Page 28 - Russia Ukraine Conflict

Premature to declare death of globalisation; geopolitics transforming trade

A US-China trade war, a global pandemic, Brexit and Russia's war in Ukraine have rattled the once-entrenched ways that the world's largest economies trade with each other

Russia refuses to accept EU's price cap of $60/barrel on crude oil

Russia refused to accept a price cap on Russian oil which European Union along with G7 and others have set a deal for a $60 per barrel, Kremlin Spokesman Dmitry Peskov said

Ukraine urges tougher western squeeze on Russian oil prices as war wages

The office of Ukrainian President Volodymyr Zelenskyy called Saturday for a lower price cap on Russian oil than the one agreed to by Ukraine's Western supporters, while Russian authorities called the $60-per-barrel cap harmful to free, stable markets. Andriy Yermak, the head of Zelenskyy's office, wrote on social media that the price ceiling set by the European Union, Australia, Britain, Canada, Japan, and the United States on Friday didn't go far enough. The cap is set to take effect Monday, along with an EU embargo on Russian oil shipped by sea. It would be necessary to lower it to $30 in order to destroy the enemy's economy faster, Yermak wrote on Telegram, staking out a position also favored by Poland a leading critic of Russian President Vladimir Putin's war in Ukraine. The Russian Embassy in Washington insisted that Russian oil "will continue to be in demand" and criticized the price limit as reshaping the basic principles of the functioning of free markets. A post on the ...

Food prices fall slightly in Nov as Russia-Ukraine grain exports stabilize

FAO said that Russia's rejoining of the Black Sea Grain Initiative was a driving force in November, pushing global prices for wheat 2.8% lower

European Union plans to criminalise violation of sanctions against Russia

It aims to establish "common basic standards" for penalties, the Commission said in statement

Ukraine gets $1.5 bn in grant aid from US to counter war's economic impacts

The World Bank has mobilised close to $17.8 billion in emergency financing to support Ukraine amid the economic impacts of the Russia-Ukraine conflict, according to the bank's website

Oil price cap looks set to keep Russian oil flowing even as war continues

Lavrov said the cap was irrelevant, the strongest hint yet of a possible softening. With such a generous cap, buyers and sellers can easily claim it's just business as usual

US, France to form united front to ask Vladimir Putin to end Ukraine war

Both Biden and Putin skipped an opportunity to talk at the recent G20 summit in Bali in Indonesia where India made a strident appeal to find peaceful ways to end the war

Vladimir Putin is open to talks and diplomacy on Ukraine, says Kremlin

The premier replying to US President Joe Biden' comment stating his willingness to speak with Putin but with conditions, said the the West must accept Moscow's demands

New UK govt examining our proposal, promised to come back soon: Narendran

We have highlighted to them our financial situation given the way things are in Europe, and we have been promised that they will come back soon

European Union reaches deal for $60-per-barrel price cap on Russian oil

The European Union reached a deal Friday for a $60-per-barrel price cap on Russian oil, a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine. After a last-minute flurry of negotiations, the EU presidency, held by the Czech Republic, tweeted that ambassadors have just reached an agreement on price cap for Russian seaborne #oil. The decision must still be officially approved with a written procedure but is expected to go through. Europe needed to set the discounted price that other nations will pay by Monday, when an EU embargo on Russian oil shipped by sea and a ban on insurance for those supplies take effect. The price cap, which was led by the Group of Seven wealthy democracies and still needs their approval, aims to prevent a sudden loss of Russian oil to the world that could lead to a new surge in energy prices and further fuel inflation. Poland long held up an agreement,

What's the effect of Russian oil price cap, ban for western govts?

Western governments are aiming to cap the price of Russia's oil exports in an attempt to limit the fossil fuel earnings that support Moscow's budget, its military and the invasion of Ukraine. The cap is supposed to take effect Monday, the same day the European Union will impose a boycott on most Russian oil its crude that is shipped by sea. The EU was moving closer to a USD 60-per-barrel threshold, but negotiations were still underway on Friday. The twin measures could have an uncertain effect on the price of oil as worries over lost supply through the boycott compete with fears about lower demand from a slowing global economy. Here is what to know about the price cap, the EU embargo and what they could mean for consumers and the global economy: WHAT IS THE PRICE CAP AND HOW WOULD IT WORK? US Treasury Secretary Janet Yellen has proposed the cap with other Group of 7 allies as a way to limit Russia's earnings while keeping Russian oil flowing to the global economy. The aim: hurt

Ukrainian engineers scramble to keep mobile phones working during war

With Ukraine scrambling to keep communication lines open during the war, an army of engineers from the country's phone companies has mobilised to help the public and policymakers stay in touch during repeated Russian missile and drone strikes. The engineers, who typically go unseen and unsung in peacetime, often work around the clock to maintain or restore phone service, sometimes braving minefields to do so. After Russian strikes took out the electricity that cellphone towers usually run on, they revved up generators to keep the towers on. I know our guys my colleagues are very exhausted, but they're motivated by the fact that we are doing an important thing, Yuriy Dugnist, an engineer with Ukrainian telecommunications company Kyivstar, said after crunching through 15 centimeters of fresh snow to reach a fenced-in mobile phone tower on the western fringe of Kyiv, the capital. Dugrist and his co-workers offered a glimpse of their new daily routines, which involve using an app on

