Russia and China on Tuesday scuttled a Western attempt to introduce a resolution on Iran’s nuclear defiance at a meeting of the International Atomic Energy Agency, diplomats said. The decision appeared to be the result of lingering unhappiness by the two world powers about not being informed earlier of plans for such a resolution. It came a day after the U.N. Security Council imposed another round of sanctions on Iran for refusing to suspend uranium enrichment. Iran defiantly vowed to continue its nuclear program, which it insists is aimed only at generating power.
Russia’s state-controlled natural gas monopoly on Tuesday slapped another harsh supply cut on Ukraine in a debt and contract dispute being watched nervously by customers in Western Europe. Ukraine’s natural gas company said there were no immediate plans to divert Europe-bound gas to supply Ukrainian customers, but held out the possibility it could do so if reserves run low. Much of the Russian gas consumed in Europe comes in pipelines crossing Ukraine.
Arizona Congressman Rick Renzi has pleaded not guilty to federal charges including insurance fraud, extortion and money laundering. The three-term Republican appeared in U.S. District Court in Tucson on Tuesday. He was named Feb. 21 with two other defendants in a 35-count indictment. Renzi is accused of helping with a swap of federally owned mining land that benefited him and a business partner. He’s also accused of embezzling more than $400,000 from clients of his family insurance business. Renzi has been released without bond.
The top U.S. military commander in the Middle East said Tuesday that officials will probably need some time this summer to reassess the situation in Iraq before drawing down more troops. Adm. William Fallon said he expects Gen. David Petraeus will suggest to him that come midyear, “it’s prudent to make an assessment of where we are.” Fallon said Petraeus, who oversees combat in Iraq, has the daunting task of making sure Iraqi security forces are ready to take over. The goal will be to try not to lose the momentum U.S. forces have gained, he said.
Battling a dangerous wave of home foreclosures, Federal Reserve Chairman Ben Bernanke called Tuesday for additional relief and urged lenders to help distressed owners by lowering the amount of their loans. “This situation calls for a vigorous response,” Bernanke said in a speech to a banking group meeting in Orlando, Fla. Even with some relief efforts under way by industry and government, foreclosures and late payments on home mortgages are likely to rise “for a while longer,” Bernanke warned.
