules of the game and he didn’t respect them,” former UEFA president Platini told a French media outlet on Sunday.

The 56-year-old Infantino has been under fire since his aborted plan to bring private investment into FIFA events, such as the World Cup. He was also lambasted over a number of controversies during the recently concluded World Cup in North America.

Platini hit out at the so-called hydration breaks at the World Cup, which often lasted as much as four minutes and were used by the host broadcaster for advertisements.

He also pointed to the half-time show during the final, which largely overran the required maximum of 15 minutes, and the furore around FIFA suspending the red card ban given to American forward Folarin Balogun following a phone call made by United States President Donald Trump to Infantino.

“The ad breaks are not in the rules, the 30-minute half-time break in the final is not in the rules, and the red card, that’s the worst,” said Platini.

“He’s the guarantor [of the rules], he doesn’t respect them, he must go,” added Platini, who was UEFA’s secretary-general under the Frenchman’s leadership.

Since the World Cup, UEFA threatened to boycott FIFA tournaments until Infantino scrapped the FIFA Forward Enterprises plan to bring in private investment.

European football’s governing body UEFA has also accused Infantino of “criminal mismanagement” over the private financing.

FIFA did not respond to Al Jazeera’s request for a comment.

‘He always loved money’

Other regional bodies – the Confederation of North, Central America and Caribbean Association Football (CONCACAF) and the Asian Football Confederation (AFC) – have joined UEFA in putting pressure on Infantino, who is hoping to run for re-election in March.

“It won’t be sporting institutions that sort this out and bring him down,” Platini said.

“If UEFA want to bring down Infantino, it will be through the courts.”

“I always knew that he loved money and power,” Platini added about the Swiss-Italian.

Platini was himself accused of fraud in 2015 when he was UEFA president and eyeing the top job at FIFA to replace Sepp Blatter, who was likewise accused of giving an illegal payment of $2m to the Frenchman.

Platini was eventually acquitted of any wrongdoing in 2025 but was forced to step down at the time, with Infantino leaping on the opportunity to be elected FIFA president in his stead in 2016.

“He didn’t bring me down, he benefitted from it,” said Platini.

“But now that there are lots of investigations into him all over the world, there is some noise about how he knew about certain things — let’s see what happens next.”

Platini is suing Infantino, and former FIFA officials Marco Villiger and Domenico Scala, in France “to seek compensation for all the damages he has suffered as a result of the tactics used to prevent him from being elected FIFA president in 2015”.

He accuses the trio of a “criminal conspiracy to commit false accusation … influence peddling … and aiding and abetting influence peddling”.

Coral reefs make up just 1 percent of ocean coverage, but host a quarter of all life in the sea.

Coral reefs are experiencing bleaching events so frequently that they no longer have time to recover before the next one strikes, scientists have warned.

Global coral cover is now well below ⁠normal levels and at risk of irreversible decline, the Global Coral Reef Monitoring Network (GCRMN) said in a report released on Monday.

“If we give them enough time, they ‌have the capacity to recover,” lead author Manuel Gonzalez Rivero said. “But we haven’t seen that amount of time being allowed. In fact, the frequency of those bleaching events has pretty much doubled.”

Bleaching occurs when corals expel the colourful algae living in their tissues. Without this algae, they become vulnerable to starvation and disease. Bleached coral are not dead, but they need time in cooler water to recover.

“We had 40 years of coral cover around the world that had remained relatively unchanged until 2010,” said Gonzalez Rivero, a scientist at the Australian Institute of Marine Science. “Since 2010, there has ⁠been a very steep change.”

The latest bleaching in 2023 was the most extensive on record, impacting 77 percent of the world’s coral reef areas.

Rivero warned that another such event is “very likely” this year given elevated temperatures globally.

Coral reefs are critical barometers for global ocean health, supporting more than 25 percent of all marine life despite covering less than 1 percent of the ocean floor.

The GCRMN’s warning came as organisers of the annual Pacific Islands Forum announced that at least five leaders of the 18-nation group will skip the group’s summit.

The forum has been touted for decades as a symbol of regional unity, and is used to discuss pressing matters facing Pacific states, including climate change and ocean health.

Niger’s military government has contained an attempted mutiny in the capital, but the uprising has exposed tensions inside an army struggling to contain persistent attacks by armed groups.

It has also highlighted the changing nature of Niger’s security partnerships, with Russian personnel helping government forces contain the unrest.

The mutiny began on Saturday at Base 101, a military installation at Diori Hamani International Airport in Niamey, before fighting spread to other sensitive sites, including areas near the presidential palace and the state broadcaster.

Niger’s army said it regained control of the base after hours of fighting. State media reported that dozens of soldiers were killed or arrested, although Reuters said it could not independently verify the figures.

Russia’s Africa Corps was involved in the government’s response.

Russia’s ambassador to Niger, Viktor Voropaev, said Nigerien authorities requested the force’s assistance to neutralise the mutineers. The Associated Press reported that Africa Corps provided ground and aerial support to forces loyal to the government.

The intervention is significant because Russian forces were helping Niger’s military government confront an armed challenge from within its own military.

What happened in Niamey?

The unrest began with a hostage situation at the military base, according to the Associated Press. Soldiers took fellow servicemen hostage before opening fire and attacking what Niger’s Defence Ministry described as “sensitive” sites in the capital.

Gunfire and explosions were heard around the airport, while the state broadcaster was temporarily taken off air. The presidential palace was also targeted, according to Reuters and Al Jazeera.

Government forces eventually regained control of Base 101, while the Presidential Guard remained loyal to General Abdourahamane Tiani, who seized power in a July 2023 coup.

The precise size and leadership of the mutiny remain unclear. Nigerien state media said hundreds of soldiers were involved, but Reuters said it could not independently verify that figure.

