Russia Ukraine War News Highlights | The United States will continue to address potential sources of "leakages" in the sweeping sanctions imposed on Russia over its invasion of Ukraine, U.S. Treasury Secretary Janet Yellen said on Wednesday during a visit to Chicago.
Yellen said the hard sanctions slapped on Russia were having a significant impact, as reflected in the rouble's sharp fall.
"Russia is increasingly an economic island," she said.
Asked whether sanctions to curb Russia's oil and gas exports could follow, she said, "nothing is off the table in terms of future sanctions". However, the United States had not taken this step in order to spare Americans, Europeans and other people around the world from the harshest consequences of the action.
Sanctions imposed last Sunday and Monday have so far restricted 80% of the Russian banking sector's assets and "immobilized" about half of the Russian central bank's assets, she said.
The rouble, which has lost about a third of its value since the start of the year, touched a fresh record low of 110 to the dollar in Moscow on Wednesday as the country's financial system teetered under the weight of Western sanctions. Russia calls its actions in Ukraine a "special operation."
"We will continue to look at how the sanctions work and whether there are leakages and we have the possibility to address them," Yellen told reporters after a speech at the University of Illinois-Chicago's Innovation Center.
The former chair of the U.S. Federal Reserve said she knew there were concerns about Russian elites using cryptocurrencies as a possible means to evade sanctions, but said there were laws in place to prevent that from happening.
"That is a channel to be watched," she said. "But ... many participants in the cryptocurrency networks are subject to anti-money-laundering (laws) and sanctions. So it's not that that sector is completely one where things can be evaded."
Yellen said she does not expect the Russian sanctions to have a major impact on the economic trajectory of the United States, due to limited U.S. trade and financial connections with Russia. Any effects will most likely be transmitted through higher energy prices, she said.
The Treasury will continue to "go after oligarchs or Russian elites who are key to President Putin's corrupt power."
"We have sanctioned many of these individuals over the last few weeks and we are assembling a task force with Justice Department colleagues and our allies to uncover, freeze, and seize their wealth around the world."
Yellen, who visited Chicago's Ukrainian Village neighborhood with Illinois Governor Jay Pritzker, also said that stronger economic policies were needed to strengthen America at home, despite an economic recovery from COVID-19 that has exceeded most expectations and U.S. growth that looks poised to continue.
This live blog session has ended. Stay tuned to MoneyControl for more updates.
Russia Ukraine War News LIVE Updates |
Putin vows 'uncompromising fight' as Ukraine war enters second week: AFP
Russian President Vladimir Putin vowed no let-up in his invasion of Ukraine and Kyiv appealed for Western military aid on Thursday, even as the warring sides met for ceasefire talks.
After the fall of a first major Ukrainian city to Russian forces, Putin appeared in no mood to heed a global clamour for hostilities to end as the war entered its second week.
"Russia intends to continue the uncompromising fight against militants of nationalist armed groups," Putin said, according to a Kremlin account of a call with French President Emmanuel Macron. READ MORE HERE
Russia Ukraine War News LIVE Updates |
Ukraine kept more than 3000 Indian citizens at a station, allegesPutin
In his televised address, kept more than 3000 Indian citizens at a station said, "They're (Ukraine is) putting their mortars, tanks and cannons in residential areas & are taking foreign citizens captive. They kept more than 3000 Indian citizens at a station. They're taking prisoners."
Russia Ukraine War News LIVE Updates |
Death toll from Russian strike on Ukraine's Chernihiv rises to 22:: AFP
Russia Ukraine War News LIVE Updates | Will send more assistance in coming days : India at UNHRC
India has already dispatched humanitarian assistance to Ukraine, including medicines, medical equipment & other relief material. We're sending more assistance in the coming days. This is an urgent necessity that must be addressed: India at 49th UN Human Rights Council Session
Russia Ukraine War News LIVE Updates | India says its working towards the evacuation of its citizens
We are deeply concerned over the safety&security of thousands of Indians stranded in Ukraine. We're working together with neighbouring States for their evacuation. We call for respect & protection of human rights of people in Ukraine: India at 49th UN Human Rights Council Session
Russia Ukraine War News LIVE Updates | Dialogue and Diplomacy are the only solutions for settling differences and disputes: India at UNHRC
We urge immediate cessation of violence and an end to hostilities. No solution can ever arrive at the cost of human lives. Dialogue and Diplomacy are the only solutions for settling differences and disputes: India at 49th UN Human Rights Council Session
Russia Ukraine War News LIVE Updates | Second round of talks over the war in Ukraine has begun
Ukraine President Zelenskyy's office says the second round of talks with the Russians has begun over the war in Ukraine.
