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Sanctions-hit Russia and Iran are focusing their efforts on bypassing SWIFT with an alternative interbank messaging system, an Iranian diplomat said on Thursday.
"We are making efforts in this direction," said Kazem Jalali, Iran's ambassador to Russia, according to Russian news channel RT.
Under Western sanctions over its war on Ukraine, Russia has been partially banned from the SWIFT system.
Moscow already has its own payment mechanism called the Financial Message Transfer System (SPFS).
In use since 2014, SPFS has similar functions and allows for the transmission of messages in SWIFT's format./aa
The United Nations Conference on Trade and Development (UNCTAD) lowered its global gross domestic product (GDP) forecast for 2022 on Thursday from 3.6% to 2.6% due to the Russia-Ukraine war.
In the agency’s new report, world growth estimates were hit by downside risks to supply and demand, compounded by the war in Ukraine.
"On the supply side, persistent disruptions will continue to hamper economic activity,” it said. "At the same time, macroeconomic tightening will weaken demand while rising prices will erode real incomes and dampen investor confidence."
It estimated that the Russian economy will contract 7.3% in 2022. It was predicted to expand 2.3% in a report in September. It is the largest revision among forecasts.
GDP forecast for the EU was 1.6%, down from 3.3%, while the eurozone forecast was also lowered from 3.4% to 1.7%.
Among eurozone economies, the report's estimates for Germany and France were 1.4% and 2.4%, respectively, while they were 3.2% and 3.4%.
US GDP estimate was 2.4% for 2022, down from 3%. while it was 4.8% for China, down from 5.7%.
The estimate for Turkiye was 2.5% for 2022, down from 3.6%.
"Our estimates incorporate the two main new features of the world economic situation: the war in Ukraine and tightening macroeconomic policy in developed economies," it said. "Before the outbreak of the war in Ukraine, global growth was already projected to slow in 2022 with the recovery from the pandemic shifting to more normal rates, pandemic restrictions abating and supply pressures continuing."/aa
Kuwaiti Commerce Minister Fahad Al-Shariaan said his country intends to ban the export of frozen chicken to maintain price stability.
"With regard to frozen chicken, there will be a decision soon to be issued, God willing, (preventing export), whether local or imported, to prevent its re-export", Al-Shariaan told Reuters.
He said that the aim of the decision is to "maintain price stability and rein in high prices."
"He stressed that the materials and goods used by the Kuwait Supply Company and the Kuwait Flour Mills & Bakeries Company "are all secured".
He said that his country did not import these materials from Ukraine or Russia./ Reuters
US President Joe Biden said Wednesday he believes Russia's potential use of chemical weapons in Ukraine is a "real threat."
"I think it’s a real threat," said Biden ahead of his departure for Europe when asked how high is the threat of chemical warfare right now.
Biden is scheduled to attend a NATO summit, EU leaders' gathering and G7 summit this week.
During his talks in Europe, Biden is expected to announce new US and allied sanctions on Russia in response to its ongoing war against Ukraine.
US National Security Advisor Jake Sullivan told reporters at the White House that Biden will announce the new economic penalties as part of a coordinated action with US partners and will further tighten existing sanctions to crack down on "evasion, and to ensure robust enforcement."
The Russia-Ukraine war, which began on Feb. 24, has met international outrage with the EU, US, and UK, among others, implementing tough financial sanctions on Moscow.
At least 953 civilians have been killed in Ukraine and 1,557 injured, according to UN estimates. It has warned, however, that the exact toll is likely much higher as it has not been able to gain access to areas of increased hostilities.
More than 3.6 million Ukrainians have fled to neighboring countries, according to the UN refugee agency./aa
Major indices in the US stock market closed with losses Wednesday amid a surge in oil prices due to disruption in the Caspian pipeline.
The Dow Jones industrial average dove 448 points, or 1.29%, to 34,358 at the close. The S&P 500 lost 56.75 points, or 1.26%, to end at 4,454.
