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Photo by VCG/VCG via Getty Images

Canadian prosecutors on Friday laid out a series of fraud charges that led to the recent arrest of Huawei chief financial officer Wanzhou Meng, possibly setting the stage for her extradition to the United States.

Why it matters: Meng's arrest and possible extradition has become a flash point in trade tensions between the U.S. and Canada, as Huawei is one of China's most highly-valued technology companies.

CNBC's Deirdre Bosa is in the Vancouver courtroom, and tweeted out some of the allegations:

The result, according to Canadian prosecutors, is that Meng's alleged deceit caused several financial institutions to violate Iranian sanctions, thus opening themselves up to possible fines.

  • They also said that each charge could subject her to up to 30 years in prison, and that she's intentionally been avoiding visits to the U.S. since first learning of the investigation into Skycom in March 2017 (despite having a son attend an American college).
  • Meng's attorneys strongly disputed the allegations.

China had previously demanded her return, calling the arrest a violation of human rights, and there have been accusations that the U.S. is using Meng as a pawn in trade negotiations.

The court has not yet ruled on whether or not Meng will receive bail, a denial of which would likely set up an extradition proceeding. We'll update this story when more information becomes available.

Go deeper: After Huawei arrest, experts say China could retaliate

Go deeper

Updated 4 hours ago - World

Over 3,000 detained in protests across Russia demanding Navalny's release

Russian police officers beat protestesters at a rally against of jailing of oppositon leader Alexei Navalny in Moscow on Saturday. Photo: Mikhail Svetlov/Getty Images

Police in Russia on Saturday arrested more than 3,300 people as protesters nationwide demanded that opposition leader Alexey Navalny be released from jail.

Details: Demonstrations began in the eastern regions of Russia and spread west to more than 60 cities.

Updated 6 hours ago - Politics & Policy

Arizona Republicans censure Cindy McCain and GOP governor

Combination images of Cindy McCain and Gov. Doug Ducey. Photo: FilmMagic/FilmMagic for U.S.VETS/Michael Brochstein/SOPA Images/LightRocket via Getty Images

Arizona Republican Party members voted on Saturday to censure prominent GOP figures Cindy McCain, Gov. Doug Ducey and former Sen. Jeff Flake (R-Ariz.), who've all faced clashes with former President Trump.

Why it matters: Although the resolution is symbolic, this move plus the re-election of the Trump-endorsed Kelli Ward as state GOP chair shows the strong hold the former president has on the party in Arizona, despite President Biden winning the state in the 2020 election.

Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Education: Schools face an uphill battle to reopen during the pandemic.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong puts tens of thousands on lockdown as cases surge — Pfizer to supply 40 million vaccine doses to lower-income countries — Brazil begins distributing AstraZeneca vaccine.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.