Russia Ukraine War News LIVE Updates | Ukraine urges citizens to use guerilla tactics
As Russian forces advance on strategic points in southern Ukraine, Ukrainian authorities on Thursday called on compatriots to launch a guerrilla war against Russian forces.In a video message posted online, Ukrainian presidential aide Oleksiy Arestovich urged men to cut down trees and destroy rear columns of Russian troops.“We urge people to begin providing total popular resistance to the enemy in the occupied territories,” Arestovich said.“The weak side of the Russian army is the rear - if we burn them now and block the rear, the war will stop in a matter of days,” he said.Arestovich said that such tactics are already being used in Konotop in northeast Ukraine and Melitopol near the Azov Sea, which were captured by Russian troops.
Russia Ukraine War News LIVE Updates |
'Not too late to stop' UK defence minister tells Putin
British Defence Minister Ben Wallace on Thursday told Russian President Vladimir Putin it was "not too late to stop" the invasion of Ukraine.The UK has taken a series of punitive actions against Moscow since Putin launched the attack last week, including sanctions on Russian banks."The message to President Putin is 'Stop. It isn't too late to stop what you are doing,'" Wallace said during a press conference with his Estonian counterpart Kalle Laanet.The British minister described the Russian leader's actions as "illegal" and warned Putin he risked "being isolated for decades to come"."The sanctions are heavy, the international community is united. NATO is united and we won't accept what we are seeing in Ukraine," Wallace said.
Russia Ukraine War News LIVE Updates | Tens of millions at risk in Ukraine, UN says
The United Nations' human rights chief said on Thursday that tens of millions of lives were at risk in Ukraine as the conflict there intensified. Michelle Bachelet called for an immediate halt to hostilities as she opened a debate at the Human Rights Council in Geneva on setting up a commission of inquiry into alleged violations by Russia. "Tens of millions of people remain in the country, in potentially mortal danger. I am deeply concerned that the current escalation of military operations will further heighten the harm they face," Bachelet said. Emine Dzhaparova, Ukraine's first deputy foreign minister, told the talks by video message that Russian troops were carrying out acts tantamount to war crimes and called for perpetrators to be held accountable. "Recent events clearly point to the fact that the Russian troops fighting in Ukraine carry out the most blatant violations and abuses of human rights, systematically engage in acts that clearly amount to war crimes and crimes against humanity," she said. Dzhaparova urged the council to adopt a resolution brought by Ukraine and allies including the United States and European Union that would launch the international probe. "We must stand together to ensure accountability for the war criminals spilling the blood of Ukrainian children," she said, referring to President Vladimir Putin as a "a weak leader who wants to look strong".
Russia Ukraine War News LIVE Updates | Just in:
Ukraine Parliament approves law to allow seizure of assets owned by Russia or Russia citizens in Ukraine
Russia Ukraine War News LIVE Updates | Mariupol mayor says Russian forces trying to 'blockade' port city
Russian troops are seeking to lay siege to the Ukrainian city of Mariupol and cut it off from electricity, food, water, heating and transportation, its mayor said Thursday."They are trying to create a blockade here, just like in Leningrad," Vadym Boichenko said in a statement referring to the horrific seige of Russia's second largest city by the Nazis during World War II, which left hundreds of thousands dead."These bastards couldn’t find a way to break us. So now they are trying to prevent us from repairing electricity, water and heating supply," Boichenko said, adding that Russian troops also damaged the rail link."They destroyed the trains so that we could not evacuate our women, children and elderly people," he added.One week into the invasion, Russian troops have been advancing on Ukraine's southern front, having seized Kherson, a Black Sea city of 290,000 people, after a three-day siege that left it short of food and medicine.Mariupol, an important port city of some 400,000 people east of Kherson on the Azov Sea, has been left without water or electricityin the depths of winter.