The Nasdaq was off 186.2 points, or 1.32%, to finish the day at 13,922.
The VIX volatility index, known as the fear index, jumped 2.57% to 23.53. The dollar index was up 0.12% to 98.640.
Precious metals were on the rise, with gold adding 1.30% to $1,946 per ounce and silver increasing 1.68% to $25.32.
Crude prices rose significantly on reports that Russian and Kazakhstan oil exports via the Caspian Pipeline Consortium (CPC) from the Black Sea will be halted for one and a half months.
Global benchmark Brent crude was trading at $121.44 per barrel, soaring 5.16%, while US benchmark West Texas Intermediate (WTI) was at $114.53 -- a 4.81% surge
The CPC outage came after Russia warned Tuesday that storm-damaged berths might reduce oil flow by up to 1 million barrels per day, or 1% of global oil production.
The one-month disruption also came after the US said it is working on new sanctions against Russia, which may include EU bans on Russian oil./aa
Around half of Sudan’s population will face acute hunger this year amid an economic crisis and poor harvests, the UN Food and Agriculture Organization (FAO) and the World Food Program (WFP) warned on Wednesday.
“There are already worrying signs that access, affordability, and the availability of food is shrinking for most people in Sudan, which is pushing more people deeper into poverty and hunger,” Eddie Rowe, WFP Representative and Country Director in Sudan, said in a statement.
The two agencies blamed the country’s economic crisis, poor harvests and rising food prices for worsening the food crisis in Sudan.
"The combined effects of conflict, economic crisis, and poor harvests are significantly affecting people’s access to food and will likely double the number of people facing acute hunger in Sudan to more than 18 million people by September 2022,” they said.
FAO and the WFP said that the Ukrainian conflict has even made the food situation in Sudan even worse.
"The situation looks grim for millions as the conflict in Ukraine is causing further spikes in food costs, as Sudan is dependent on wheat imports from the Black Sea region,” the statement said.
According to FAO, Russia and Ukraine are major global food producers and exporters.
Russia is the world’s largest exporter of wheat, and Ukraine is the fifth-largest. Together, they provide 19% of the world’s barley supply, 14% of wheat, and 4% of maize, making up more than one-third of global cereal exports.
Sudan has been in turmoil since Oct. 25, 2021, when the military dismissed Prime Minister Abdalla Hamdok's transitional government and declared a state of emergency, in a move decried by political groups as a “military coup.”/aa
EU Commission chief Ursula von der Leyen said on Wednesday that “if freedom has a name, its name is Ukraine,” hailing the bravery of Ukrainian people resisting Russia's war on the country.
Speaking to the plenary session of the European Parliament in Brussels, von der Leyen also said "the Ukrainian flag is the flag of freedom.”
She has repeatedly urged Russian President Vladimir Putin to end the war on Ukraine.
Von der Leyen also called on Putin not to block the ships in Russian ports at the Black Sea that are meant to transport wheat to other countries.
She explained that Ukrainian farmers are not able to sow seeds because of the Russian attacks that not only endangers Ukraine's food provision but also the UN’s World Food Program as the program receives over half of its wheat supply from Ukraine.
“The consequences will be felt from Lebanon, Egypt, and Tunisia to Africa and the Far East. I call on Putin to let those ships go. Otherwise, he will not only be responsible for deaths but also for famine and hunger,” she stressed.
Meanwhile, Von der Leyen welcomed the EU decision on doubling the bloc’s military aid to Ukraine that hit a total of €1 billion ($1.1 billion) following the political agreement reached by EU foreign ministers on Monday.
She pointed out that since the beginning of the conflict, some 3.5 million refugees fled to the EU, and that half of them are children.
“Every second, a child from Ukraine arrives in our Union,” she asserted, applauding the efforts of EU member states and Moldova in hosting refugees.
The EU has allocated €500 million ($551 million) in humanitarian aid to Ukrainians and adopted four packages of sanctions since the beginning of the war on Feb. 24.
