LIVE: Ukraine no longer insisting on NATO membership, says report

Russia Ukraine live news: Zelensky accused the International Red Cross of forbidding the use of its emblem on our cars, but did not give details.

11:38 PM

Ukraine 'will not give up', says President Zelenskyy

Ukrainian President Volodymyr Zelenskyy evoked British wartime leader Winston Churchill as he told the U.K. Parliament that his country would fight Russia's invasion to the end in Ukraine's cities, fields and riverbanks.

Zelenskyy told British lawmakers we will not give up and we will not lose, in a speech that evoked Churchill's stirring never surrender speech during the darkest days of World War II.

11:12 PM

PM Modi speaks to Dutch counterpart over Ukraine crisis

Prime Minister Narendra Modi spoke to his Netherlands counterpart Mark Rutte on Tuesday as the two leaders discussed the ongoing situation in war-hit Ukraine and shared their concerns over the continuing humanitarian situation there.

The PMO in a statement said Modi, in the telephonic conversation, reiterated India's consistent appeal for cessation of hostilities and a return to the path of dialogue and diplomacy. He welcomed the ongoing talks between Russia and Ukraine, and hoped for an early resolution to the crisis.

10:55 PM

Ukraine war has states paying highest for debt at 7.29%

The Ukraine war and resultant spike in prices of commodities have increased risk aversion of investors, leading to a steep 19 bps increase in the cost of funds for the states, which shot up to the highest so far this fiscal to 7.29 per cent, according to a report.

The weighted average cut-off of the aggregate state development loans hardened by 19 bps to the current fiscal high of 7.29 per cent at Tuesday's auctions from 7.10 per cent last week. This also saw the weighted average tenor of state issuances increasing to 16 years from 13 years, Aditi Nayar, chief economist at Icra Ratings, said.

10:48 PM

Ukraine gets $700K donation from Grand Slams, WTA, ATP, ITF

A charitable donation of $700,000 to aid humanitarian relief efforts via Global Giving's Ukraine Crisis Relief Fund and to support the Ukraine Tennis Federation was made Tuesday by the four Grand Slam tournaments and the sport's governing bodies.

The WTA, ATP and the International Tennis Federation joined the groups that run the Australian Open, French Open, Wimbledon and U.S. Open in each giving $100,000 to help those affected by Russia's invasion of Ukraine.

10:40 PM

Ukraine says no longer insisting on NATO membership: Report

9:55 PM

Russia says Ukraine battalions holding more than 4.5 mn civilians as human shields

Ukrainian territorial defence battalions are holding more than 4.5 million civilians in Ukraine as human shields, said head of the National Defence Control Centre of Russia, Mikhail Mizintsev.

"The militants of the territorial defence battalions continue to hold more than 4.5 million civilians hostage as a human shield," the Russian Defense Ministry said, RT said.

It is noted that about 2,000 foreign citizens, who expressed a desire to evacuate to safe places, are also being held.

9:40 PM

Russia underestimated Ukraine's resistance, US official says

President Joe Biden's top intelligence official said Tuesday the U.S. believes Russia underestimated the strength of Ukraine's resistance before launching an invasion that has likely caused thousands of Russian casualties.

Director of National Intelligence Avril Haines told a congressional panel that U.S. officials believe Russian President Vladimir Putin feels aggrieved by Russia's failure to subdue Ukraine and that he perceives that he cannot afford to lose the war. But what Putin might consider a victory could change given the escalating costs of the conflict to Russia, Haines said.

9:09 PM

China asks US to disclose info on Pentagon's alleged biological labs in Ukraine

China's Foreign Ministry has called on the US to disclose information on Pentagons alleged biological laboratories in Ukraine "as soon as possible".

On Monday, the Russian military said Ukrainian authorities had been destroying pathogens studied at its laboratories. Moscow claimed that 30 US-financed Ukrainian biolabs have been actively cooperating with the American military, RT reported.

8:33 PM

Two more Assam students evacuated from Ukraine

Two more Assam students, stranded in war-torn Ukraine, have arrived in New Delhi, Chief Minister Himanta Biswa Sarma said on Tuesday.

One student arrived at the Delhi airport while another at Hindon airbase in Ghaziabad, the chief minister said.

7:54 PM

Fearing backlash, NATO not to send fighter jets to Ukraine

Fearing major backlash, the US-led North Atlantic Treaty Organisation's (NATO) members have refused to send fighter jets to Ukraine to fight against Russia despite the US having given a "green signal".

NATO was created in 1949 by the US, Canada, and several Western European nations to provide collective security against the then Soviet Union. There are currently 30 member states.

7:27 PM

Biden to ban Russian oil imports over Ukraine war: Report

President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia's economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter, the AP reported.

The move follows pleas by Ukrainian President Volodmyr Zelenskyy to US and Western officials to cut off the imports, which had been a glaring omission the massive sanctions put in place on Russia over the invasion.