Russia Ukraine War News LIVE Updates | Ukraine regional governor says nine killed after Russian air strike hits two schools
At least nine people have been killed and four wounded after a Russian air strike hit two schools and private houses in Ukraine's Chernihiv region on Thursday, governor Viacheslav Chaus said in an online post. "Rescue work is ongoing. According to the state emergency services, there are for now nine people killed and four wounded," he said.
Russia Ukraine War News LIVE Updates | Russia to continue 'uncompromising' fight in Ukraine: Vladimir Putin to Emmanuel Macron
Russian President Vladimir Putin vowed Thursday to continue fighting against what he described as nationalists in Ukraine and said the Kremlin could add to its demands at negotiations if Kyiv stalls talks."Russia intends to continue the uncompromising fight against militants of nationalist armed groups," Putin said according to a readout of a call with French leader Emmanuel Macron, which added that attempts to slow conflict talks would "only lead to additional demands on Kyiv in our negotiating position."Putin also told Macron he disagreed with a speech the French leader gave the day before about Ukraine.
Russia Ukraine War News LIVE Updates | Just in:
Russia to continue 'uncompromising' fight in Ukraine: Vladimir Putin to Emmanuel Macron
Russia Ukraine War News LIVE Updates | MEA Spokesperson Arindam Bagchi:
Registration of 20,000 Indian nationals was done initially, but there were many who did not register. We estimate a few hundred citizens still remain in Kharkiv. Our priority is to take students out safely in whatever mode of transport possible.
Russia Ukraine War News LIVE Updates | MEA Spokesperson Arindam Bagchi:
A large number of students have left Kharkiv after we issued an advisory y'day. The total number of Indians waiting to cross Ukraine's western borders has reduced. I am in touch with Russian and Ukraine authorities for the evacuation of Indian nationals.
Russia Ukraine War News LIVE Updates | Scheduling more flights, large number of Indians will be back home in the next 2-3 days, says MEA Spokesperson Arindam Bagchi
"We are scheduling more flights and a large number of Indians will be back home in the next 2-3 days. I would like to appreciate the Ukrainian government and the neighboring countries for hosting our people and providing support in evacuating them," said MEA Spokesperson Arindam Bagchi
Russia Ukraine War News LIVE Updates | French Ambassador Emmanuel Lenain:
India's voice is very important.India aspires to an even larger responsibility in the international fora. My country is a strong supporter of India getting a permanent seat in UNSC.India is a voice that's heard in the world.
Russia Ukraine War News LIVE Updates | Emmanuel Lenain, Ambassador of France to India:
In record time, we've been able to adopt unprecedented sanctions against Russia, its banking institutions, against so-called oligarchs who are supporting the regime & it seems that the sanctions are starting to bite,in particular,slump in the rate of the currency.
Russia Ukraine War News LIVE Updates | Emmanuel Lenain, Ambassador of France to India:
We're helping Ukraine a lot. All the countries in Europe have decided to send equipment, weapons in addition to humanitarian assistance to Ukraine. We also provide a lot of political support.
