The United States House of Representatives passed a sweeping Russia sanctions bill on Wednesday, sending the legislation to President Donald Trump’s desk and marking one of the most aggressive congressional efforts to date to cut off the financial lifelines sustaining Moscow’s war in Ukraine.
The bipartisan measure cleared the chamber in a 262-159 vote, overcoming months of procedural delays and internal divisions over its controversial tariff provisions. The legislation now awaits the president’s signature, with the White House having already signaled its support for the package and indicating that the executive branch is prepared to enforce its mandates.
A posthumous tribute to Lindsey Graham
Officially designated the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, the bill serves as a posthumous tribute to its primary champion. The late Republican Senator from South Carolina spent more than a year negotiating the complex framework before his sudden death from an aortic dissection in July at the age of 71.
Following his passing, Senate and House negotiators moved quickly to finalize the revised text, aligning both chambers on a unified strategy to honor his legislative legacy. The Senate previously advanced the package in late July by an overwhelming 86-11 margin, setting the stage for Wednesday’s decisive House vote. Lawmakers from both parties took to the floor to praise Graham’s relentless pursuit of accountability, describing the bill’s passage as the fulfillment of his final major foreign policy mission.
Tariffs and secondary sanctions mechanisms
At the core of the legislation is a novel mechanism designed to strangle Russia’s energy revenues by targeting international buyers rather than just Russian producers. The bill authorizes the president to impose massive secondary tariffs, potentially reaching up to 500 percent, on imports from countries that continue to purchase Russian oil, gas, or uranium in defiance of Western price caps.
These provisions squarely target major global economies that have significantly increased their purchases of discounted Russian crude since the outbreak of the war in 2022. China, India, and Turkey are widely viewed as the primary targets of the secondary sanctions framework. The legislation also includes exemptions for certain nations, though the criteria for such waivers remain tightly controlled by the executive branch and require rigorous compliance verification.
Editor's note: This is a developing story and is being updated.
Ukraine struck an airfield in Rostov-on-Don, Rostov Oblast, as well as an oil refinery in the Russian city of Yaroslavl overnight on Sept. 17, Ukraine's General Staff confirmed.
The Ukrainian monitoring channel Exilenova+ published footage that purportedly showed the moment of an attack on a military airfield in Rostov Oblast. A second video published by the channel appeared to show an additional explosion at the site.
Rostov Oblast Governor Yuri Slyusar claimed on Telegram that drones were destroyed overnight in the Millerovsky and Kamensky districts as Russian forces repelled an aerial attack on the region. The governor claimed there were no reports of casualties or damage on the ground at the time.
The attack on the airfield caused a fire and detonations. Two An-26 transport aircraft, one An-12 transport aircraft, and three helicopters were also hit, according to the General Staff.
Separately, Telegram media channels reported drones entering the industrial zone of the Yaroslavl oil refinery before publishing footage that appeared to show the facility on fire following explosions. Ukrainian drones have targeted oil refineries in this area in the recent past.
At the Yaroslavl oil refinery, the attack caused a fire and damaged the AVT-3 primary crude oil processing unit, the General Staff said.
The Yaroslavl oil refinery is one of Russia's largest oil-processing facilities and is part of PJSC Slavneft. The refinery has an annual processing capacity of around 15 million metric tons of crude oil, according to the statement.
The plant operates a full-cycle refining process and produces gasoline, diesel and aviation fuel, fuel oil, bitumen and other petroleum products, the General Staff said.
Ukraine has embarked on a campaign of repeatedly targeting Russian airfields, defense facilities, oil infrastructure, and other military-linked sites in an effort to undermine Moscow's ability to wage its full-scale war.
Ukrainian attacks on Russian refineries have emerged as one of the most economically significant aspects of Kyiv's long-range drone campaign, contributing to fuel shortages and pushing Russian production down sharply over the summer.
Oil prices are falling on Thursday on some headlines signaling potential de-escalation moves out of the Saudi-Yemen conflict, both via Reuters:
US crude futures have extended their drop to fall back below $100/bbl. This also comes amid continued reports of better-than-expected recovery in Gulf infrastructure, as Saudi Arabia is claiming it is able to restore half the capacity of its East-West pipeline within merely days. The optimism could prove just wishful thinking, however - and the coming week will tell.