Some of those involved were reportedly from areas including Ouallam, Tera and Dosso in southwestern Niger, where the army has suffered heavy losses fighting armed groups.

The uprising appears to be the most serious internal challenge to Tiani’s rule since he came to power.

Why are Niger’s soldiers under pressure?

The precise motives of the mutineers have not been publicly established.

But analysts and security sources have linked the unrest to frustration over worsening insecurity and heavy military losses.

Niger’s army has been fighting groups affiliated with al-Qaeda and ISIL (ISIS), particularly in the country’s west.

Reuters reported that an attack by an ISIL affiliate earlier this month killed 18 Nigerien soldiers. The airport complex where Base 101 is located was also attacked earlier this year, including in January by an ISIL affiliate and in June by Jama’at Nusrat al-Islam wal-Muslimin (JNIM), al-Qaeda’s Sahel affiliate.

The mutiny therefore came against the backdrop of the same security crisis that helped bring the military government to power.

Tiani and other officers who seized power in 2023 accused the elected government of failing to contain armed groups and promised to restore security. But the threat has persisted.

The unrest raises questions about the pressure facing front-line units as Nigerien forces continue to suffer casualties in their fight against armed groups.

Why did Africa Corps intervene?

Africa Corps is a Russian force operating under the Ministry of Defence that took over much of the Wagner Group’s role in Africa after Moscow reorganised its operations following the death of Wagner leader Yevgeny Prigozhin in 2023.

The force includes former Wagner personnel and operates under Russian state control.

Africa Corps personnel are stationed at Base 101, according to AP, which reported that the force has between 200 and 300 personnel in Niger.

Voropaev said Niger had requested Russian assistance during the mutiny.

AP reported that Africa Corps provided ground and aerial support after forces loyal to the government struggled to regain control of the base.

The episode does not establish that Russia controls Niger’s armed forces.

But it demonstrates that when Niger’s military government faced an armed challenge from within its own military, it was able to call on Russian forces already operating inside the country.

That underscores how significantly Niger’s post-coup security arrangements have changed.

What does Russia gain from Niger?

Niger’s relationship with Russia has deepened since the 2023 coup.

The military government pushed French forces out of the country, while United States forces later withdrew. Niger also joined Mali and Burkina Faso in forming the Alliance of Sahel States (AES), as the three military-led governments moved away from the Economic Community of West African States (ECOWAS).

Moscow has cultivated closer military ties with all three governments.

Africa Corps is part of that wider security relationship, taking over much of Wagner’s former role while operating under Russian state control.

Its intervention in Niamey gives that partnership a new dimension.

Russia was not simply helping Niger fight armed groups. Its personnel were involved in helping the government respond to an armed challenge from within the military itself.

Whether that translates into greater Russian political influence over the military government remains unclear.

What role did Algeria play?

Russia was not the only foreign actor to support Niger during the crisis.

Niger’s presidential office said Algeria provided military assistance. Reuters reported that Algeria sent four fighter jets, a transport aircraft and a refuelling tanker.

The Alliance of Sahel States also backed Niger’s military government, while Turkiye expressed solidarity and called for restraint.

It was not immediately clear whether Mali or Burkina Faso provided direct military assistance. Their political support should therefore not be presented as evidence that their forces participated in suppressing the mutiny.

What does this mean for France and the UK?

The crisis highlights the reversal of Western military influence in Niger.

France had a major military presence in the country as part of its wider counterinsurgency campaign in the Sahel, but French forces withdrew after relations with the military government collapsed following the 2023 coup.

The US subsequently withdrew its forces from Base 101 and Niger’s other military installations.

Niger has since moved closer to Russia and strengthened its ties with Mali and Burkina Faso.

There has been no confirmed new French or British military response to this specific mutiny in the latest reporting.

France’s relevance is therefore primarily its withdrawal from Niger and the resulting shift in the country’s security partnerships. The United Kingdom had a much smaller military role in Niger than France.

Can Russia solve Niger’s security problem?

Africa Corps may have helped the military government contain the immediate threat, but its intervention does not resolve Niger’s wider security crisis.

Armed groups linked to al-Qaeda and ISIL remain active, while Nigerien soldiers continue to face heavy losses.

Tiani came to power promising greater security and sovereignty. Yet three years later, the armed-group threat persists, and soldiers have mounted an internal challenge to the government.

Russia can provide personnel and operational support. But there is no evidence from this episode that the Africa Corps can by itself resolve the insecurity driving Niger’s conflict or the pressures facing its military.

The immediate challenge to Tiani has been contained.

But the episode exposes a difficult contradiction for Niger’s military government: it seized power promising to make the country more secure, yet it continues to face a serious rebellion while confronting unrest within the armed forces.

For Russia, meanwhile, the crisis demonstrates the practical value of its growing security relationship with Niger.

When the government faced an internal military crisis, Africa Corps was already on the ground.

That does not mean Russia has replaced Niger’s own armed forces.

But it shows how far Niger’s security architecture has shifted since the 2023 coup, from one heavily reliant on Western partners to one in which Russian forces now have a visible supporting role.

Burnt out teachers urgently need better working hours and more support to stop them leaving the profession, the Liberal Democrats say, as the new term approaches.

Nearly half of the teachers surveyed by the party in England said they were planning to quit the classroom in the next five years, with many saying they felt overworked and stressed.

The Lib Dems are urging new Education Secretary Lucy Powell to fully fund teachers’ pay, rather than raiding school budgets to cover increases, and to bring in limits on overtime.

The Department for Education said last year saw the lowest rate of teachers leaving the profession since 2010 but acknowledged there was “more to do”.

