Global Economy

The 'Lindsey O Graham Sanctioning Russia Act of 2026' cleared the US Senate on a vote of 86 to 12 this week, advancing to the House after summer recess. The bill authorises the president to impose tariffs of up to 100 percent on exports to the US from the top five purchasers of Russian energy, targeting countries including India and China that continue buying Moscow's oil, according to Al Jazeera.

Ukrainian President Volodymyr Zelenskyy, attending late Senator Graham's funeral in Washington, watched the vote from the gallery and called it "the first step towards implementing Lindsey's plans". However, President Donald Trump has ordered lawmakers to add Iran-related tariff provisions to the bill, a move analysts say could lose Democratic support and delay passage further.

HSBC is closing all 19 Australian branches over the next 18 months after selling its mortgage and personal loan portfolio to Blackstone, ending decades of retail banking in the country. The London-based bank will continue private and institutional banking services, with the sale expected to complete in the first half of 2027, subject to regulatory approval.

The bank's consumer loan book holds about $36bn in assets, mostly mortgages. Blackstone has appointed lending firm Pepper Money to service the loans after completion. HSBC has 2,000 employees in Australia; the bank said it was too early to detail job losses but would need most of its retail team during the wind-down period.

The exit reflects the difficulty foreign banks face competing in Australia's mortgage market, dominated by the big four domestic lenders and Macquarie, which together control about 80% of home loans. Citi and other overseas banks have previously withdrawn from Australian mortgage lending, Guardian business reports.