The EU Commissioner says Russia’s invasion is sending ‘shock waves’ around the world
Global prices for some grains have risen since the start of the Russia-Ukraine war, with both countries contributing a significant percentage of global supplies to certain commodities, such as wheat.
Vincent Mundy | Bloomberg | Getty Images
“We clearly see the consequences of Russia’s invasion of Ukraine, which is sending shock waves around the world, and the global economic growth forecast has been significantly downgraded. Trade for the European Commission told CNBC on Wednesday.
Speaking to CNBC at the World Economic Forum in Davos, he focused on the crisis in Ukraine as a result of Russia’s invasion and the global decline caused by the war. .
The invasion led the EU to fight to reduce its reliance on Russian gas supplies, although Russia has not imposed a total EU ban on oil and gas.
“We urgently need to move away from Russia’s dependence on fossil fuels,” Domprovsky said.
– Holy Elliott
Russia has said it is ready to build corridors for ships departing from Ukraine with food
The cargo ship with Ukrainian corn sails from Sornomorsk in the Odessa region of southern Ukraine to Germany.
Yuli Sosulia | Future release | Getty Images
A Russian official has said Moscow is ready to provide a humanitarian route for ships carrying food from Ukraine in exchange for removing some of the restrictions.
“We are always ready to hold talks with all those working for peace, for a peaceful solution to all problems,” Russian Deputy Foreign Minister Andrei Rudenko told the Russian state news agency Interfax on Wednesday.
“We have repeatedly spoken of the need for a comprehensive approach to resolving the food crisis,” he said, adding that “sanctions on Russian exports and financial transactions have been lifted.”
Russia is ready to provide the necessary humanitarian aid, Rudenko said.
On Tuesday, European Commission President Ursula von der Leyen accused Russia of “arming” food in Ukraine by blocking exports of basic commodities such as wheat and cooking oil from the country. Global food prices have risen as a result of declining exports. Russia denies using food to pressure Ukraine’s allies to ease sanctions.
In a statement on Wednesday, Andrews Tarsa, Denio’s intelligence adviser to Central and Eastern Europe, said that “there is no easy way to stop food exports through Ukraine’s Black Sea ports, and that alternative export routes over land and rivers need time and investment. Infrastructure and bureaucratic barriers.
“The war will significantly reduce Ukraine’s food production and exports in the future,” Dursa said.
– Holy Elliott
The president says Malawi has realized the impact of the war in Ukraine
Malawi President Lazarus Saqueira said rising food, fuel and fertilizer prices – mostly brought about by the war in Ukraine – were having an impact on the African economy.
“We need to work together to find solutions to end the war,” he said.
– Holy Elliott
The CEO says the transition from Russian gas will be ‘really painful’ for Germany
Covestro CEO Marcus Steelman told CNBC at the World Economic Forum that Russia’s withdrawal from gas would be “extremely painful for the industry” in Germany in the short term.
“There is very little chance of compensation [for that shift]It will cost hundreds of thousands of jobs – it’s my personal belief – and it’s really refining the German industrial environment. “
He said German industry should be supported by the transfer of energy from Russian gas, adding that “all we have to do is switch to renewable energy with full force” and develop that sector in Germany.
– Holy Elliott
Russia reveals historic debt default due to US dollar ban
Russian President Vladimir Putin will preside over a May 13, 2022 video conference in Moscow, Russia, with members of the Security Council. Sputnik / Michael Metzel / Kremlin REUTERS via Attention Editors – This image was provided by a third party.
Michael Metzel | Sputnik | Via Reuters
America came to an end Important exemption that allowed Moscow to repay foreign debt For foreign investors in US dollars through US and international banks, Russia can be forced into default.
The Treasury Department’s Foreign Assets Control Office allowed dollar payments on every occasion, helping to repay Russia’s foreign debt up to now, however, reducing its accumulated foreign currency reserves. The OFAC announced this in a bulletin on Tuesday Exemption expires Wednesday 12:01 am ET.
Russia has a debt service deadline of this year, specifically $ 400 million in interest payments due at the end of June.
Adam Solovsky, a partner in the global law firm Reid Smith’s financial industry group, told CNBC on Friday that Moscow may argue that it is not the default because it is impossible to make payments even if they are available.
Solovsky said the situation was entering “unknown territory” and that Russia and the United States were looking at a period of “protracted cases”.
Read more of this story Here.