7:13 PM

Have been able to move out all Indian students from Ukraine's Sumy: MEA

All Indian students stranded in the war-torn Ukrainian city of Sumy have been moved out and flights under Operation Ganga are being prepared to bring them back home, the Ministry of External Affairs (MEA) said on Tuesday.

In a tweet, MEA spokesperson Arindam Bagchi said, "Happy to inform that we have been able to move out all Indian students from Sumy. They are currently en route to Poltava, from where they will board trains to western Ukraine."

6:55 PM

Euro off 22-month lows as Ukraine crisis grips

The euro edged up from 22-month lows on Tuesday as war in Ukraine darkens Europe's economic outlook, while currencies sensitive to soaring commodity prices were volatile.

Russia's invasion of Ukraine has led to increased demand for assets seen as safer across markets, with the dollar - the world's reserve currency - up around 3% over nearly two weeks as the crisis has intensified.

6:11 PM

Ukraine says 400 civilian deaths recorded

Ukrainian Defence Minister Oleksiy Reznikov has released new estimates of casualties and damage from the Russian war, saying Russian military actions have killed 38 children and wounded more than 70.

Overall at least 400 civilian deaths have been recorded and 800 wounded, though these data are definitely incomplete, he said in a video address.

6:05 PM

Zelenskyy to address House of Commons virtually

The President of Ukraine, Volodomyr Zelenskyy, has been invited to address British members of Parliament virtually on Tuesday amid the ongoing conflict with Russia, House of Commons Speaker Sir Lindsay Hoyle confirmed.

Zelenskyy's "historic" address will take place at 1700 GMT and will be shown on screens being installed in the Commons chamber.

It will follow British Prime Minister Boris Johnson's meetings with the leaders of Poland, Hungary, Slovakia and the Czech Republic to discuss the crisis in the region and the need to boost security efforts in central Europe.

5:22 PM

FIFA postpone Ukraine v Scotland World Cup qualifier

Ukraine's World Cup play-off semi-final match against Scotland has been postponed, after the Scottish Football Association received notification from FIFA on Monday.

A postponement of the match, due to be played at Hampden Park in Glasgow on 24th March, had been requested by Ukraine in light of the Russian invasion.

5:08 PM

Zelenskyy urges more humanitarian corridors

Ukrainian President Volodymyr Zelenskyy has called for the expansion of humanitarian corridors for Ukrainian civilians fleeing war, and more support from the Red Cross.

In a video address Tuesday from an undisclosed location, he said a child died of dehydration in the blockaded southern seaport of Mariupol, in a sign of how desperate the city's population has become.

5:04 PM

Unhelpful Modi govt has no moral authority to raise fuel prices, says NCP amid Russia-Ukraine war

The Narendra Modi government did not give relief to the people of the country when global oil prices were at its lowest, and, hence, it does not have the moral authority to hike fuel rates in the wake of the Russia-Ukraine war, the NCP said on Tuesday.

NCP's Maharashtra unit chief spokesperson Mahesh Tapase alleged that with the Assembly polls in Uttar Pradesh and four other states over, the Centre seems to be contemplating an imminent rise in retail price of fuel.

4:24 PM

Ukraine war may have limited impact on domestic credit market: Report

The direct impact of the ongoing Russia-Ukraine war on the domestic credit markets appears to be limited as the banking system has adequate liquidity but not the market as a whole, as per a report.

According to India Ratings, overall, the duration and intensity of the war will be the key determinant for the macro and micro risks. Although the direct impact seems to be limited on the credit based on limited escalation from the ongoing situation, the rippling effect will be disproportionately higher in case the war continues for long.

4:05 PM

Blinken wraps up Baltic assurance tour as Ukraine war rages

US Secretary of State Antony Blinken was on the last leg Tuesday of a short tour of the three Baltic states aimed at reassuring the former Soviet republics that NATO will guarantee their security as Russia's war with Ukraine rolls on unabated.

Blinken was meeting with senior Estonian officials in Tallinn, a day after hearing appeals from both Lithuania and Latvia for more support and greater US and NATO troop presence to deter a feared Russian intervention.

We will defend every square inch of NATO territory if it comes under attack, if it's on the receiving end of aggression, Blinken told Estonian Foreign Minister Eva-Maria Liimets.

3:56 PM

2 million refugees fleeing Ukraine, says UN

The number of refugees fleeing Ukraine reached 2 million on Tuesday, according to the United Nations, the fastest exodus Europe has seen since World War II.

Today the outflow of refugees from Ukraine reaches two million people. Two million, Filippo Grandi, the UN High Commissioner for Refugees, wrote on Twitter.

The update came as a new effort to evacuate civilians along safe corridors finally got underway Tuesday.

3:38 PM

Indian students in Ukraine's Sumy board buses to Poltava, hope to be in safe zone soon

Several Indian students stranded in the northeastern Ukrainian city of Sumy heaved a sigh of relief as their evacuation process started on Tuesday and hoped that they would be in a safe zone soon.

"The evacuation from Sumy has started. There was finally some good news on Tuesday. All Indian students will be evacuated from Sumy on Tuesday itself. They will be taken to a safe location from where they will be brought to India," said Anshad Ali, a student coordinator.