Starting last week, when the Houthis made their lightning-fast advance along the Red Sea coast, fragmenting the positions of the Saudi-backed coalition government, Riyadh turned to Beijing for help, the Thursday Reuters report indicates.
"Chinese officials did not issue any explicit threats or indicate that Beijing would seek to pressure Tehran economically if it failed to use its influence over the Houthis, the three Iranian sources said," the report adds.
The Chinese foreign ministry has responded to knowledge of the diplomatic maneuvering getting out that "China does not wish to see regional tensions further spill over into Yemen and the Red Sea. Escalating regional instability is not in the interests of any party".
"The sovereignty and security of all countries should be respected, and facilities vital to people's livelihoods must not be targeted. China calls for an end to actions that further complicate the situation and urges resolving issues through dialogue and negotiation," it said.
A senior Western diplomat in the region was separately quoted as saying "Beijing is one of the few capitals that can still press Iran to rein in the Houthis."
Given that the Iran-aligned Shia group has often shown a willingness to cooperate and coordinate action to Tehran's benefit, Ansar Allah leadership may listen if it gets a signal to de-escalate from Iran.
According to to some Thursday and latest developments via Al Jazeera:
On the Yemen front, Al Jazeera writes, "The fighting is continuing and government forces are claiming that the Ansarullah Houthis have suffered a lot of casualties in the clashes that are occurring on a number of fronts, mainly in western Taiz and also in Kahbub, which is a mountainous area with strategic importance as it overlooks Bab al-Mandeb."
Fatima Gulzar | Thu, September 17, 2026 at 4:56 PM GMT+1 4 min read
In a report published September 7, 2026, the Wall Street Journal said Stellantis N.V. (NYSE:STLA), along with Hyundai and Ford Motor Company (NYSE:F), is preparing to launch "extended-range" electric vehicles (EREVs) in the US that drive purely on battery power but carry a small gasoline engine that works only as an onboard generator. Stellantis plans to introduce an extended-range Jeep Grand Wagoneer later this year or early next, followed by the Ram 1500 REV, which the Journal reports can travel roughly 690 miles on a full battery and tank of gas combined. Stellantis previously scrapped an all-electric version of the Ram 1500 in favor of this range-extended design.
BULL CASE
EREVs directly address the biggest barriers that have slowed EV use in the U.S. Ford Motor Company (NYSE:F) and Stellantis can give customers electric driving for most daily trips while keeping a gasoline generator available when the battery runs low. Stellantis N.V. (NYSE:STLA) plans to offer more than 100 miles of electric range in its new EREVs. The Ram 1500 REV could deliver up to 690 miles of total range. That combination could appeal to buyers who want an EV but remain concerned about charging availability and long-distance travel.
The technology could make electric pickups much more practical for towing. Large electric trucks such as the F-150 Lightning struggled to attract buyers partly because towing can sharply reduce battery range. An EREV can use its gasoline generator to recharge the battery during long trips and while towing. It allows Ford and Stellantis to offer electric driving without forcing truck owners to plan around charging stops.
Ford and Stellantis can target customers who rejected conventional EVs without abandoning electrification. Ford plans to bring back the F-150 Lightning as an EREV, while Stellantis plans EREV versions of the Jeep Grand Wagoneer and Ram 1500. The strategy gives both companies another way to participate in the EV market as U.S. consumers have adopted battery-only vehicles more slowly than automakers expected.
BEAR CASE
EREVs remain an unproven strategy in the U.S. market. Plug-in hybrids have captured only a small share of U.S. vehicle sales. Ford and Stellantis N.V. (NYSE:STLA) now need to prove that extended-range models can generate stronger demand. If customers continue to favor conventional hybrids or gasoline trucks over EREVs, the new models could fail to generate the sales volumes needed to justify the automakers' investment in the technology.
The added technology could make EREVs expensive since the analysts and engineers expect the new vehicles to cost more than comparable gas vehicles and potentially more than some full EVs. Hence, customers may appreciate the extra range and flexibility without accepting the higher price. It creates a major challenge for Ford Motor Company (NYSE:F) and Stellantis as they try to generate real sales volumes.
EREVs do not eliminate the broader challenges that hurt battery-only electric trucks. Ford previously halted production of the F-150 Lightning, while large electric pickups such as the Lightning and Chevrolet Silverado EV struggled to make strong sales. EREVs can reduce range and charging concerns. But Ford and Stellantis still need to prove that customers will pay for the technology and use it as intended rather than simply choosing conventional gas or hybrid vehicles.