The survey asked more than 900 teachers, headteachers and Special Educational Needs Coordinators (SENCOs) across England how long they planned to stay in teaching.

Almost half of those in post said they were considering leaving teaching in the next five years, while one in ten were planning to spend less than a year in the job.

More than three quarters of those surveyed, which included former teachers, said they had felt “frequently or constantly burnt out” while at work.

Respondents cited high workloads on marking, lesson preparation and other tasks, which they said gave them less time in the classroom.

The Liberal Democrats’ schools spokesperson Caroline Voaden said this pointed to a government that is “not listening” to the profession.

“We rely on teachers to educate our children, the least we can do is make sure they want to come back after the summer,” she said.

Teacher retention is a challenge successive governments have had to grapple with.

The National Education Union (NEU) reported that 4 in 10 teachers were planning to quit over “huge workloads and excessive accountability” in 2019.

This latest survey was also conducted with the help of the NEU, as well as the Association of School and College Leaders (ASCL).

“After over a decade of austerity and chronic underfunding in our schools the system is on its knees” said the NEU’s general secretary Daniel Kebede.

“The new academic year is the perfect time for Andy Burnham to signal a fresh start for our schools” he added.

“That means fully funding the pay award and properly funding all our schools and colleges to stem the recruitment and retention crisis and give children the education they deserve.”

“As Lucy Powell enters her first term as education secretary the Liberal Democrats are calling for her first act to be to introduce an emergency package of ‘back to school’ measures to face this crisis head on,” Voaden said.

The Lib Dem proposals include the government fully funding teacher’s pay, which will increase in England by 3.5% from September, with an additional 3% the year after.

Currently, half of the pay increase will come from existing school budgets.

The party is also calling for proper enforcement of teacher’s legally mandated working hours, the introduction of reasonable limits on overtime, and for all schools to be required to introduce flexible working policies.

The party did not identify where funding might come from to pay for the policies.

An education department spokesperson said: “We know teachers do an incredible job and we’re determined to make sure that dedication is matched with the right support.

“Last year saw one of the lowest rates of teachers leaving the profession since 2010, and a record number of teachers returning to the classroom, but we know there’s more to do.

“We’re taking action by announcing pay awards of almost 17% over two years, funding schools to improve maternity pay and offering targeted support to normalise flexible working and manageable workloads so that more teachers stay in our classrooms and thrive.”

Russian Foreign Ministry spokesperson Maria Zakharova told a briefing held on August 20, 2026, that “a substantial package of intergovernmental documents and commercial contracts is planned to be signed during the Russia-Africa summit, scheduled for late October.” Given the “mutual interest in stepping up our trade and investment cooperation, we plan to focus the agenda of the upcoming summit meeting on economic matters,” she said.

There, the attendees can discuss in substance a wide range of matters, including boosting Russian-African ties in agriculture, healthcare, education, and scientific-technical and cultural cooperation. “We expect to sign a substantial package of interstate documents and commercial contracts during the event. Well, and we also note, of course, with satisfaction, our partners’ considerable interest in the forthcoming event. Many African capitals have already confirmed their attendance and declared their intention to send representative delegations to Moscow, including heads of state entities and businessmen, of course,” Zakharova explained.

“We have a huge potential in this sphere, which has not yet been fully realized, as everyone admits. Key priorities have also been determined: to cooperate on peaceful uses of nuclear power; to develop independent payment systems, food security, and digitalization, including the adoption of artificial intelligence,” Zakharova underlined.

It is time to face rising realities and the balance of investment power in this 21st century. Whether Russia colonized Africa or never colonized Africa, the most convincing and essential factor is Africa simply has to work with the world’s players. Africa should collaborate with potential foreign investors with adequate funds, in practical terms, ready to invest in its development as exemplified by China. And there is still a growing sense of analytical debates over Russia’s policy approach, though. Ultimately, at least three fundamental assumptions, or appropriately primary principles, can be described as follows:

*Russia’s forthcoming October 2026 The Russia-Africa summit is framed as a chance to consolidate dozens of prior agreements and shift toward concrete economic cooperation in trade, investment, nuclear energy, food security, digitalization, and independent payment systems, yet critics note that rhetoric and signed MoUs have so far produced limited tangible results on the ground.

*Despite historical Soviet-era goodwill and frequent high-level visits, Russia remains a marginal player in African infrastructure, industry, and agriculture compared with China, the EU, and the United States; many announced projects have stalled, financing instruments are weak, and younger Africans see little contemporary economic impact beyond anti-Western messaging.

*Experts and African partners urge Moscow to move beyond nostalgia for past assistance, deliver on existing pledges with real capital and project execution, leverage platforms such as the African Continental Free Trade Area (AfCFTA), and engage Africa’s large youth and middle-class markets if it wishes to convert political alignment into sustained, mutually beneficial economic partnership.

The African Continental Free Trade Area (AfCFTA) provides a unique and valuable platform for businesses to access an integrated African market of over 1.4 billion people. The growing middle class, estimated at 380 (twice the aggregate of Russia’s population), among other factors, constitutes huge market potential in Africa. The African continent, currently, has enormous potential as a huge market, which some experts often refer to as the last business market frontier. Nevertheless, Africa’s trade with the European Union stands at $400 billion, and with China, almost $300 billion. And based on military equipment and weapons and agricultural products such as ice cream, chicken meat, fertilizers, and grain exports, Russia quoted a bilateral trade figure as $27 billion in June 2026.

The world is, increasingly, becoming multipolar. Therefore, Africa’s strength has to be directed at continental development and entrepreneurship, not at building solidarity for geopolitical games. Many African countries are enacting economic reforms; demand is growing for high-quality, competitive products. Russian businesses are interested in this niche, but Russian operators are extremely slow. The ‘snail-pace approach’ reflects their inability to determine financial instruments for supporting trade with Africa and corporate investments in Africa.

