At the global level, the Brent crude went down $5.61 to $107.25 per barrel.

The price of Kuwaiti oil went up by 52 cents to US$113.41 per barrel on Tuesday; compared to US$112.89 pb the day before, the state news agency (KUNA) quoted the Kuwait Petroleum Corporation as saying on Wednesday.

At the global level, the Brent crude went down $5.61 to $107.25 per barrel, the same case with the West Texas Intermediate, which went down by 5.65 to $102.56 pb./agencies

The IMF on Tuesday said central banks around the world should act decisively against inflation as Russia's invasion of Ukraine raised global financial stability risks.

"Severity of disruptions in commodity markets and to supply chains are creating downside risks by weighing adversely on macrofinancial stability, inflation, and the global economy," the global body warned in its latest report.

According to the IMF, many central banks may have to move further and faster than what is currently priced in markets to contain inflation.

"This could bring policy rates above neutral levels and this is likely to lead to even tighter global financial conditions," it noted.

The body also underlined the importance of central banks in developed economies to provide clear guidance on the tightening process while remaining data dependent.

To emerging markets, it recommended that they should continue monetary tightening depending on individual circumstances to "preserve their inflation-fighting credibility and anchor inflation expectations."

War creates medium-term structural problems

The report also emphasized that the war in Ukraine raised a number of medium-term structural problems that policy makers would have to face in the coming years.

It said these issues would include fragmentation in capital markets, which "would have implications for the role of the US dollar."

"Payment systems face similar risks as central banks seek to establish their own digital currencies that are independent of existing international networks," it noted.

Pointing out that the war demonstrated the urgency of reducing reliance on carbon-intensive energy and accelerating the transition to renewable energy, the report said trading volumes of crypto assets against some emerging market currencies increased after sanctions against Russia and capital restrictions in Russia and Ukraine./aa

Hungary’s foreign and trade minister said Tuesday that Budapest does not support sanctions against Russian oil and gas and will not allow transit of weapons to Ukraine through its territory.

“We cannot force the Hungarian people to pay the price of this war. That is why we do not approve of sanctions on oil or natural gas against Russia," said Peter Szijjarto after a joint news conference with Turkish Foreign Minister Mevlut Cavusoglu in the Turkish capital of Ankara.

He pointed out that some countries allow their territory to transport weapons to Ukraine but Hungary will not do it and added it supports the territorial integrity and sovereignty of Ukraine.

Regarding natural gas shipment from Russia to Hungary, Szijjarto said Turkiye has a great role as a transit country.

"The Minister (Cavusoglu) confirmed in our meeting that Turkey will continue this transit role. We hope that this natural gas will arrive through Turkey without any problems," he said.

The Hungarian foreign minister welcomed Turkiye's efforts for peace and an end to the Russia-Ukraine war.

Hundreds of thousands of Ukrainian refugees have sought refuge in Hungary.

Russia’s war on Ukraine, which began Feb. 24, has led to thousands of deaths, millions being displaced and a broad range of sanctions on Moscow, in particular by the EU and the US.​​​​​​​

It has also spurred an exodus of global firms from Russia, ranging from technology to automotive, energy, retail and various others sectors.​​​​​​​/aa

Are there life forms on other planets beyond Earth? Scientists believe the answer could be found on Jupiter’s moon, Europa, according to research published Tuesday by nature.com.

The evidence lies in Greenland,

“Double ridges are the most common surface feature on Europa and occur across every sector of the moon,” according to the paper published by Stanford University researchers, Riley Culberg, Dustin Schroeder and Gregor Steinbrugge, in which they compare “a double ridge in Northwest Greenland with the same gravity-scaled geometry as those found on Europa.”

“Jupiter’s moon Europa is a prime candidate for extraterrestrial habitability in our solar system,” it said. “The surface landforms of its ice shell express the subsurface structure, dynamics, and exchange governing this potential.”

Researchers used surface elevation and radar sounding data to show the “double ridge was formed by successive refreezing, pressurization, and fracture of a shallow water sill within the ice sheet” and “that shallow liquid water is spatially and temporally ubiquitous across Europa’s ice shell.”

The topographical makeup of Europa was previously retrieved by surface morphologies imaged by NASA’s Voyager and Galileo spacecraft.

“These ridges may extend for hundreds of kilometers and include some of the oldest features visible on the surface, with frequent cross-cutting implying numerous formation cycles over Europa’s history.” according to the data.