Hedge Fund Sentiment
Hedge funds pulled back from Stellantis N.V. (NYSE:STLA) heading into its extended-range EV push: holders fell to 26 in the second quarter from 32 in the first, and the combined position value nearly halved to $195 million from $424 million, according to Insider Monkey's database. Ford Motor Company (NYSE:F)'s holder count held steady at 50 funds while its position value dipped slightly to $1.02 billion from $1.12 billion, and GM's holder count slipped to 75 from 77 with value down to $4.87 billion from $6.08 billion, suggesting the pullback from legacy and mixed-powertrain automakers has been broader than Stellantis alone.
Conclusion
Ford and Stellantis are betting that extended-range EVs can solve the range and charging problems that have held back electric pickups while preserving the driving experience of an EV. The technology could make electric trucks more practical for long trips and towing, but higher prices, added complexity, and weak consumer understanding could limit use. Investors need to see whether EREVs can attract mainstream buyers who rejected battery-only EVs without creating another expensive powertrain strategy that struggles to generate real volumes.
https://finance.yahoo.com/technology/articles/stellantis-stla-ford-f-bet-155611688.html
Gold (GC=F) December futures opened at $4,301.40 per troy ounce on Thursday, September 17, 2026, down 2.0% compared to Wednesday's closing price. The price of gold edged upward this morning, trading at $4,354.60 as of 6:53 a.m. ET.
It appears gold investors priced in a rate hike earlier this week as gold prices remain steady following the Fed's decision to raise rates for the first time in three years. If nothing else, investors are feeling some confidence this morning that the Fed is addressing rising prices head-on. But will it be enough?
Gold prices opened at their lowest level so far this week, but continue to hold in the $4,300 range they've maintained all week.
Oil prices are just under $100 a barrel this morning following reports that Saudi Arabia's key East-West pipeline will be restored soon. Yesterday at this time, global oil prices (BZ=F) were at nearly $108 a barrel.
Current price of gold
The opening price of gold futures on Thursday, September 17, 2026, was down 2.0% compared to Wednesday's opening price. Here's a look at how the opening gold price has changed versus last week, month, and year:
One week ago: -3.3%
One month ago: -3.2%
One year ago: +15.4%
For context, gold's year-over-year growth was 95.6% on Jan. 29.
Harmony Gold has reported the death of a worker at its Mponeng mine near Carletonville after a seismic event, its second seismicity-related death in South Africa this month after an incident at Moab Khotsong near Orkney. According to Business Day, the death is Harmony’s eighth this year and takes its toll over five years to 46.
The deaths contrast with an improvement in the group’s injury data. In its results for the year to June 2026, Harmony reported its lowest lost-time injury frequency rate yet, at 5.05 per million hours worked, down from 5.39. The same results showed operating free cash flow up 54% to R17 billion and gold production of 1.43 million ounces, in line with guidance for the eleventh year in a row.
Industry-wide, the Department of Mineral and Petroleum Resources (DMPR) recorded 33 mine deaths by late July, 12 of them in the Rustenburg region. The 2025 total of 41 was a record low and 91% below the 484 deaths recorded in 1994.
Gold Fields, Pan African Resources and DRDGold have recorded no deaths this year, while Sibanye-Stillwater has recorded two. Sibanye’s deaths involved two subcontractor employees at the Kloof 8 shaft on 3 May, when an inspection platform detached from the hoisting cage and fell down the shaft.
Platinum operations have accounted for the largest share of this year’s deaths. Implats suspended work at its Rustenburg complex for five days for a safety reset, after DMPR officials, management and AMCU addressed thousands of workers. AMCU has disputed the official fatality figures for the mine. Chief inspector of mines David Msiza has said the department is particularly worried about platinum mines.
Other major incidents this year include a mud rush at Ekapa Minerals in Kimberley that killed five mineworkers and prompted a formal DMPR inquiry.
Falls of ground remain the main underground hazard. Deaths from such incidents rose by 25% to 15 in 2025, from 12 in 2024, even as the overall toll fell.