Russia Ukraine War News LIVE Updates | Just in:
Mariupol mayor says Russian forces attempting 'blockade' of Ukraine port city
Russia Ukraine War News LIVE Updates | About 400 Russian tourists left Venezuela on charter flight: Report
Russian tourists holidaying on Venezuela's tropical Margarita Island began returning home earlier this week, two tourism industry sources said, as Europe and North America closed their airspace to Russian flights over the war in Ukraine. Of the about 1,000 Russian tourists who arrived in Venezuela during the last two weeks, some 400 left the South American country on a charter flight on Tuesday, one source said. The route of the flight was unclear. The remaining 600 are set to leave on two flights scheduled for March 5 and March 8, the two sources said. The flow of Russian tourists to Venezuela has been increasing since late last year, part of a government strategy to buoy up an industry battered by Venezuela's long-running economic crisis, danger from crime and cuts to public services like electricity and water. The Venezuelan ministry of communications did not immediately respond to a request for comment
Russia Ukraine War News LIVE Updates | Ukraine urges WTO to shun Russia participation
Kyiv called Thursday for members of the World Trade Organization to shun Russia, a week after Moscow launched its full-scale invasion of Ukraine.At the WTO, like with other international bodies in Geneva and beyond, Ukraine's diplomats have been pulling out all the stops to isolate Russia over its attack.In a tweet, the Ukrainian diplomatic mission in Geneva announced that it had informed WTO members of Kyiv's decision "to impose a complete economic embargo and to no longer apply WTO agreements in its relations with Russia."It also tweeted out the letter sent by Ukrainian ambassador Yevheniia Filipenko to the WTO General Council on Wednesday detailing Ukraine's decision to impose the embargo."We strongly believe that other WTO members will stand along with Ukraine in countering (the) Russian military invasion by taking similar measures against the aggressor state," she wrote."We urge all WTO members to consider further steps with the view to suspending the Russian Federation's participation in the WTO for its violation of the purpose and principles of this organization," the letter said.It remained unclear if any such move could be made at the 164-member WTO, which traditionally reaches decisions by consensus only.But the global trade body's rules do not bar countries from calling for a vote.
Russia Ukraine War News LIVE Updates | #JUSTIN: Aviation Ministry says 17 flights with around 3,500 Indians expected to arrive in India on Friday
Russia Ukraine War News LIVE Updates | Ukraine team headed to conflict talks with Russia: Kyiv
A Ukrainian delegation said Thursday it was en route for a second round of ceasefire talks with Russia on the Belarus-Poland border on the day Ukraine lost its first major city to Russian forces. "On our way to negotiations with the Russian Federation. Already in helicopters," presidential advisor Mykhailo Podolyak said on Twitter, posting a photo of himself with lawmaker David Arakhamia in what appears to be a helicopter cabin.
Russia Ukraine War News LIVE Updates | Nuclear threat over Ukraine shows 'all of humanity' at risk: UN
The UN human rights chief slammed Thursday Russia's attack on Ukraine, warning of a "massive impact" on the rights of millions, and cautioning that heightened nuclear threat levels showed all of humanity was at risk."Elevated threat levels for nuclear weapons underline the gravity of the risks to all of humanity," Michelle Bachelet told the UN Human Rights Council, as it began an urgent debate on violations committed in the conflict.
Russia Ukraine War News LIVE Updates | UN aid chief says $1.5 billion already raised for Ukraine
The UN's emergency relief coordinator Martin Griffiths on Thursday pleaded for humanitarians to be allowed to work unhindered in Ukraine, adding in an interview with AFP that with $1.5 billion raised for urgent aid "we have the resources"
Russia Ukraine War News LIVE Updates | French President Emmanuel Macron held new 90-minute call with Vladimir Putin
French President Emmanuel Macron held a new 90-minute phone call with Russian counterpart Vladimir Putin on Thursday, his office said, the third conversation since the invasion of Ukraine.An aide to Macron, briefing reporters on condition of anonymity, said the French leader had spoken with Putin "then called President (Volodymyr) Zelensky" in Kyiv.
Russia Ukraine War News LIVE Updates | EU top diplomat calls for immediate ceasefire in Ukraine
The European Union is calling for an immediate ceasefire in Ukraine, the EU's top diplomat Josep Borrell said on Thursday. "This war needs to stop now. I call for an immediate ceasefire. I call for immediate establishment of humanitarian corridors," Borrell wrote on Twitter. Borrell added the bloc is standing by Moldova, which is hosting more than 20,000 refugee children fleeing the war.