There is some level of optimism for a change, though. Russia plans to hold the next Russia-Africa summit in late October 2026. And Sergey Lavrov, minister of foreign affairs of the Russian Federation, indicated in an explicit message mid-July that “in these difficult and crucial times, the strategic partnership with Africa has become a priority of Russia’s foreign policy. Russia highly appreciates the readiness of Africans to further step up economic cooperation.”

At a meeting of the ministry’s collegium, Lavrov strongly suggested the necessity of borrowing a chapter on policy approaches and methods adopted by China in Africa. In fact, Lavrov’s suggestion exposes the inability to play catch-up and, most significantly, Russia’s financial fragility. Lavrov also said, “It is in the interests of our peoples to work together to preserve and expand mutually beneficial trade and investment ties under these new conditions. It is important to facilitate the mutual access of Russian and African economic operators to each other’s markets and encourage their participation in large-scale infrastructure projects. The signed agreements and the results will be consolidated at the forthcoming Russia-Africa summit.”

During the past years, there have been several meetings of various bilateral intergovernmental commissions both in Moscow and in Africa. The first Sochi summit discussed broadly the priorities and further identified opportunities for collaboration. There were 92 agreements signed in Sochi, which totaled RUB 1.004 trillion (equivalent to $12.5 bn), and approximately 240 agreements during the African Leaders Summit held in St. Petersburg, according to official documents. It, however, requires understanding the specific tasks and emerging challenges. The current tasks should concretely focus on taking practical and collaborative actions leading to goal-driven results. Notwithstanding the lapses, Lavrov hopes “the signed agreements and the results will be consolidated at the forthcoming Russia-Africa summit.”

Accentuating the importance of multilateral cooperation between Russia and Africa, Advisor to the President of the Russian Federation Anton Kobyakov said, “The current situation in the world is such that we are witnesses to the formation of new centers of economic growth in Africa. Competition for African markets is growing, accordingly. There is no doubt that Russia’s non-commodity exporters will benefit from cooperating with Africa on manufacturing, technologies, finances, trade, and investment.”

Kobyakov pointed to modern Russia, which already has experience of successful cooperation with African countries under its belt, as ready to make an offer to the African continent that will secure a mutually beneficial partnership and the joint realization of decades of painstaking work carried out by several generations of Soviet and Russian people.

The Soviet Union was quite extensively engaged in Africa, comparatively. Historical documents show that after the Soviet collapse, there were approximately 380 mega-projects across Africa. In the early 1990s, Russia exited, closed a number of diplomatic offices, and abandoned all these, and now there are hardly any signs of Soviet-era infrastructure projects across Africa. And now post-Soviet relations are interestingly engulfed in extensive geopolitics; Russia has only engaged in trading anti-Western slogans on the continent, which also threatens the African Union’s steps to consolidate African unity. 

In addition, Russia has only been criticizing other foreign players during the past two decades without showing any of its own template model of building relationships directed at transforming Africa’s economy. Moreover, Russian officials have underestimated the fact that Russia’s overall economic engagement is largely staggering; various business agreements signed are still not fulfilled with many African countries. Its foreign policy goal is simply to sustain the passion for declarations, signing several MoUs and bilateral agreements with African countries. Grappling with reality, there are equally many investment challenges, including official bureaucracy and the governance system in Africa.

Despite this policy rhetoric and attractive summit outlines, Russia still plays very little role, particularly in Africa’s infrastructure, agriculture, and industry. Investing in agriculture to ensure food security and investing in industry to add value to raw materials in the continent. While, given its global status, it ought to be active in Africa with noticeable corporate investments, similar to policy models of Western Europe, the European Union, the United States, and China, it is all but absent, consistently engages in geopolitical symbolism and rhetoric, and plays a negligible role, according to Professor Gerrit Olivier at the Department of Political Sciences, University of Pretoria, and former South African Ambassador to the Russian Federation.

Now at the crossroads, it could be meandering and longer than expected to make the mark. If existing challenges, obstacles, and impediments are not addressed, Russia’s return journey could take another generation to reach its destination, Africa. If not at the crossroad, then possibly at the periphery of Africa. With the current rapidly changing geopolitical world, Russia has to redefine and reassess policy parameters and adopt a more strategic approach, working with absolute consistency within the principle of finding common solutions to Africa’s development expectations and consolidating its economic sovereignty.

*This is part of the forthcoming book: Putin’s African Dream: Emerging Challenges and Opportunities (Third e-handbook).

Ten months after a coup, military leaders say the referendum is designed to stabilise future civilian governments.

Ballot counting is under way in a referendum in Guinea-Bissau that could significantly boost the presidency’s power.

Citizens of the West African nation took to the polls on Sunday to vote on a new constitution that would reform the country’s political system ahead of elections later this year.

Turnout “exceeded” 55 percent and the poll took place “without any incidents that would call into question the credibility of the vote”, Idrissa Djalo, executive secretary of the National Electoral Commission, told a news briefing on Sunday.

Results are expected on Tuesday.

The referendum comes less than 10 months after the military seized power in a coup.

The military government says it seeks to stabilise institutions before presidential and parliamentary elections, scheduled for December 6, designed to hand power back to a civilian government.

The new constitution, which citizens were asked to approve on Sunday, would switch Guinea-Bissau’s political system from a parliamentary to a presidential one.

It would abandon the system by which prime ministers came from the parliamentary majority, an approach that has led to uncomfortable power-sharing.

The new system would also allow the head of state to appoint and dismiss the prime minister and members of the government, and to dissolve parliament.

