THE HAGUE, Netherlands (AP) — A panel of judges at the International Criminal Court reported Mongolia to the court's oversight organization on Thursday for failing to arrest Russian President Vladimir Putin when he visited the Asian nation last month.
Putin's visit was his first to a member state of the court since it issued an arrest warrant for him last year on war crimes charges, accusing him of personal responsibility for the abductions of children from Ukraine. Russia is not a member of the court and the Kremlin has rejected the charges.
“States Parties and those accepting the Court’s jurisdiction are duty-bound to arrest and surrender individuals subject to ICC warrants, regardless of official position or nationality,” the court said in a statement.
Putin is wanted by the court for his alleged personal responsibility for the war crime of unlawful deportation of children and unlawful transfer of children from occupied areas of Ukraine to the Russian Federation.
Instead of arresting Putin, Mongolian authorities rolled out the red carpet. The Russian leader was welcomed in the main square of the capital, Ulaanbaatar, by an honor guard dressed in vivid red and blue uniforms styled on those of the personal guard of 13th century ruler Genghis Khan, the founder of the Mongol Empire.
Ahead of the visit, Ukraine had urged Mongolia to hand Putin over to the court in The Hague, and the European Union expressed concern that Mongolia might not execute the warrant.
“In view of the seriousness of Mongolia’s failure to cooperate with the Court, the Chamber deemed it necessary to refer the matter to the Assembly of States Parties,” the court said, referring to its oversight body that meets in December in The Hague.
What the assembly will now do remains unclear. While Putin was in Mongolia, a court said that the organization that is made up of all 124 of the court's member states can “take any measure it deems appropriate.”
FILE - Russian President Vladimir Putin and Mongolian President Ukhnaagiin Khurelsukh, left, attend a welcome ceremony in Sukhbaatar Square in Ulaanbaatar, Mongolia, Tuesday, Sept. 3, 2024. (Vyacheslav Prokofyev, Sputnik, Kremlin Pool Photo via AP, File)
FILE - Russian President Vladimir Putin, right, walks with Mongolian President Ukhnaagiin Khurelsukh, left, during a welcoming ceremony at Sukhbaatar Square in Ulaanbaatar, Mongolia, Tuesday, Sept. 3, 2024. (Kristina Kormilitsyna, Sputnik, Kremlin Pool Photo via AP, File)
NEW YORK (AP) — Stocks of credit-card companies are tumbling on Monday after President Donald Trump threatened moves that could eat into their profits. The rest of Wall Street, meanwhile, was showing only modest signals of concern after tensions ramped to a much higher degree between the White House and the Federal Reserve.
The S&P 500 edged down by 0.1% from its all-time high as U.S. stocks drifted through mixed morning trading, while prices for gold and other investments that tend to do well when investors are nervous rose. The value of the U.S. dollar also dipped against the euro and other currencies amid concerns that the Fed may have less independence in setting interest rates to keep inflation under control.
The Dow Jones Industrial Average was down 179 points, or 0.4%, as of 10 a.m. Eastern time, and the Nasdaq composite was nearly unchanged.
Some of the market's sharpest drops came from credit-card companies, as Synchrony Financial, Capital One Financial and American Express all fell between 4% and 7%. They sank after Trump said he wanted to put a 10% cap on credit-card interest rates for a year. Such a move could eat into profits for credit card companies.
But it was a separate move by Trump that was grabbing more attention on Wall Street. Over the weekend, the Federal Reserve's chair, Jerome Powell, said the U.S. Department of Justice subpoenaed the Fed and threatened a criminal indictment over his testimony about renovations underway at its headquarters.
With an unusual video statement released on Sunday, Powell said his testimony and the renovations are “pretexts” for the threat of criminal charges, which is really “a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.”
The Fed has been locked in a feud with the White House about interest rates. Trump has been loudly calling for lower interest rates, which would make borrowing cheaper for U.S. households and companies and could give the economy a kickstart.
The Fed did cut its main interest rate three times last year and has indicated more cuts may be arriving this year. But it’s been moving slowly enough that Trump has nicknamed Powell “Too Late.”
In a brief interview with NBC News Sunday, President Donald Trump insisted he didn’t know about the investigation into Powell. When asked if the investigation is intended to pressure Powell on rates, Trump said, “No. I wouldn’t even think of doing it that way.”
Powell’s term as chair ends in May, and Trump administration officials have signaled that he could name a potential replacement this month. Trump has also sought to fire Fed governor Lisa Cook.
The Fed has traditionally operated separately from the rest of Washington, making its decisions on interest rates without having to bend to political whims. Such independence, the thinking goes, gives it freedom to make unpopular moves that are necessary for the economy’s long-term health.
Keeping interest rates high, for example, could slow the economy and frustrate politicians looking to please voters. But it could also be the medicine needed to get high inflation under control.
In the bond market, the yield on the 10-year Treasury ticked up to 4.19% from 4.18% late Friday. A less independent Fed and higher inflation in the long term could also erode the value of the U.S. dollar, and it slipped 0.3% against the euro and 0.4% against the Swiss franc.
In stock markets abroad, indexes rose across much of Europe and Asia. Stocks jumped 1.4% in Hong Kong and 1.1% in Shanghai for two of the world’s bigger gains following reports that Chinese leaders were preparing more help for the economy.
AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
Traders work on the floor at the New York Stock Exchange in New York, Friday, Jan. 9, 2026. (AP Photo/Seth Wenig)
James Lamb works on the floor at the New York Stock Exchange in New York, Friday, Jan. 9, 2026. (AP Photo/Seth Wenig)
Specialist Anthony Matesic works on the floor of the New York Stock Exchange, Thursday, Jan. 8, 2026. (AP Photo/Richard Drew)
Daniel Kryger works on the floor at the New York Stock Exchange in New York, Friday, Jan. 9, 2026. (AP Photo/Seth Wenig)
Dealers watch computer monitors near the screens showing the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Monday, Jan. 12, 2026. (AP Photo/Lee Jin-man)
A dealer walks near the screens showing the foreign exchange rate between U.S. dollar and South Korean won and the Korean Securities Dealers Automated Quotations (KOSDAQ) at a dealing room of Hana Bank in Seoul, South Korea, Monday, Jan. 12, 2026. (AP Photo/Lee Jin-man)
Dealers talk near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Monday, Jan. 12, 2026. (AP Photo/Lee Jin-man)
A dealer walks near the screens showing the foreign exchange rates at a dealing room of Hana Bank in Seoul, South Korea, Monday, Jan. 12, 2026. (AP Photo/Lee Jin-man)