Scientists are captivated by Europa’s topography being similar to that of Greenland’s makeup because of “an icy double ridge discovered on the Greenland Ice Sheet with the same gravity-scaled geometry as Europa’s double ridges.”

The double ridge on Earth, which scientists used to make comparisons to Europa, is located 37 miles (60 kilometers) inland of the ice-sheet margin in Northwest Greenland, which covers 629,346 square miles (1.63 million square kilometers)./aa

Allied leaders of countries including the US, Canada, and the EU on Tuesday agreed to impose new sanctions on Russia as hostilities in Ukraine continue, Italy announced.

"Broad consensus was expressed on the need to step up pressure on the Kremlin, including through the adoption of further sanctions, and to increase Moscow's international isolation," Prime Minister Mario Draghi's office said in a statement after a video conference between the leaders.

They shared "strong concern" on continued hostilities in Ukraine and the need for a cease-fire as soon as possible to "put an end to the suffering of the population," according to the statement.

The leaders also "confirmed the importance of close coordination" on supporting Ukraine "in all its aspects," especially by contributing to the country's budget.

A common commitment was also reaffirmed on diversifying energy sources to reduce dependence on Russian supplies.

The participants in the conference were US President Joe Biden, French President Emmanuel Macron, German Chancellor Olaf Scholz, British Prime Minister Boris Johnson, Canadian Prime Minister Justin Trudeau, Japanese Prime Minister Fumio Kishida, Polish President Andrzej Duda, Romanian President Klaus Iohannis, President of the European Council Charles Michel, EU Commission President Ursula von der Leyen, and NATO Secretary General Jens Stoltenberg./aa

British Home Secretary Priti Patel on Tuesday defended in parliament a controversial plan to send asylum seekers to the East African nation of Rwanda. 

Patel told lawmakers that access to the UK's asylum system should be based on need, not "the ability to pay" people smugglers.

"This agreement deals a major blow to the people smugglers and the evil trade in human cargo," Patel said.

Arguing that the deal would help "break the people smugglers business model" and prevent loss of life she said it would ensure protection for those who are genuinely vulnerable.

"At the heart of this approach is fairness."

Shadow Home Secretary Yvette Cooper, who belongs to the main opposition Labour Party, said the policy was "shameful" and that the plan essentially amounted asking Rwanda to do the job that Patel was "incapable" of doing.

Stuart McDonald, the Scottish National Party's (SNP) home affairs spokesman, said: "This is a cruel and a catastrophic policy. It will not hurt smugglers but will further seriously harm people who have fled persecution."

Importantly, the criticism of Patel came not just from opposition parties, but also from within the Conservative Party to which she belongs.

Former Prime Minister Theresa May, a former home secretary herself, told Patel in parliament: "I do not support the removal to Rwanda policy on the grounds of legality, practicality, and efficacy.​

Local media reported that over 4,600 people have arrived in the UK on small boats this year./aa

Canada hit Vladimir Putin’s two daughters and the Russian president’s close associates with new sanctions Tuesday in response to Moscow's human rights violations in Ukraine.

Foreign Minister Melanie Joly made the announcement, citing Russia’s continued military operations in Ukraine and Canada's steadfast belief that Putin should retreat from the beleaguered country.

“Canada continues to stand by the brave men and women fighting for their freedom in Ukraine," Joly said in a statement sent to Anadolu Agency. "We will continue to impose severe costs on the Russian regime in coordination with our allies and will relentlessly pursue accountability for their actions. They will answer for their crimes.”

The sanctions are against Putin's two daughters -- Mariya Vorontsova, 36, and Katerina Tikhonova, 35 -- and 12 Russian oligarchs and their family members.

The sanctions are levied against a backdrop of the opinions of experts from the Organization for Security and Co-operation in Europe that said earlier there is no doubt Russians are committing human rights violations and war crimes in Ukraine.

In a statement, Global Affairs Canada called Russian actions "serious atrocities. These actions demonstrate that Canada will not relent in holding Russian President Vladimir Putin and his associates accountable for their complicity in the Russian regime's invasion of Ukraine."

It did not rule out the possibility of more sanctions in coordination with its allies "to respond to the Russian regime’s barbaric acts."

In all, Canada has enacted more than 750 sanctions since Russia started war against Ukraine on Feb. 24./aa