On Sunday, voters answered “yes” or “no” to the question: “Do you agree with the entry into force of the new constitution approved by the National Transitional Council?”

“What we want after this referendum is to allow whoever wins the elections to see out their mandate without hindrance,” military leader and transitional President General Horta Inta-A Na Man said.

Under the transitional charter he upholds, Inta-A Na Man is barred from running in elections.

The referendum follows years of political instability. In the November 2025 presidential election, both candidates declared victory and accused each other of electoral interference. The coup happened one day after.

Tour Championship, final leaderboard

-16 S Scheffler (US); -13 V Hovland (Nor); -12 R Gerard (US); -11 A Fitzpatrick (Eng), C Gotterup (US), R McIlroy (NI), R Henley (US), MW Lee (Aus), J Bridgeman (US), L Aberg (Swe)

Selected others: -10 T Fleetwood (Eng), C Young (US), A Scott (Aus); -9 C Morikawa (US); -7 J Rose (Eng); -5 M Fitzpatrick (Eng), W Clark (US); E R MacIntyre (Sco)

Full leaderboard

At times it felt like there was a certain inevitability about Scottie Scheffler collecting his second Fedex Cup title on Sunday.

As those around him began to falter, the world number one, who started the day three strokes adrift of overnight leader Viktor Hovland, produced a typically metronomic performance with the winning cheque in sight.

And what a prize. Scheffler’s reward for his 22nd career victory at the PGA Tour’s season-ending Tour Championship in Atlanta will see his bank account credited to the tune of $10m (£7.4m).

The 2024 champion also joins Tiger Woods (2007 and 2009) and Rory McIlroy (2016, 2019 and 2022) to have won the event on multiple occasions.

“To come from behind and be able to win tournament is a really cool feeling,” Scheffler said.

“There were a lot of talented guys in front of me on the leaderboard. I was fortunate to get off to a good start and put myself in the mix. It’s a gift to be out here on tour. Each and every day I’m going to try to give it my best.”

Across the final three pairings, Scheffler’s four-under 66 was the only round to break par with his superb ability to find green after green giving him a substantial edge over his rivals.

Hovland, whose driving became more erratic, also found that his putter had gone cold when he most needed it, and the Norwegian signed for a two-over 72 as he finished three back in second place.

American debutant Ryan Gerard, who started one behind Hovland, ended the day in the same position and third overall on 12 under par after also taking 72 shots.

McIlroy was unable to rediscover the rhythm that rocketed him into contention on Saturday, with his topsy-turvy round of 69 containing four birdies and an eagle mixed with five bogeys.

Aside from the Northern Irishman there were few moments of sparkle on show elsewhere among the potential contenders, albeit Justin Rose’s hole-in-one on the ninth was an obvious exception.

While Rose was unable to gather any momentum from that to seriously challenge, ending the day at seven under overall, another Englishman Alex Fitzpatrick matched Scheffler’s 66, the lowest round of the day, to catapult himself up the leaderboard to conclude the tournament alongside six-time major winner McIlroy at 11 under.

It earned the 27-year-old a tie for fourth on his debut to cap a remarkable season in which he won his first DP World Tour event at the Indian Open before teaming up with his elder brother, the 2022 US Open champion Matt, to win the Zurich Classic of New Orleans pairs event.

Teenager struggled in Barca’s La Liga start at Elche but improves against Athletic Bilbao, according to Hansi Flick.

Barcelona coach Hansi Flick has indicated that teenage star Lamine Yamal is finding his way back to his “top level” before Monday’s La Liga clash against Rayo Vallecano.

The 19-year-old struggled in Barca’s first match of the season at Elche but improved against Athletic Bilbao in the second, Flick said, although he did not find the net.

“I know everyone is worried about how is Lamine, how is he doing. And of course, look at his situation – he played a World Cup after a huge injury,” Flick told reporters on Sunday.

Flick said the Spanish World Cup winner is returning to his best, which Yamal has not hit since suffering a hamstring injury in April.

The winger returned at the World Cup but, despite Spain’s success, had limited individual impact at the tournament.

“Now he’s coming back after three weeks holiday, and also the first game maybe was not his best game.

“But I said this, I was very happy that he starts the game and he worked for the team.”

Yamal disappointed in the first half against Athletic on Thursday but stepped up a gear after the break.

“He played 90 minutes against Bilbao. And for him at the moment, it’s also good to [have] 90 minutes on the pitch,” Flick continued.

“We saw him in some situations really on this top level. And now, you couldn’t see this in the training today, but I saw it, and it was excellent.

“Everyone loves Lamine, and he’s in a good way. And we have to support him, and we do that.”

Yamal seemed in a bad mood after the game against Elche but happier in training before the Rayo clash.

“Of course, it’s always good when the players are smiling, but it’s not every day the same way,” Flick added.

“I’m also not smiling every day. It’s like that.”

Barca won both of their opening fixtures with Raphinha playing as a makeshift number nine after the champions were unable to land top target Julian Alvarez from Atletico Madrid.

“Of course, I’m happy with my team. [Sporting director] Deco is working on that to strengthen the team. We don’t have pressure,” Flick said, reiterating he is content with the players available to him if Barca don’t sign a new striker.

Searches have been carried out for a second day for two crew members after a French fishing boat sank in the English Channel, the Maritime and Coastguard Agency said.

A coastguard rescue helicopter, fixed-wing plane and RNLI lifeboats began searching an area south-west of Eddystone Lighthouse off Plymouth, Devon, after the crew of the trawler the Maranello made a distress call at 18:00 BST on Saturday.

The intensive multi-agency search continued on Sunday before it was “suspended pending further information”, coastguards said at 20:20 on Sunday.

HM Coastguard said three people rescued from the boat and taken to hospital were “currently travelling back to France”.