Russia Ukraine War News LIVE Updates | India considers relief for exporters hit by Ukraine crisis: Report
India is considering guarantees of lenders' letters of credit and soft loans for exporters hit by a cash squeeze following Russia's invasion of Ukraine and Western sanctions imposed on Moscow, two people familiar with the matter told Reuters.Indian banks are scrambling after bills for imports from Russia have started bouncing and payments for exports have been stuck.A government official, who declined to be named because the discussions were not public, said Indian exporters are owed about $500 million from Russia and the government may guarantee banks' letters of credit or loans to help ease the crunch."Letters of credit is the most likely option," the official said.
Russia Ukraine War News LIVE Updates | Bangladesh cargo ship hit in Ukraine, crew member killed
A missile or bomb hit a Bangladeshi owned cargo ship at the Ukrainian Black Sea port of Olvia, killing one of its crew members, and efforts were underway to rescue the others from the vessel, the state-run ship's owner said on Thursday. "The ship came under attack and one engineer was killed," Pijush Dutta, executive director of Bangladesh Shipping Corp, told Reuters. "It was not clear whether it was a bomb or missile or which side launched the attack. The other 28 crewmen are unharmed," he said without providing further details. The Bangladesh-flagged Banglar Samriddhi had been stuck at the port of Olvia after Russian invasion of Ukraine began on Feb. 24 and had been hit by a missile, a Bangladesh foreign ministry official said earlier on Thursday.
Russia Ukraine War News LIVE Updates | Ukraine is staging counter-attacks against Russian troops, Ukrainian official says
Ukraine is able to launch counter-attacks against invading Russian forces even as it defends itself, a military adviser to Ukrainian President Volodymyr Zelenskiy said on Thursday. "Help to us is increasing every minute and the strength of the enemy is decreasing every minute. We're not only defending but also counter-attacking," he said in a televised briefing.
Russia Ukraine War News LIVE Updates | Russia aims to stop Ukraine from joining NATO: Russian Foreign Minister Sergei Lavrov
The Russian military operation against Ukraine is aimed, among other things, at ensuring that Kyiv does not join NATO, Russian Foreign Minister Sergei Lavrov told Russian state television on Thursday. Lavrov said Russian forces were attacking military targets in Ukraine but added that the term "collateral damage" has been in use since the Western campaigns in Iraq and Libya.
Russia Ukraine War News LIVE Updates | France seizes superyacht linked to Russian energy boss Sechin
The French government on Thursday said it had seized a luxury superyacht belonging to a company linked to Igor Sechin, the chief executive of Russian energy giant Rosneft and a close confidant of President Vladimir Putin.The vessel, Amore Vero, was seized in the French harbour of La Ciotat on the Cote d'Azur as part of EU sanctions agreed against Russia and is held by a company in which Sechin is the main shareholder, the French finance ministry said.
Russia Ukraine War News LIVE Updates | Russia's Lavrov accuses West of considering 'nuclear war'
Russia's Foreign Minister Sergei Lavrov on Thursday accused Western politicians of considering nuclear war, one week after Moscow launched its invasion of Ukraine."I would like to point out that it's in the heads of Western politicians that the idea of a nuclear war is spinning constantly, and not in the heads of Russians," Lavrov said in an interview with Russian and foreign media.
Russia Ukraine War News LIVE Updates | Just in:
France seizes superyacht linked to Russian energy boss Sechin: ministry
Russia Ukraine War News LIVE Updates | Germany to send Soviet-made anti-aircraft missiles to Ukraine
Germany will increase weapons deliveries to Ukraine following the Russian invasion by sending 2,700 anti-aircraft missiles to the conflict zone, a government source told AFP on Thursday.The government "approved further support for Ukraine", involving the delivery of STRELA-type anti-aircraft missiles of Soviet manufacture, which were previously used by the army of communist East Germany, the source said.Germany's first arms consignment of 1,000 anti-tank and another 500 anti-aircraft missiles has already been despatched to the front, the government said on Wednesday.