Harmony told Business Day that seismicity and ground conditions at its deep-level mines demand constant vigilance but do not reduce its responsibility. The company said it is using technology to remove workers from hazardous areas, running a culture programme called Thibakotsi, and tying safety performance to leadership scorecards.
For 2026, the Minerals Council has set out plans to embed critical control management, expand leading practices and strengthen visible leadership across the sector.
Mineral and Petroleum Resources Minister Gwede Mantashe has told the industry that worker safety cannot be traded off. He argued that mineworkers are the ones who turn shareholder investment into wealth.
https://businessexplainer.co.za/companies/2026/09/17/harmony-mine-deaths-reach-46-in-five-years/
Chinese nickel provider Lygend Resources & Technology said on Wednesday it has priced its proposed share sale on the Shenzhen Stock Exchange at 21.23 yuan apiece, seeking to raise 3.67-billion yuan ($547.21-million).
The Shenzhen sale would make Lygend a dual-listed company; it has been trading on the Hong Kong Stock Exchange since December 2022.
Last week, the nickel products producer and trader announced it will issue 172.9-million Class A shares, representing 10% of the enlarged share capital.
The dual listing would give Lygend access to mainland Chinese liquidity pools, a structure used by several Chinese firms.
Lygend said it would use the proceeds to fund a project that recycles waste from its metal-processing operations, as well as a facility to refine mixed nickel-cobalt hydroxide into higher-value products.
The company, which has a market value of about $3.40-billion according to data compiled by LSEG, last month reported a 92% year-on-year rise in first-half profit to 2.74 billion yuan.
The nickel producer supplies the steel and electric vehicle sectors, with operations spanning mining inputs, processing, equipment manufacturing and port logistics.
Lygend was founded in 2009 and is headquartered in Ningbo, Zhejiang province.
JAKARTA, Sept 17 : A group representing Indonesian nickel smelters welcomed a new benchmark price formula that will reduce the price of low-grade nickel ore, which is used in the manufacturing of EV batteries, saying it would provide operational certainty.
The Energy Ministry lowered its "corrective factor" used in its ore-pricing calculation to 14 per cent from 26 per cent for low-grade ore with 1.2 per cent nickel content, and also lowered it for other mineral content in the low-grade nickel ore, such as cobalt, to 17 per cent from 30 per cent, effective from September 15.
The new formula will lead to lower ore prices as well as lower taxes and royalties for low-grade nickel ore, known as limonite, which is often used in the high-pressure acid leach (HPAL) process in the production of materials for EV batteries.
"With a more rational and affordable limonite pricing structure, the HPAL industry is now better protected against the risk of operational losses and cash flow deficits," Arief Perdanakusumah, chairman of the FINI industry group, said in a statement issued late on Wednesday.
Arief said the previous price formula had raised feedstock prices at a time when operators were facing higher sulphur prices due to the war in the Middle East.
Separately, nickel miners association APNI said there should be monitoring of the impact of the change on realised prices, traded volumes and state revenue.
“A formula better aligned with the economics of limonite could expand the utilisation of low-grade ore reserves, increase limonite uptake by HPAL facilities, and drive the utilisation of resources that were previously economically marginal,” APNI said.
The critical metal is still consolidating after slumping from a record last week
Copper had rallied on bets that the U.S. would hit the refined metal with tariffs, with an ongoing surge in U.S. imports triggering concerns about a supply squeeze.
Copper rallied as traders shrugged off hawkish messaging from the Federal Reserve chair, with signs of increased buying activity in China boosting sentiment.
Prices advanced 1.8 per cent to settle at US$14,491.50 a metric ton in London, climbing alongside equities as investors were undeterred by a widely expected interest rate hike by the United States central bank on Wednesday.
Policymakers at the Federal Reserve pencilled in an additional increase for later this year — a potential headwind for metals demand in capital-intensive manufacturing and industrial sectors. Still, the Fed’s hawkish messaging and a decline in oil prices helped to support broader confidence across markets that the central bank can keep inflation under control.
Copper also got a boost on signs that China’s spot demand for copper is rising, with the premiums that importers pay above futures to secure cargoes in Shanghai’s Yangshan port climbing sharply over recent days.
The metal is still consolidating after slumping from a record last week. Copper had rallied on bets that the U.S. would hit the refined metal with tariffs, with an ongoing surge in U.S. imports triggering concerns about a supply squeeze elsewhere.