The French authorities said the stricken fishing vessel had contacted another trawler, the Stradale, to say it had a problem with its fishing gear.

The Stradale managed to recover three of the five crew members before the Maranello sank, the French naval prefecture for the Atlantic added.

One of the rescued sailors was evacuated by helicopter and treated in hospital in Truro, Cornwall, while the other two were taken to Plymouth for medical attention.

RNLI lifeboat crews from Falmouth and Newlyn in Cornwall, as well as from Plymouth and Salcombe in Devon, have been involved in the operation.

A large number of civilian vessels had also assisted in the “intensive search” for the two remaining crew members, a UK coastguard spokesperson added.

They said a coastguard aircraft “equipped with the latest technology including a multi-function search radar and high resolution cameras” was also involved, and that mayday relay broadcasts had been sent out, “requesting vessels in the area to keep a sharp lookout.”

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Foreign, defence ministers and military chiefs from three countries to meet for first time since signing Mecca pact.

Top officials from Turkiye, Saudi Arabia, and Pakistan will gather in Istanbul on Monday for their first meeting since signing the Mecca Joint Defence Agreement earlier this month.

Turkish officials said on Sunday that the meeting will be attended by foreign ministers, defence ministers, and chiefs of staff from the three nations.

According to AFP, the Istanbul meeting will formally establish a “political and defence strategic committee” comprised of such national representatives.

Turkish Foreign Ministry sources, quoted by Reuters news agency, said the agenda will cover international security issues, as well as discussions on improving military cooperation and capabilities.

The Mecca agreement forms a collective security pact similar to NATO, under which an attack on one member could be considered an attack on all. The alliance was established following the United States-Israel war on Iran.

Turkiye possesses the second-largest military in NATO, Pakistan is the only nuclear-armed Muslim country, and Saudi Arabia is the world’s leading oil exporter.

In an August interview with Al Jazeera, Turkish President Recep Tayyip Erdogan said Egypt could potentially join the pact.

Bangladesh has also stated it is actively considering joining the agreement. The potential expansion is being closely monitored by India, whose Foreign Ministry spokesperson, Randhir Jaiswal, told reporters that New Delhi would take all necessary steps to safeguard its national security.

Specialised search-and-rescue teams join recovery operations in Nepal and China as floodwaters and severe weather hamper search efforts.

At least 797 people have been killed and 3,048 others remain missing after a glacier collapsed in the Himalayas, sending water and debris tearing through several villages.

Nepal announced an updated death toll of 781 on Sunday, with 2,502 people missing, including 592 foreign nationals. In China, state broadcaster CCTV reported 16 deaths and 546 people missing, including 261 foreigners.

The disaster occurred on Wednesday when part of a glacier at an altitude of roughly 5,200 metres (17,000 feet) collapsed, plunging around 1,200m (3,900ft) and gathering rock and debris before slamming into the Lende River.

Rescue operations have been suspended repeatedly since Friday due to poor weather and fears of fresh flooding. The disaster created a lake across the border between Nepal and China that has begun overflowing into Nepal’s Lhende and Trishuli Rivers.

More than 100 workers are also believed to be trapped inside several hydropower tunnels.

Burials start

Authorities in Nepal began burying some of the victims on Sunday after taking DNA samples to allow for future identification. Many bodies were carried away by the floodwaters, leaving families unable to locate and identify their relatives. Mass burials for hundreds of unidentified victims are taking place in Nepal’s scenic Chitwan district, known for its forests and rivers.

According to the Red Cross, about 90,000 people in Nepal are likely affected by the disaster.

Specialised teams from India, China, and South Korea have joined the search-and-rescue efforts. Malaysia is also deploying its Special Malaysia Disaster Assistance Search and Rescue Team (SMART) and contributing $1m in recovery assistance.

International funding has begun to arrive, with the European Union promising $2.3m on Friday. The International Federation of Red Cross and Red Crescent Societies (IFRC) has allocated more than $1m and launched an emergency appeal for $31m.

Canadian Prime Minister Mark Carney supports a new global defense bank called the Defence, Security and Resilience Bank (DSRB), which aims to help allied countries rearm. The bank is looking to raise around €100 billion ($116 billion) to provide low-cost loans to governments and defense contractors for military projects. It will also guarantee loans for smaller, riskier firms. So far, Canada, along with Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey, and Ukraine, has expressed support for the initiative.

As of August, the DSRB had secured about €5 billion in commitments but aims for €20 billion in paid-in capital and an additional €80 billion available when necessary. However, major economies like Germany and Britain have not yet committed, which raises concerns about the DSRB’s ability to achieve the triple-A credit rating necessary for the lowest funding costs. Experts suggest that the participation of larger governments is essential to impress ratings agencies. Some potential members are hesitant about whether the DSRB can offer better financing terms than national governments, given their own budget limitations and existing commitments in similar initiatives.

Canada is actively engaging other countries ahead of the charter signing planned for autumn. DSRB founder Rob Murray emphasized the need for rearmament to address increasing security threats. He noted that many European nations are raising defense spending but are not close to meeting NATO’s targets. Carney has called for cooperation among middle powers to respond to what he sees as a changing world order.

The DSRB aims to provide funding for defense investments separate from current national debts but needs further backing to be impactful. Major European countries already have access to cheap borrowing but joining the DSRB would allow their domestic contractors to benefit from its funding. Some officials have raised concerns about overlap with existing financing programs like the EU’s SAFE program and Britain’s proposed Multilateral Defence Mechanism. There are worries about the upfront capital required for DSRB membership and the selection process for projects, as larger countries might need to contribute around €1 billion.

