Business

Russian President Vladimir Putin announced Russia will require "unfriendly countries" to pay for natural gas exports exclusively in rubles, responding to Western asset freezes and challenging international payment norms.

British inflation surged to 6.2% in February, the highest since 1992, driven by soaring energy bills and fuel prices. The Office for National Statistics reports significant increases across household expenses, particularly impacting food prices and putting pressure on Finance Minister Rishi Sunak to provide economic relief.

As the conflict between Russia and Ukraine disrupts global wheat supplies, farmers are cautiously considering expanding wheat production. The two countries, known as the "breadbasket of the world," account for a third of global wheat and barley exports, creating significant challenges for food-dependent regions.

UN Secretary-General Antonio Guterres cautions that countries' rush to replace Russian fossil fuels could undermine climate goals, calling current energy strategies "madness" and warning of potential "mutually assured destruction" through continued fossil fuel dependency.

European Union foreign ministers accused Russian forces of committing war crimes in Ukraine, particularly in Mariupol. Despite strong condemnation from Germany's foreign minister, new sanctions appear unlikely, though calls for accountability continue.

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Ukrainian President Volodymyr Zelenskyy delivered an emotional speech to Israeli lawmakers, urging them to take a stronger stance against Russia's invasion. He questioned Israel's hesitation to provide weapons and impose sanctions, drawing parallels to historical Holocaust experiences and calling on Israel to support Ukraine like its Western allies.

Boris Johnson argues that a Russian win in Ukraine would usher in an "age of intimidation," emphasizing the global significance of the conflict and the importance of supporting Ukrainian resistance against Putin's invasion.

High energy costs are triggering widespread unrest across Europe, with Spain mobilizing over 23,000 police officers to manage protests. Farmers in France and Greece are blocking highways, while truckers strike over fuel prices. Russia's war in Ukraine has exacerbated the energy crisis, driving record inflation and making operational costs unsustainable for transportation and agricultural sectors.

Truckers and farmers across Europe are protesting high energy costs, with Spain deploying thousands of police to manage strikes and blockades. Russia's war in Ukraine has dramatically increased oil and gas prices, driving inflation and economic strain across the continent.