Yet so far the U.S. has held off on new trade measures, putting that rally in doubt. Expectations of high demand from data centres and renewable energy, as well as supply disruptions at key mines, are still providing support.
“Reports of no U.S. copper tariffs unwound some of the physical market speculation,” RBC Capital Markets analyst Sam Crittenden said in a note. “Despite near-term price weakness, fundamentals remain constructive.”
All other base metals moved higher, with zinc rising 1.8 per cent and aluminum climbing one per cent.
https://financialpost.com/commodities/copper-rallies-china-buying-lends-support
Iron-ore prices rose for a second session on Thursday, as Chinese steelmakers stepped up seaborne purchases ahead of a national holiday, although shrinking steel mill margins clouded the demand outlook.
The most-traded iron-ore contract on China's Dalian Commodity Exchange (DCE) rose 0.35% to 711 yuan ($105.94) a ton, as of 01:47 GMT.The benchmark October iron-ore on the Singapore Exchange was 0.26% higher at $96.05 a ton, as of 01:37 GMT, hovering below the key psychological level of $100 for six straight sessions.
Several steelmakers booked seaborne cargoes for the upcoming week-long National Day holiday break over October 1-7.
The daily transaction volume of seaborne cargoes jumped by 43% to 1.41-million tons on Wednesday from the day before, data from consultancy Mysteel showed.
However, mills may slow their restocking as tumbling margins discouraged mills from ramping up output, curbing price upside, said analysts.
Other steelmaking ingredients also gained ground, with coking coal and coke up 1.18% and 1.31%, respectively. Steel benchmarks on the Shanghai Futures Exchange advanced. Rebar added 0.1%, hot-rolled coil ticked up 0.24%, and stainless steel jumped 0.78%.
"The real steel demand has not shown clear signs of recovering, missing earlier expectations, but supply contraction persisted as losses exacerbated," analysts at broker Zhengxin Futures said in a note.
Unions are fighting for a better enterprise agreement from BHP, saying the harsh conditions warrant it. Pictured: The Mount Whaleback iron ore mine in the Pilbara, operated by BHP.
There appears to be no breakthrough for unions representing workers at BHP’s iron ore operations in Port Hedland, despite a historic strike last month in which the majority downed tools for two days.
Discussions on a four-year enterprise agreement are continuing between BHP and the combined ports unions — which includes the Electrical Trades Union (ETU), Australian Manufacturing Workers’ Union (AMWU) and Western Mine Workers Alliance.
However, the unions rejected BHP’s most recent revised offer, which, they said, kept wage inequalities across a large chunk of the Port Hedland workforce.
BHP’s offer apparently involved a pay rise of 17% over four years, a transition payment of $25,000 to be paid over two years and an increase to roster allowances.
However, union leaders say there is a need for stronger protections and pay for people working long hours in Pilbara’s extreme heat. They highlighted BHP’s $13 billion profit over this financial year as proof that it can afford to pay decent wages to its employees.
The Fair Work Commission has heard counter-submissions over pay since October last year, with no breakthrough. This prompted unions to stage two significant industrial actions earlier this year.
Nearly 200 workers stopped work on July 16, from 2–10pm, at Australia’s largest bulk export port at BHP’s Port Hedland.
Western Australia’s Chamber of Minerals and Energy went into overdrive over this strike — which involved a picket line and protest — claiming it would damage the national economy.
Since BHP refused to come to the table, it was followed by a dramatic escalation, over August 8–9, with unionised workers staying at home both days. It began with a partial stoppage, which was extended after BHP threatened workers at the port with no pay.
Australian Workers’ Union WA secretary Craig Beveridge told the ABC: “BHP must understand that the Combined Ports Unions will not be deterred by threats or intimidation.”
At the same time, BHP high voltage workers in Newman — about 450 kilometres from Port Hedland — also downed tools for 12 hours. That action was organised by the ETU.
Despite BHP claiming the strikes had “minimal impact”, the combined union group said a message had been sent. The ETU also said its membership had risen after taking the industrial action.
The parties returned to the negotiating table on August 18 and, despite the lack of an agreement to date, union representatives said that reaching this phase is an achievement that would not have been possible without the strikes.
ETU WA secretary Adam Woodage said it is important that BHP pays workers fairly for the “extreme” conditions they have to work in.
