LIVE: Ukraine Prez, Biden hold talks; US announces $500 mn more in aid

Volodymyr Zelensky discussed specific defensive support with US President in an hour-long call on Wednesday

7:23 PM

Russia says requiring payment for gas in roubles is not breach of contract

Requiring payment for energy exports in roubles rather than dollars or euros is not a breach of contract, but Russia adapting to unprecedented pressure, the TASS news agency cited Deputy Foreign Minister Sergei Ryabkov as saying on Wednesday.

 

Ryabkov said he expected Russia and the European Union to reach agreement on their differences in the next few days, TASS reported.

 

Moscow's insistence on being paid in roubles for Russian gas that has met a third of Europe's annual energy needs has galvanised European states into action.

7:01 PM

China says no limit for cooperation with Russia as Lavrov arrives for talks amid Ukraine war

Hosting Russian Foreign Minister Sergey Lavrov, the first high level Russian official to visit Beijing after the Ukraine war, China on Wednesday said “cooperation” between the two allies has no “ceiling” to resist “hegemony”.

 

Lavrov arrived in Tunxi, east China's Anhui Province, for the third meeting of foreign ministers on Afghanistan, Russia's official news agency Tass reported on Wednesday.

 

"There is no ceiling for China-Russia cooperation, no ceiling for us to strive for peace, no ceiling for us to safeguard security and no ceiling for us to oppose hegemony,” Chinese Foreign Ministry spokesman Wang Wenbin told a media briefing here when asked to describe the limits of China-Russia relations.

6:48 PM

Glencore halts new Russian deals

Glencore Plc, the world’s biggest commodity trader, said it won’t seek new deals in Russia but will continue its long-standing business ties in the country.

 

The company at the start of March announced it was reviewing its shareholdings in two large Russian firms -- En+ Group International PJSC and Rosneft PJSC -- as well as its wider trading operations in the country.

 

“Glencore will not enter into any new trading business in respect of Russian origin commodities unless directed by the relevant government authorities,” it said in an emailed statement on Wednesday. It will continue to honor legal obligations under pre-existing contracts, subject to meeting any sanctions and where it’s “feasible and safe” to do so, it said.

6:22 PM

Europe must shut ports to Russian ships, Ukraine president tells Norwegian parliament

Norway and the rest of Europe should close their sea ports to Russian ships, Ukrainian President Volodymyr Zelenskiy told the Norwegian parliament on Wednesday.

 

"The European Union, and I do hope so Norway, need to introduce the ban on Russian vessels to use European ports for the time being while they are blocking our ports," Zelenskiy said via video link from Ukraine.

 

He added that Ukraine and Norway, Europe's second-largest gas supplier after Russia, had started talks over the supply of 5 billion cubic metres gas for next winter.

 

"You can make a decisive contribution to the energy security of Europe by providing the necessary resources both to the countries of the European Union and to Ukraine," he said.

5:02 PM

China, Russia 'more determined' to boost ties: Chinese foreign min

China and Russia are "more determined" to develop bilateral ties and boost cooperation, Chinese Foreign Minister Wang Yi said on Wednesday following a meeting in China with his Russian counterpart Sergei Lavrov.

 

Wang said bilateral ties had withstood new tests amid the changing international situation but had maintained the "correct" direction of development, and reaffirmed China's support for continued peace talks between Russia and Ukraine.

4:26 PM

Kremlin says no breakthrough in Ukraine talks

The Kremlin says there was no breakthrough in the latest round of talks with Ukraine.

 

Kremlin spokesman Dmitry Peskov said Wednesday it was a “positive factor” that Ukraine submitted its written proposals, but added that “we can't say there has been something promising or any breakthroughs”.

 

He emphasised in a call with reporters that there is still a lot of work ahead following Tuesday's talks in Istanbul.
 

On Tuesday, Ukraine set out a detailed framework for a peace deal under which the country would remain neutral but its security would be guaranteed by a group of third countries, including the US, Britain, France, Turkey, China and Poland.

3:19 PM

Russian foreign minister Lavrov to visit India from Mar 31-Apr 1: MEA

Russian Foreign Minister Sergey Lavrov will pay an official visit to India from March 31 to April 1, the Ministry of External Affairs (MEA) announced on Wednesday.

 

It would be the highest-level visit from Russia to India after Moscow launched its military offensive against Ukraine on February 24.

 

Lavrov is expected to travel to India after completing a two-day visit to China.

 

"Foreign Minister of the Russian Federation, Sergey Lavrov will pay an official visit to New Delhi on 31 March-1 April 2022," the MEA said in a one-line statement.

 

2:43 PM

DA for central govt employees, DR for pensioners increased by 3%

The Union Cabinet hikes Dearness Allowance for central government employees and Dearness Relief for pensioners by 3 per cent o 34 per cent with effect from 1 January 2022.

2:39 PM

India considering Russia's proposal of SWIFT alternative to ruble payment

The central government is considering a proposal from Russia to use a system developed by the Russian central bank for bilateral payments, reported Bloomberg quoting people familiar with the matter. The development comes as India is seeking to buy oil and weapons from the sanctions-hit country. Read more

2:23 PM

UN says more than 4 million have fled Ukraine after Russia's invasion

The United Nations says that more than 4 million people have fled war-hit Ukraine since Russia launched its military operation in the nation.

1:59 PM

Moscow lied: Chernihiv mayor says city bombarded by Russian troops

Russia bombards Ukraine's Chernihiv, one of the two cities where Moscow pledged to scale down the attack, the mayor said, reports The Guardian. 

'Russia lied,' said Chernihiv mayor Vladyslav Atroshenko, who added that Russian troops continued their attack on the country. 

1:43 PM

India Ratings revises nation's FY23 GDP forecast down to 7-7.2%

Owing to the ongoing Russia-Ukraine conflict, India Ratings revised India's FY23 GDP forecast down to 7-7.2 per cent. The rating agency said that its 'FY23 Economic Outlook' released in January 2022 is unlikely to hold in view of the global geo-political situation due to the Ukraine war. Read more

1:15 PM

India to lead security pillar of BIMSTEC, says External Affairs Ministry

The Ministry of External Affairs said that the BIMSTEC member nations have approved the complete reorganisation of the grouping's cooperation activities.

BIMSTEC cooperation activities will now take place in seven pillars, the MEA said, adding that India will lead the security pillar of the grouping.

12:58 PM

PM Modi says India to provide $1 mn to BIMSTEC to increase its operational budget

PM Narendra Modi announced that India will provide $1 million to the 'Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation' (BIMSTEC) secretariat to increase its operational budget.
In his address to the fifth BIMSTEC Summit, PM Modi said, "India will provide the (BIMSTEC) secretariat 1 million US dollars to increase its operational budget. It is important to strengthen the capacity of (the BIMSTEC) secretariat." Read more

 

12:30 PM

West sanctions leading to economic crisis of historic proportions: Russia

Russia's Permanent Representative to the UN said that sanctions imposed by the West on Moscow are leading to an economic crisis of historic proportions. 

"Today we heard and will hear another thesis about the inevitable coming food crisis in the world. In the submission of Western delegations, it is caused solely by Russia's actions in Ukraine. By posing the question in this way, our Western colleagues are being disingenuous," Vasily Nebenzya said.