Finnish PM warns Russian win over Ukraine would empower aggressors

Finland's Prime Minister Sanna Marin warned an Australian audience on Friday that a Russian victory over Ukraine would empower other aggressors and urged democracies against forming critical dependencies on authoritarian states such as China. Marin was speaking in Sydney at the end of the first-ever visit by a Finnish prime minister to Australia and New Zealand. Australia's pursuit of a free trade deal with the European Union was on the agenda. She used a speech to urge democracies to ramp up sanctions against Russia. Make no mistake, if Russia wins its terrible gamble, it will not be the only one to feel empowered, Marin told the Lowy Institute international policy think tank. Others will also be tempted by the same dark agenda, she added. A free trade agreement being finalised between the European Union, which includes Finland, and Australia was an opportunity to develop resilient supply chains, she said. We have become far too dependent on cooperation with regimes that do not

India's position not 'passive' on Russia-Ukraine war: UNSC Prez Amb Kamboj

India is speaking to both sides in the Russia-Ukraine conflict, the country's Permanent Representative at the UN Ambassador Ruchira Kamboj has said, asserting that New Delhi's position has not been "passive" on the war. The President of the Security Council for December said India has taken the side of peace and favours de-escalation through diplomacy and dialogue. India on Thursday assumed the Presidency of the 15-nation UN Security Council for the month of December, during which it will host signature events on countering terrorism and reformed multilateralism. The Presidency will bring the curtains down on India's two-year tenure as an elected non-permanent member of the powerful UN organ. Responding to a question at a press briefing here on Thursday, Kamboj asserted that New Delhi shares an important relationship with Moscow. India is too big a country. It stands tall and proud on its own. In the course of the conflict in Ukraine, we have been very clear and consistent right f

India stands tall, proud and no one pushes it around: Ruchira Kamboj

"India is a bigger country. It stands tall and proud on its own," she said emphasising its multi-dimensional, independent policy

Up to 13,000 Ukrainian soldiers killed so far in war with Russia: Official

A top government official in Kiev has revealed that up to 13,000 Ukrainian soldiers have been killed since Russia waged its ongoing war on February 24

Russian shelling cuts off power again in liberated Ukrainian city

Russian shelling cut off power in much of the recently liberated Ukrainian city of Kherson on Thursday, just days after it was restored amid Moscow's ongoing drive to destroy key civilian infrastructure as freezing weather sets in. In Kyiv, Mayor Vitali Klitschko warned the capital's millions of residents that they should stock up on water and preserved food to see them through a winter that could prove miserable if more energy infrastructure is damaged. He also urged people to consider leaving the city to stay with friends or family elsewhere, if possible. Trying months lie ahead. The enemy still possesses substantial resources, Ukrainian Defense Minister Oleksiy Reznikov said. He added, however, that "signs are accumulating that (Russia) needs a pause at all costs. Ukraine has faced a blistering onslaught of Russian artillery fire and drone attacks since early October. The shelling has been especially intense in Kherson since Russian forces withdrew and Ukraine's army reclaimed t

European Union edges closer to $60-per-barrel Russian oil price cap

The European Union was edging closer to setting a USD 60-per-barrel price cap on Russian oil a highly anticipated and complex political and economic maneuver designed to keep Russia's supplies flowing into global markets while clamping down on President Vladimir Putin's ability to fund his war in Ukraine. EU nations sought to push the cap across the finish line after Poland held out to get as low a figure as possible, diplomats said Thursday. Still waiting for white smoke from Warsaw, said an EU diplomat, who spoke on condition of anonymity because the talks were still ongoing. The latest offer, confirmed by 3 EU diplomats, comes ahead of a deadline to set the price for discounted oil by Monday, when a European embargo on seaborne Russian crude and a ban on shipping insurance for those supplies take effect. The diplomats also spoke on condition of anonymity because the legal process was still not completed. The USD 60 figure would mean a cap near the current price of Russia's crude

Joe Biden, Emmanuel Macron vow unity against Russia, discuss trade row

Presidents Joe Biden and Emmanuel Macron vowed to maintain a united front against Russia on Thursday amid growing worries about waning support for Ukraine's war effort in the US and Europe. Biden also signalled he might be willing to tweak aspects of his signature climate legislation that have raised concerns with France and other European allies. Biden was honouring Macron with a grand state dinner Thursday evening - the first of the US president's COVID-19 shadowed presidency for a foreign leader. But following up on Biden's upbeat comments might not go as smoothly as that fancy affair. Republicans who are about to take control of the House have shown less willingness than Biden to spend billions on Ukraine, and Democratic lawmakers said Thursday they were not about to jump back into the climate legislation. In fact, for all the positive statements, Macron's visit to Washington has been tempered by his criticism of Biden's Inflation Reduction Act and the challenges both leaders fa