Another 18,000 helmets were also sent to Ukraine over the weekend, bringing the total number donated by Germany to 23,000."Further military equipment is ready to be sent," a defence ministry spokeswoman told AFP without giving details, noting that some items had yet to be approved. The move came after Germany reversed its long-standing policy of not sending weapons to conflict zones, a position rooted in Nazi-era war guilt.Allies had criticised Berlin for failing to support the Ukranian government with lethal weapons, having initially offered to send 5,000 helmets and build a field hospital.On Saturday, Chancellor Olaf Scholz recognised that the Russian invasion represented a "turning point in history" that compelled Germany to rethink its priorities.Germany has pledged to invest 100 billion euros ($111 billion) in the build-up of its own armed forces in the face of the Russian threat.The government on Saturday also approved the delivery of German-made armaments to Ukraine from third countries, including 400 anti-tank rocket launchers via the Netherlands.
The government also unblocked the delivery of eight old howitzer cannons which Estonia had purchased from East Germany.Egon Krenz, the former leader of the communist state, told the daily Berliner Zeitung in January that deliveries of east German weapons would "go against the spirit of reunification".
Russia Ukraine War News LIVE Updates | Netflix pauses future projects, acquisitions from Russia
Netflix has reportedly put on hold all future projects and acquisitions from Russia amid its invasion of Ukraine. According to Variety, the streaming service had four Russian originals in the pipeline, including a crime thriller series directed by Dasha Zhuk, which was shooting and has been postponed.The 1990's set series was Netflix's second original series filming in Russia, following Anna K which wrapped last year. A source close to Netflix said the company was assessing the impact of current events.On Monday, The Walt Disney Company announced it will be pausing all theatrical releases in Russia, including Pixar's Turning Red, set to premiere there on March 10. A few hours after the announcement, Warner Bros halted the release of The Batman in the country. Russia has also been barred from major festivals and award shows. The Cannes Film Festival announced on Tuesday that it will not welcome any Russian delegations or attendees with ties to the government.
Russia Ukraine War News LIVE Updates | EU sanctions on Russia starting to have an effect: EU official
The European Union's sanctions against Russia over its invasion of Ukraine are starting to have an initial impact, an EU official said on Thursday. "We believe that the package of sanctions we've put on the table is quite impressive and is now starting to have the first effects," the official said. "Take the economic side, we have the Moscow stock exchange being closed since Monday. The depreciation of the rouble is also quite impressive. The fact that the Russian Central Bank had to double his interest rate to 20% also," the official continued.
Russia Ukraine War News LIVE Updates | Ukrainian restaurant in Hong Kong says many clients want to help
The owner of a Ukrainian restaurant in Hong Kong said she has seen an outpouring of support from the city's residents, who want to donate to community groups that can help mitigate the impact of the war with Russia. Olena Wang, who is married to a Hong Konger, runs the restaurant Ivan the Kozak together with her daughter. They employ seven people, including Ukrainians and Russians. Wang says many in Hong Kong have asked how they can help Ukraine in the past week after Russia invaded. As the requests were too many to handle individually, the restaurant began posting online about how people could contribute. One customer handed over a tip of over HK$10,000 ($1,280) and asked the restaurant to wire the money to those in need. Wang also provides recommendations for people who wish to donate directly to aid groups, including the Red Cross, hospitals and volunteers helping the Ukrainian army. "We sent this money to Ukraine and sent an email confirmation to him so he knows we sent the money to the right place," Wang told Reuters, encouraging others to donate.
Russia Ukraine War News LIVE Updates | Ukrainian diplomats in Moscow moved to Latvia
Ukrainian diplomats formerly based in Moscow arrived in Latvia on Wednesday evening, Latvia's foreign minister said. "Latvia welcomes Ukrainian diplomats who left Moscow and crossed Latvian-Russian border last night," minister Edgars Rinkevics tweeted on Thursday. Latvia said on Saturday it would give refuge to the diplomats after receiving their plea for help.