The measures target 785 individuals and 14 entities in total in Russia, including Putin, Foreign Minister Sergey Lavrov, oligarchs, and military officers.
The sanctions have also banned the export of luxury goods to Russia, excluded Russian and Belarusian banks from the SWIFT international banking system, and prohibited the broadcasting of Sputnik and RT media outlets.
At least 977 civilians have been killed so far in Ukraine, and 1,594 injured, according to UN estimates. It has warned, however, that the exact toll is likely much higher as it has not been able to gain access to areas of increased hostilities.
Over 3.6 million Ukrainians have also fled to the neighboring countries, according to the UN refugee agency./aa
At least 977 civilians have been killed and 1,594 injured in Ukraine since Russia began its attack on its western neighbor last month, according to UN estimates.
More than 3.62 million people have fled to neighboring countries, UN High Commissioner for Refugees (UNHCR) said in a statement.
Refugees have crossed the border for mostly three neighboring countries, according to data by the UN refugee agency.
More than 2.14 million have gone to Poland, 555,021 to Romania and 371,104 to Moldova, said the UNHCR.
An additional 113,000 moved to Russia from the Donetsk and Luhansk regions between Feb. 21 - 23, it added.
Almost 6.48 million are displaced in Ukraine as a result of the war, according to a study by the International Organization for Migration (IOM) conducted between March 9 - 16.
These people are among the nearly 10 million that have been forcibly displaced in Ukraine and beyond the country’s borders in neighboring countries, said the IOM.
The Russia-Ukraine war, which began on Feb. 24, has met international outrage with the EU, US, and UK, among others, implementing tough financial sanctions on Moscow./aa
The Russian Embassy in Athens expressed concern Wednesday for the suspension of bank accounts of Russian nationals in Greece.
The embassy said on Facebook that it has received “messages from Russian citizens in Greece about the suspension of their accounts in Greek banks without any warning or written notice.”
Greece was included in EU countries that proceeded with sanctions against Russia following Moscow’s military operations in Ukraine.
Authorities have proceeded with the confiscation of assets including real estate as well as bank accounts concerning a small number of Russian citizens.
The embassy complained that “in some cases families of civil citizens are deprived of their only source of income” and urged Greek authorities to “intervene in order to ensure the legal rights of Russians.”
A complaint on the embassy’s page said: “I just came out from Pireaus bank and my account has been blocked. It doesn’t accept any transaction and the teller couldn’t give me a clear answer.”
A bank executive in one of Greece’s main banks who spoke to Anadolu Agency on condition of anonymity said she was not aware of such actions, however, she mentioned there were rumors that the bank would go ahead with sanctions./aa
Julian Assange married his fiancee Stella Moris in a London prison on Wednesday.
Assange, 50, remains in Belmarsh prison as he continues to fight extradition to the US.
He has two children with Moris, a 38-year-old lawyer.
Moris’ wedding dress was designed by Vivienne Westwood and her veil was embroidered with messages such as “valiant, wild, relentless.
Moris described it as “a symbol of our love and defiance in the face of this cruel situation.”
Westwood also designed a kilt for Assange, in a nod to the Australian’s Scottish roots.
The wedding was attended by four guests, two witnesses, and two security guards. The couple will pay for the cost of the prison ceremony.
The photos were taken by prison staff and guests had to leave once the ceremony ended.
A spokesperson for the prison service said: “All weddings in prisons must meet the requirements outlined in the Prison Service policy.”
US authorities last December won their High Court challenge of a previous ruling that Assange should not be extradited due to a real and “oppressive” risk of suicide.
Last March, the UK Supreme Court denied his appeal against the High Court decision. The decision whether or not to extradite Assange now rests with British Home Secretary Priti Patel.
If he is extradited to the US, Assange will face 18 counts of hacking US government computers and violating the espionage law, and a potential years-long prison sentence.
Last year he was dragged out of Ecuador’s embassy building in London, where he had taken refuge for more than seven years.
The British police said he was arrested for skipping his bail in 2012 and on behalf of the US due to an extradition warrant./aa