Summary
The International Energy Agency of 30 member states convened a special meeting in Tokyo, where measures to reduce the impact of the war on oil will be discussed. The US and its allies may suggest measures to control prices and dwindling supplies by releasing some from oil reserves.
The Russian army in Ukraine wreaked havoc for the sixth consecutive day, while the western countries intensified the war started against Russia on the financial front. Man Group and British company Aberdeen said on Tuesday they would reduce their investments in Russia. Visa and Mastercard blocked several Russian financial institutions from their networks.
About 200 million pounds have been invested by Aberdeen in Russia. Its chief executive, Stephen Bird, spoke of not investing in Russia and Belarus in the near future. The London Stock Exchange on Tuesday decided to delist two global depository receipts representing shares of Russian VTB Bank.
Collateral damage… : Shares of European banks fell sharply
- The retaliatory effect of sanctions on Russia was seen on European banks, their shares fell by 10 to 20%.
- Shares of Rifsen Bank in Austria fell 14 percent on Monday and 5% on Tuesday. Italy’s Unicredit also declined 10%.
- In various stock exchanges, the banking sector fell by more than seven percent in two days.
Challenges: Stock trading closed for two daysStock trading remained closed in Russia on Tuesday. The stock market was also closed on Monday. The Institute of International Finance has indicated a decline of more than 10% in Russia’s economy.
Ruble recovers: 3.3 percent stronger
The Russian currency ruble rose 3.3 percent on Tuesday after falling from 82 to 120 against the dollar. It was priced at 91.49 in Moscow and 103 on electronic trading platform EBS.
Taiwan will also impose SWIFT restrictionsTaiwan, stricken by Chinese pressure, also announced a ban on Russia from the SWIFT system. Prime Minister Su Seng Chang said in his parliament Yuan that there would be no transactions from the country’s banks to Russian banks. It is noteworthy that China has so far opposed sanctions by openly advocating Russian interests in the Russo-Ukraine war.
Oil supply can be increased from reserve
The International Energy Agency of 30 member states convened a special meeting in Tokyo, where measures to reduce the impact of the war on oil will be discussed. The US and its allies may suggest measures to control prices and dwindling supplies by releasing some from oil reserves. America, Japan, Germany, Britain, Australia etc. 30 countries have half the oil reserves in the world. It has a reserve equivalent to 90 days of imports.
4.70 lakh foreigners stranded in UkraineAt present, 4.70 lakh foreign nationals are trapped in war-torn Ukraine. Among them are students and other working class people including migrant workers in large numbers. The United Nations Migration Agency (IOM) gave this information on Tuesday. He appealed to all the neighboring countries of Ukraine to enter and give asylum to these people.
African Union said – discrimination against Africans
The Union of African States alleged that Ukrainian soldiers and police were preventing them from crossing the border, discriminatory against the citizens of their countries.
Expansion
The Russian army in Ukraine wreaked havoc for the sixth consecutive day, while the western countries intensified the war started against Russia on the financial front. Man Group and British company Aberdeen said on Tuesday they would reduce their investments in Russia. Visa and Mastercard blocked several Russian financial institutions from their networks.
About 200 million pounds have been invested by Aberdeen in Russia. Its chief executive, Stephen Bird, spoke of not investing in Russia and Belarus in the near future. The London Stock Exchange on Tuesday decided to delist two global depository receipts representing shares of Russian VTB Bank.
Collateral damage… : Shares of European banks fell sharply
- The retaliatory effect of sanctions on Russia was seen on European banks, their shares fell by 10 to 20%.
- Shares of Rifsen Bank in Austria fell 14 percent on Monday and 5% on Tuesday. Italy’s Unicredit also declined 10%.
- In various stock exchanges, the banking sector fell by more than seven percent in two days.