UK retailer Marks & Spencer leaves Russia
On Saturday, August 8, 2015, a customer entered the Marks & Spencer Group Plc store at the Afimall Retail and Entertainment Center in the Moscow International Business Center in Moscow, Russia.
Bloomberg | Bloomberg | Getty Images
British retailer Marx & Spencer Announced that it was leaving Russia, the latest in a long line of companies doing so.
The food and clothing retailer stopped exporting to Russia in March and said it would withdraw its ownership on Wednesday with a fee of £ 31 million ($ 39 million).
In its latest revenue update, M&S said it would start the current 2022-23 year with a lower profit margin.
“Business is now well established and has a encouraging start to the year. However, given the rising cost pressures and consumer uncertainty, we do not currently expect to move away from this low profit margin in 2022-23,” it said.
– Holy Elliott
The official says it is uncertain to what extent the EU will be involved in the reconstruction of Ukraine
The EU should support Ukraine in its restructuring, a senior official told CNBC, but it is largely unclear to what extent that block will hit the bill to rebuild Ukraine.
“It should be a European commitment because Ukraine is in Europe, they want to join the EU, we consider them in our family, so Europe cannot say ‘O Reconstruction is a matter for other world players’,” said Paulo Gentiloni, EU Commissioner for Economics, Wednesday. Told CNBC.
“How do we solve this problem? This is an open question, but for now it is not a question. For now, the issue is to support Ukraine, because the success of this resistance is crucial for our future,” he said.
Russia’s invasion of Ukraine is dominating the agenda at the World Economic Forum in Davos, Switzerland, and political and business leaders have warned that the war could already have long – term consequences for global food distribution and geopolitical stability.
– Holy Elliott
George W. Bush says civilization may not survive Putin’s war in Ukraine
Said Liberal billionaire George Soros Russia’s invasion of Ukraine Can be traced back to the starting point of World War III.
At his annual dinner at the World Economic Forum on Tuesday evening, Soros said the course of history had changed dramatically since the last event in Davos, Switzerland.
“Russia has invaded Ukraine. It has shaken Europe to its core,” he told the audience.
“The European Union was established to prevent such a thing from happening. Even if the fighting were to end, the situation would not return to normal, as it should eventually be. In fact, the Russian invasion could be the beginning of a world war.
Read the full story here: Soros says civilization will not escape Putin’s war in Ukraine, warns of global depression
– Matt Clinch
Zhelensky says Russia is using everything it has to fight the Donbass
Ukrainian President Volodymyr Zelenskyy speaks at a joint news conference, saying Russia’s attack on Ukraine continues, in Kiev, Ukraine on April 28, 2022.
Valentyn Ogirenko | Reuters
Ukrainian President Volodymyr Zhelensky has said that Russia is using all its resources to fight for four cities in the eastern Donbass region.
“The situation in Donbass is very difficult now,” Zhelensky said in his nightly address to the nation. “Practically the full force of the Russian army, with everything they have left, is attacking there. The invaders want to destroy everything there – Lyman, Bopasna, Siverodonetsk, Slaviansk.”
Zelenskyy Ukrainian army is fighting back, but “the amount of equipment and weapons will take our people time and a lot of effort to overcome their advantages.”
He told the Ukrainians that many in Russia and the West should be proud that they had detained Russia for three months in a war they expected to last three days.
– Associated Press
NATO leader warns Russia, attack on ally ‘triggers full response from all alliance’
NATO Secretary-General Jens Stoltenberg speaks at a press conference ahead of the coalition’s defense ministers’ meeting on March 15, 2022 at NATO headquarters in Brussels.
Kenzo Tribouillard | AFP | Getty Images
NATO Secretary-General Jens Stoltenberg said that although the 30-member military alliance had not sent troops into Ukraine, “Russia’s attack on a NATO ally would provoke a full response from the entire coalition.”
“This is prevention. Its purpose is not to provoke conflict, but to prevent conflict and maintain peace,” Stoltenberg told the World Economic Forum in Davos, Switzerland.
Stoltenberg said NATO had increased its military presence in the eastern part of the alliance since Russia invaded Ukraine in late February.
“We now have 40,000 troops under NATO command. We have more naval and air capabilities, especially with 100,000 troops in the eastern part of the alliance on high alert,” he said. He added: “This is a very clear message to Moscow and will not allow for miscalculation or misunderstanding.”
– Amanda Macias