“Collaboration to save the world…”

Leaders of the Group of 20 (G20) major economies have issued a declaration deploring “in the strongest terms” Russia’s aggression against Ukraine. 

G20 considers resolution condemning Russian invasion

Leaders of the Group of 20 (G20) nations were considering a draft resolution on Tuesday in which most members strongly condemn the war in Ukraine and stress it is exacerbating fragilities in the global economy, diplomats said.

“There were other views and different assessments of the situation and sanctions,” said the 16-page draft declaration. It has not been adopted by the leaders and is likely to be opposed by Russia.

The war and worries over global inflation, food and energy security have overshadowed the meeting.

“We have no other option, collaboration is needed to save the world,” he said. “G20 must be the catalyst for inclusive economic recovery. We should not divide the world into parts. We must not allow the world to fall into another cold war.”

The G20, which includes countries ranging from the United States, Russia and Brazil to India, Saudi Arabia and Germany, accounts for more than 80% of the world’s gross domestic product, 75% of international trade and 60% of its population.

Russia’s invasion of Ukraine triggered calls by some Western leaders for a boycott of the summit and for the withdrawal of Russian President Vladimir Putin’s invitation, but Indonesia resisted and refused to do so.

Oil flows on Druzhba pipeline suspended in parts of Eastern Europe

Oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline has been temporary suspended, according to oil pipeline operators in Hungary and Slovakia.

The extent of the disruption was not immediately clear and came concurrent with an explosion in a village in eastern Poland near the Ukrainian border that raised alarm among NATO countries

Hungary’s MOL MOLB.BU said its Ukrainian partner told the company that a Russian rocket hit a power station close to the Belarus border that provides electricity for a pump station, and this led to the stoppage. Slovakia’s Transpetrol confirmed the suspension as well, citing “technical reasons on the Ukrainian side” but did not specify a rocket strike.

The Druzhba pipeline network originates in Russia and splits in Belarus into Ukraine, where it splits again, supplying several countries in Eastern and Central Europe that depend on that oil, including refineries in landlocked Hungary, Slovakia and the Czech Republic.

“The reason for the suspension of supplies has not yet been officially confirmed by the Ukrainian side,” said Transpetrol in a statement, adding that it expects to have more information about the cause of the shutdown by Wednesday.

Oil prices jumped on the news, with the Brent LCOc1 benchmark rising 0.8% on the day.

Dutch court confirms that MH17 was shot down by Russian-made missile

Malaysia Airlines flight MH17 was shot down in 2014 by a Russian-made missile fired from a field in eastern Ukraine, the Dutch court handling the trial of four suspects in the downing of the plane said on Thursday.

“The court is of the opinion that MH17 was brought down by the firing of a BUK missile from a farm field near Pervomaisk, killing al 283 passengers and 15 crew members,” presiding judge Hendrik Steenhuis said.

ECB to begin great cash mop-up as banks repay billions in loans

The European Central Bank is set to begin on Friday the biggest withdrawal of cash from the euro zone’s banking system in its history, as it gives banks a first chance to repay hundreds of billions of euros in ECB loans.

The move is part of ECB efforts to fight record-high inflation in the euro zone by raising the cost of credit and it is its first step towards mopping up even more liquidity next year by trimming its multi-trillion-euro bond portfolio.

The euro zone’s central bank will announce at 1105 GMT how much banks plan to repay of the 2.1-trillion-euros ($2.17 trillion), multi-year credit they have taken under its Targeted Longer-Term Refinancing Operations (TLTRO).

While this early TLTRO reimbursement is voluntary, the ECB has given banks an incentive to get rid of those loans by taking away a rate subsidy last month.

Analysts expect banks to repay around half a trillion euros worth of TLTRO loans at this week’s window – the first of several – which would make this the biggest drop in excess liquidity since records began in 2000.

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