Category: Russia-Ukraine conflict

RUSSIAN Prime Minister Mikhail Mishustin has signed a decree banning exports of medical products originating from the list of unfriendly nations in a bid to avoid shortages.

Russia has introduced a temporary ban on exports of foreign-made medical products.

“A decree to this effect was signed by the head of government,” a government statement read.

The ban affects medical supplies stored in warehouses in Russia or going through customs checks.

Among countries considered unfriendly by Moscow are Australia, the United Kingdom, the European Union, Iceland, Canada, New Zealand and Norway.

Others include South Korea, Singapore, the United States, Switzerland and Japan.

UNITED States President Joe Biden has announced that his country is “targeting the main artery of Russia’s economy” by banning imports of Russian oil, the latest sanction intended to punish Moscow for its invasion of Ukraine.

“We will not be part of subsidising Putin’s war,” he said in the Roosevelt Room at the White House.

Britain has also joined the United States in announcing a ban on imports of Russian oil.

Biden’s announcement came amid rising pressure from Democrats and Republicans, and it reflects a willingness to accept the political risk of rising gas prices to economically retaliate against Russia.

“Defending freedom is going to cost. It’s going to cost us as well in the United States,” Biden said.

Although Biden has tried to work in concert with European allies, he acknowledged that many are not announcing a similar ban because they’re more reliant on Moscow for oil and gas.

“So, we can take this step when others cannot,” he said. “But we’re working closely with Europe and our partners to develop a long term strategy to reduce their dependence on Russian energy as well.”

Britain Business Secretary Kwasi Kwarteng said oil and oil products from Russia will be phased out by the end of the year.

He said the transition period “will give the market, businesses and supply chains more than enough time to replace Russian imports,” which account for eight per cent of UK demand.

NIGERIAN students wishing to remain in Romania have been offered accommodation, it was gathered yesterday.

According to a statement by Nigeria Embassy in Bucharest, Romania, hostel accommodations have been made available for those interested to stay back in Romania.

The embassy, in a statement, said the hostel accommodations are available at Cluj-Napoca and Bucharest.

The statement reads: “The Embassy of the Federal Republic of Nigeria in Bucharest, Romania wishes to announce that Nigerian students from Ukraine wishing to remain in Romania for a while can contact the embassy for hostel accommodation at either the University of Bucharest or Babes-Bolyai University.

“The hostel accommodations are available at Cluj-Napoca and Bucharest.

“Interested students are advised to contact +40 749 335 927 or +40 786 091 964.”

The House of Representatives also yesterday called on the Minister of Foreign Affairs and other relevant agencies to immediately take diplomatic action with Ukrainian authorities to extend humanitarian needs and exit opportunities to Nigerians, including students, trapped in the war torn area of Sumy.

It also urged the Ministry of Foreign Affairs to interface with, compile and furnish the Embassy of the Russian Federation in Nigeria, as well as the Russian Foreign Ministry with full data of all Nigerians in Ukraine.

EVACUATION of stranded Nigerian students in Sumy, Ukraine has resumed, the Minister of Foreign Affairs, Geoffrey Onyeama, announced yesterday.

The news came as Russia announced the opening of humanitarian corridors to allow the evacuation of civilians from several Ukrainian cities experiencing heavy fighting, including the capital Kyiv and Sumy.

No fewer than 500 Nigerians were stranded in Sumy.

Onyeama, in a tweet, stated: “Delighted and mightily relieved that the evacuation of our Nigerian students from Sumy has commenced. They are in our thoughts and prayers as they undertake the very long and hazardous trip to safety. In God we trust!”

The minister had announced on Monday that evacuation of Nigerian students stranded in Sumy would begin yesterday.

The House also yesterday urged the Russian Government to ensure it immediately provides a safe corridor for the evacuation of all Nigerians and other nationals, particularly those trapped in Sumy in line with the Geneva Convention and other international protocols.

The resolution followed a motion of urgent importance moved by the Chairman of the House Committee on Diaspora, Tolulope Akande-Sadipe.

The House noted with concern the recent invasion of Ukraine by Russian forces and its attendant effects and implications for Nigerians living in the area.

It noted that considering the current war situation in Ukraine, particularly in Sumy and other parts of the war zone, it is necessary the Federal Ministry of Foreign Affairs and relevant agencies intensify efforts on diplomatic action to ensure that humanitarian needs are extended to Nigerians, especially students, who are stranded in Sumy to enable them exit the country.

The House stated that there is limited availability of transportation in the affected areas to evacuate those trapped in Sumy.

It said it was aware that while Nigerian citizens have been fleeing Ukraine for their safety, Nigerian students, particularly those who are studying medicine in the Sumy State University, are however caged.

The House said the students do not have the opportunities of exiting Sumy, as it is located close to the Russian border and the bridges and train tracks have been blown by Russian forces.

The House was concerned that this situation had put the affected Nigerian citizens in grave harm and also exposed them to freezing temperatures, harsh and life-threatening conditions, including death.

The House said it was aware of over 300 Nigerian students in Sumy, Ukraine that could not be evacuated despite a tripartite agreement among the Russian Federation, the United Nations and the Government of Ukraine.

“The House is worried that that the most recent harrowing experience involved where a bus carrying some students was escorted back to Sumy, when they had already travelled 50 kilometres close to a neighbouring city and now the hostels are being guarded by Ukraine soldiers, who are preventing them from leaving Ukraine.

The International Monetary Fund (IMF) has said sanctions on Russia will have a substantial impact on the global economy and financial markets, with significant spillovers to other countries.

In IMF Article IV Consultation on Ukraine released yesterday, IMF  Managing Director Kristalina Georgieva, disclosed that in many countries, the crisis is creating an adverse shock to both inflation and activity, amid already elevated price pressures.

The sanctions announced against the Central Bank of the Russian Federation will severely restrict its access to international reserves to support its currency and financial system.

International sanctions on Russia’s banking system and the exclusion of a number of banks from SWIFT have significantly disrupted Russia’s ability to receive payments for exports, pay for imports and engage in cross-border financial transactions.

Georgieva said that while it is too early to foresee the full impact of these sanctions, we have already seen a sharp mark-down in asset prices as well as the ruble exchange rate.

She said that while the situation remains highly fluid and the outlook is subject to extraordinary uncertainty, the economic consequences are already very serious, adding that energy and commodity prices – including wheat and other grains – have surged.

She said monetary authorities will need to carefully monitor the pass-through of rising international prices to domestic inflation, to calibrate appropriate responses.

“Fiscal policy will need to support the most vulnerable households, to help offset rising living costs. This crisis will create complex policy tradeoffs, further complicating the policy landscape as the world economy recovers from the pandemic crisis,” Georgieva said.

She added that in Ukraine, in addition to the human toll, the economic damage is already substantial.

“Sea ports and airports are closed and have been damaged, and many roads and bridges have been damaged or destroyed. While it is very difficult to assess financing needs precisely at this stage, it is already clear that Ukraine will face significant recovery and reconstruction costs.

“Ukraine has already requested emergency financing of $1.4 billion under the IMF’s Rapid Financing Instrument. Staff anticipates bringing this request to the Executive Board for consideration as early as next week,” she said.

She said countries that have very close economic links with Ukraine and Russia are at particular risk of scarcity and supply disruptions and are most affected by the increasing inflows of refugees.

“The Fund will advise our member countries on how to calibrate their macroeconomic policies to manage the range of spillovers, including via trade disruptions, food and other commodity prices, and financial markets.”