Russia Ukraine War News LIVE Updates | Hungary evacuates 32 people from embassy in Kyiv
Hungary has evacuated 32 people from its embassy in Kyiv, including the Hungarian ambassador, two journalists, 10 South African and 10 Nigerian nationals, Foreign Minister Peter Szijjarto said on Thursday.He said the evacuated embassy staff and foreign nationals crossed over into Hungary overnight.
Russia Ukraine War News LIVE Updates | Equities rise as Powell soothes rate fears, oil close to $120
Stocks rose Thursday after Federal Reserve chief Jerome Powell said the bank would hike interest rates gradually to fight inflation, though oil marched towards $120 as the Ukraine conflict continues to roil energy markets.With the Russian invasion of its neighbour hammering all assets across the board as uncertainty reigns supreme, traders were given a much-needed shaft of light on Wednesday when the Fed boss eased concerns over its plans for tightening policy.Powell told lawmakers he was in favour of a moderate pace of rate increases, with a 25-basis-point lift this month, as he tries to nurture the economic recovery while keeping a lid on prices, which are rising at their fastest pace in 40 years.He warned that the "near-term effects on the US economy of the invasion of Ukraine, the ongoing war, the sanctions, and of events to come, remain highly uncertain".
The comments soothed concerns that officials could announce an aggressive 50-basis-point lift. The issue of Fed tightening has cast a pall over markets for months, bringing a near two-year rally to an abrupt end, and that has now been compounded by the Ukraine crisis.Powell did, however, say the bank would remain "nimble" to events and would act more aggressively if needed down the line.Meanwhile, St. Louis Fed chief James Bullard said he was for a "rapid withdrawal of policy accommodation", as Chicago president Charles Evans added that policy was currently "wrong-footed" and should be tightened.Still, Powell's comments were able to "appease risk-markets by ruling out a 50 basis-points hike in March, while simultaneously promising inflation vigilance at following meetings", said Citigroup strategists William O'Donnell and Edward Acton.Wall Street ended sharply higher with all three main indexes more than one percent up.And Asia followed suit withTokyo, Hong Kong, Sydney, Seoul, Taipei and Singapore leading healthy gains, though Shanghai and Mumbai edged slightly lower.London and Paris rose at the open but Paris dipped.The gains were also helped by news that Ukraine and Russian officials will hold second round talks to end the war.But analysts warned of further volatility for some time as fighting continues to rage in Ukraine.Widespread sanctions across the world against Russia threaten to put its economy on its knees, while Moody's and Fitch have slashed its rating to junk.
Meanwhile, the country's equities are to be removed from closely followed indexes by MSCI and FTSE Russell, further isolating Moscow from the global economy."It is clear the perpetual mega-bulls of the past two years are continuing to fight a rear-guard action, using their previously successful buy-the-dip playbook, refusing to accept that the central bank cookie jar is near empty and that Ukraine-Russia has changed everything," said OANDA's Jeffrey Halley.While the war is making finance chiefs re-think their plans, central banks appear intent to keep on the tightening track for now, with the Bank of Canada on Wednesdayannouncing a rate rise.The major source of angst for policy-setters is the spike in oil prices, which has been a key driver of inflation this year owing to narrow supplies and soaring demand and is now being amplified by the conflict in Europe.On Thursday Brent continued to storm higher, at one point hitting $119.84 a barrel for the first time sinceearly 2012. WTI touched $116.57 for the first time since 2008.While world governments have not included Russian oil in their wide-ranging sanctions on Moscow owing to concerns about the impact on prices andconsumers, trade has become increasingly tough as banks pull financing and shipping costs rise.OPEC and other major producers, including Russia, refused Wednesday to lift output by more than their previously agreed amount, dealing a blow to hopes of an easing in supply pressures.An agreement by the United States and 29 other countries to release 60 million barrels from their reserves has had little impact on the relentless rise in prices.Other commodities are also elevated with European natural gas benchmarks and aluminium at records.
Russia Ukraine War News LIVE Updates | Russia warns West against further escalation: Report
Moscow warned the West against further escalating tensions with it, Interfax news agency quoted Russia's Deputy Foreign Minister Sergei Ryabkov as saying on Thursday.