Murray highlighted that contributions could be spread over three years, and the DSRB could provide a more stable financing avenue for defense than existing programs. He stressed that increasing defense spending could lead to technology improvements, job creation, and economic growth while enhancing deterrence.

Canada hopes that under new Prime Minister Andy Burnham, Britain might reconsider its initial rejection of the DSRB, which was based on concerns over value for money. Burnham’s defense minister has described the DSRB as an innovative mechanism. If Britain joins, it may influence Germany’s decision to participate as well. Currently, Germany has been observing discussions but has not committed.

Industry groups in Britain and Germany are urging their governments to join the DSRB, fearing exclusion from projects financed by the bank. The DSRB has received about $10 million in support from various banks to help establish itself, and its proponents claim it is on track to achieve a high credit rating. Canada is willing to move forward with the current supporters, leaving room for other countries to join later, which could help secure the desired credit rating. The support of core shareholders is crucial for the creditworthiness of multilateral institutions.

With information from Reuters

EXPLAINER

With almost all votes counted, the ‘no’ side was ahead by 52.5 percent to 47.5 percent, the national broadcaster says.

Voters in Iceland have rejected a proposal to resume negotiations on joining the European Union, dealing a setback to the government’s push for closer ties with the 27-country bloc.

With almost all votes counted, the “no” side was ahead by 52.5 percent to 47.5 percent, according to national broadcaster RUV. Official results have not been announced yet.

The result is not a vote on EU membership itself, but on whether Iceland should reopen accession negotiations that were suspended more than a decade ago.

The government had argued that renewed talks could help Iceland confront growing economic and geopolitical pressures, including tensions over Arctic security.

Opponents of accession instead focused on protecting Iceland’s fishing waters and general sovereignty-related issues that would arise if the country became part of the bloc.

Here is what you need to know:

What was the vote about?

The referendum asked Icelanders a simple question: Should Iceland resume accession negotiations with the European Union?

It was not a vote on whether Iceland should actually join the EU. A “yes” result would have allowed the government to restart negotiations with Brussels. Any eventual agreement on membership would then have been put to voters in another referendum.

In 2009, Iceland applied to join the EU, following a financial crisis that severely affected its economy. Negotiations were suspended in 2013 after a eurosceptic government came to power.

Technically, the referendum result is nonbinding, but the coalition government headed by Social Democratic Prime Minister Kristrun Frostadottir has vowed to respect the result.

What was the result of the vote?

The “no” side won, according to RUV, with 52.5 percent against 47.5 percent for “yes”. Some votes from one constituency were still pending, but they were not expected to change the result.

The outcome represents a setback for Frostadottir’s government, which had presented the referendum as a “now or never” moment for the EU debate.

What’s the debate in Iceland on joining the EU?

The debate has largely centred on the economy, fishing rights and the cost of living.

The most important argument put forward by opponents against membership was the fate of the country’s fishing industry, a major part of Iceland’s economy.

Gudrun Hafsteinsdottir, the opposition leader who campaigned for the “no” vote, rejected claims that Brussels could solve Iceland’s economic problems.

“These are not problems that Brussels will solve for us. These are problems that Icelandic politicians must solve,” she said.

Supporters, however, argued EU membership could help address Iceland’s high inflation and interest rates. Iceland’s central bank rate is eight percent, compared with 2.25 percent at the European Central Bank.

Some also saw adopting the euro as a potential source of economic stability. Nevertheless, Iceland already has close economic links with the EU.

It belongs to the European Economic Area and the Schengen free-travel zone, giving it access to the EU’s single market without being a member.

What triggered the referendum?

The EU debate gained urgency because of a changing geopolitical environment surrounding Arctic countries. Iceland is a NATO member, but has no military of its own and depends heavily on its allies for defence.

However, the country’s left-leaning coalition government, elected in 2024, moved up the EU referendum it had planned for next year after US President Donald Trump mistakenly named the country four times while speaking about his policy towards Greenland.

The government argued that closer ties with Europe could provide Iceland with greater protection and strengthen its position amid growing tensions in the region.

Frostadottir said the campaign had raised discussion about Iceland’s place in the world and its broader geopolitical position.

“We’ve been waiting for this for years to be able to have a vote,” Frostadottir said, adding ⁠⁠that her government would continue its work regardless of the outcome.

What happens next?

It is unlikely that Iceland will resume EU accession negotiations during the current government’s term, which runs until 2028.

The government had already said it would respect a “no” vote. It is also expected to refer to parliament the question of whether Iceland should formally withdraw its EU membership application.

For now, Iceland will remain outside the EU while continuing its existing relationship with the bloc through the European Economic Area and Schengen.

The United States has said it will cut off the UAE operations of Banque Misr from the US financial system after accusing Egypt’s second-biggest bank of doing business with the Iranian government.

“ Treasury promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime,” US Secretary of the Treasury Scott Bessent said in a statement on Friday.

“We also warned that Iran’s enablers cannot continue to enjoy access to the US dollar and the global financial system. Banque Misr UAE decided to find out the hard way, and today, we are taking the first step in holding it accountable for its continued, egregious support of the Iranian regime,” he said.

Banque Misr said on Saturday that it was reviewing the US Treasury’s notice.

The move, announced on Friday, comes as Washington has stepped up its efforts to economically pressure Iran, dubbed Operation Economic Outcast, amid the deadlocked truce talks.

Last week, the US Treasury also imposed new sanctions on nearly 60 individuals and entities, targeting networks accused by Washington of helping Iran generate oil revenue, procure weapons and conduct cyber operations.

Iran has, however, rejected the latest US sanctions, with Economy Minister Ali Madanizadeh saying they will fail.

So, what exactly is this financial limit on Banque Misr? How will it work?

Here’s what we know:

What is the new US financial limit on Banque Misr?

On Friday, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to US financial institutions.

This means that only the UAE branches of Egypt’s second-largest bank will be unable to carry out transactions in dollars and will lose access to the US financial market.

In a statement on Friday, the Treasury said that Banque Misr UAE is a critical node for the Iranian regime’s access to US dollars. It added that it estimates that “between January 2024 and June 2026, Banque Misr UAE processed approximately $1.8bn for 103 companies that are potentially part of Iranian shadow banking networks”.

The treasury added that in order to generate revenue abroad, Iran relies “on multi-jurisdictional shadow banking networks that provide key access to US dollar correspondent banking relationships”.

Banque Misr UAE’s customers include “front companies used by Iran’s Ministry of Defence and the Islamic Revolutionary Guard Corps to evade US sanctions, as well as to launder money on behalf of Iranian Supreme Leader Mojtaba Khamenei,” the Treasury said.

The US government’s proposed punishment is expected to come into effect in 30 days after a public comment period, and will not impact any other branches of the bank.

What has Banque Misr said?

On Saturday, the bank said in a statement that it was reviewing the US Treasury notice.

It said the new “regulatory measures (by the US) are subject to an official period for receiving and studying comments before a final decision is made regarding them.” The bank added that it “is dealing with these measures and the data and estimates they contain with the utmost seriousness and attention, and is studying them thoroughly.”

The bank announced that it will also contact the US Treasury Department for further information and until then, said its branch in the UAE continues to provide banking services to its customers in accordance with the applicable rules and procedures.

Earlier, on Friday, the Central Bank of Egypt said that, together with Egypt’s Ministry of Foreign Affairs, it was in contact with US authorities on Banque Misr’s UAE branches.

“The CBE (Central Bank of Egypt) affirms that this measure is limited to Banque Misr UAE’s USD transactions with correspondent banks only. It does not affect any other bank within the Egyptian banking sector, including Banque Misr’s operations in Egypt or any of its other overseas branches,” it highlighted.

What has the UAE said?

The UAE’s banking authorities have said they have launched an investigation into Banque Misr’s operations there.

The UAE central bank said in a statement on Sunday that it had decided to conduct a “special and urgent examination” of Banque Misr’s branches in the country, including “a forensic/in-depth lookback covering the period referred to in the statement issued by the US authorities”.

“The Central Bank expects banks licensed in the UAE not to expose the UAE’s financial system to reputational risks, to respect the laws and regulations of the countries whose financial institutions are used in conducting transactions and not to misuse the advanced financial infrastructure of the UAE,” it added in a statement.

Who else has the US taken action against?

Besides Banque Misr, the US Treasury Department’s Office of Foreign Assets Control (OFAC) imposed sanctions on Reza Mohammad Taeedi, the general manager of the Dubai branch of Iran’s Bank Melli, under a counterterrorism authority.

“Bank Melli has facilitated billions of dollars’ worth of transactions through accounts controlled by the Islamic Revolutionary Guard Corps Qods Force (IRGC-QF). It has allowed the IRGC-QF and its parent organisation, the IRGC, to move funds inside and outside of Iran. The IRGC-QF’s accounts at Bank Melli have also been used to fund Iranian-aligned proxies and partners, including in Iraq,” the Treasury department said in a statement.

Simultaneously, another Treasury department statement said that OFAC has also sanctioned Hong Kong-based Kameng Trading Limited, which allegedly “aided sanctioned Iranian persons in accessing the international financial system.”

“Sanctioned Iranian exchange house Pedram Pirouzan Exchange House, also known as Opal Exchange, has used Kameng Trading Limited to launder money for Iran,” the Treasury Department said.

Why is the US sanctioning companies doing business with Iran?

Ahead of Friday’s sanctions, on Monday August 24 , the United States announced sanctions on Iran and various global entities doing business with the country, in what officials called an “economic D-Day” and officially dubbed “Operation Economic Outcast” in an effort to isolate Tehran.

At least 60 entities across the Middle East, Asia and Europe have been targeted in the latest sanctions as part of the economic pressure campaign that could further disrupt energy markets and rattle the global economy.

Nearly six months into its war on Iran, the US is seeing little impact from its military operations.

The long-term implications of the war, analysts say, have pushed the Trump administration to try economic sanctions, but these are unlikely to compel Iran into meeting the demands.

“The United States is returning to economic pressure because military force has failed to deliver the quick victory it expected,” Negar Mortazavi, senior fellow at the US-based Center for International Policy, told Al Jazeera last week.

“The ‘economic D-Day’ declaration underscores the war’s failure so far to force Iran’s surrender or achieve Washington’s political objectives.”

Iran has rejected the sanctions.

Last week, Iranian government spokeswoman, Fatemeh Mohajerani, said the government and President Masoud Pezeshkian will guide Iran through these developments.

“The government and the president, with wisdom and resolve, will guide the country through this phase as well. We do not deny the economic hardships; but with sound judgment and by preserving unity, as in days past, we will pass through this intense gauntlet,” she posted on X.

Sardar Mohebi, an IRGC spokesperson, said the US resorting to economic warfare against Iran is itself proof of its defeat on the battlefield.

Ali Akbar Dareini, a researcher at the Centre for Strategic Studies in Tehran, said Iran is so accustomed to sanctions that it will not be hindered too greatly by the new list the US announced.

“[Iran] has a PhD in circumventing sanctions, so Iran is absolutely sure that it will emerge victorious and the US once again will fail in its efforts to suffocate Iran,” Dareini told Al Jazeera last week.

“The goal of the sanctions is to bring about an economic collapse and cause riots in Iran, but this is based on a big, massive miscalculation like America’s military war of aggression against Iran on February 28 that failed.”