3:23 PM

Ukraine asks IAEA to ban Russia from accessing technological resources

Ukraine has asked International Atomic Energy Agency (IAEA) to ban Russia from accessing its technological resources as well as break off its relations with Russian citizens in UN structures related to the nuclear field, Ukraine's energy ministry said on Tuesday, the ANI reported.

The statement issued by the Energy Ministry on Facebook called for "prohibiting Russia's access to intellectual and technological resources of IAEA, breaking relations with Russian citizens engaged in UN nuclear energy-related structures".

The statement further appealed for an immediate ceasefire and prohibition of the occupation troops to approach closer than 30 km to nuclear energy objects.

2:26 PM

Vladimir Putin is a spent force: UK Defence Secretary

Russia's Vladimir Putin is a spent force in the world whatever happens in Ukraine, British Defence Secretary Ben Wallace said on Tuesday, predicting the invasion would be the president's end. Russia's offensive in Ukraine, which the Kremlin calls a 'special military operation', is continuing but at a significantly slower pace, Ukrainian military and intelligence said, as frightened residents fled bombed-out cities.

2:08 PM

Ukraine starts evacuating civilians from Sumy and Irpin

Ukraine began evacuating civilians from the northeastern city of Sumy and from the town of Irpin near the capital Kyiv on Tuesday, Ukrainian officials said. The evacuations began after Russian and Ukrainian officials agreed to establish "humanitarian corridors" to allow civilians out of some towns and cities besieged by Russian forces.

2:00 PM

India may consider alternative pay system for exporters if Russia-Ukraine war continues for long

India may consider alternative payment mechanisms for exporters if the Russia-Ukraine conflict continues for a long time and key trade sectors such as gems and jewellery face a problem in international cash transfer, government sources said on Tuesday.

 

This consideration came against the backdrop of the Russia-Ukraine war and sanctions being imposed by western countries, including the Group of Seven (G-7) economies, that has imposed punitive sanctions against the Russian central bank.

 

They have also decided to remove Russian banks from the SWIFT inter-banking system which is intended to isolate Russia from global trade.

 

"India is closely monitoring its foreign trade situation in the wake of the Ukraine situation and may consider alternative payment mechanisms if the adverse situation continues for a long time and key trade sectors such as gems and jewellery face a problem in international cash transfer," one of the sources said.

1:39 PM

Nissan plans to halt production in Russia after its invasion of Ukraine

Japanese automaker Nissan is planning to halt production at its plant in Russia because of logistical challenges.

 

Nissan Motor Co. did not provide a specific date but said Tuesday production will stop soon. Its plant in St. Petersburg produced 45,000 vehicles last year, including the X-Trail sport utility vehicle.

 

The Yokohama-based manufacturer said the safety of its employees is its top priority.

 

Nissan earlier stopped exports to Russia. Read on...

1:06 PM

Ukraine crisis could force govts to step up bloated fossil fuel subsidies

Sky-high oil prices resulting from a potential Russian oil import ban could force governments to pour more cash into fossil fuel subsidies to shield consumers from rising energy bills, rather than use the money to fight climate change.

 

Even before Russia's invasion of Ukraine, rising energy costs had triggered a wave of subsidies despite countries agreeing to rein them in at the COP26 climate conference in November.

 

"The last thing that governments want to do is increase any subsidies for fossil fuel use but they have to be sensitive to the price shock," said Ben Cahill, a senior fellow in the Energy Security and Climate Change Program at the Center for Strategic and International Studies (CSIS). Read on...

12:23 PM

Carmakers face soaring metal costs as supplies veer clear of Russian goods

Saving up for a new ride? Better start putting more cash aside.

 

Russia's invasion of Ukraine is ramping up the price of metals used in cars, from aluminium in the bodywork to palladium in catalytic converters to the high-grade nickel in electric vehicle batteries, and drivers are likely to the foot the bill.

 

While metals have not been the target of Western sanctions yet, some shippers and autoparts suppliers are already steering clear of Russian goods, putting more pressure on carmakers already reeling from a chip shortage and higher energy prices.

 

"So what happens from here?" asked Carlos Tavares, chief executive of Stellantis, the world's fourth-biggest automaker, when speaking to reporters last week. Read on...

12:12 PM

Ukraine conflict could send global food prices soaring: WFP chief

David Beasley, head of the World Food Programme (WFP), has warned that the conflict in Ukraine could send global food prices soaring, with a catastrophic impact on the world's poorest, the BBC reported.

 

Beasley said the conflict was putting more people at risk of starvation worldwide.

 

"Just when you think hell on earth can't get any worse, it does," the BBC quoted the WFP chief as saying.

 

Russia and Ukraine, once dubbed "the breadbasket of Europe", export about a quarter of the world's wheat and half of its sunflower products, like seeds and oil. Ukraine also sells a lot of corn globally.

 

Beasley told the BBC that the number of people facing potential starvation worldwide had already risen from 80 million to 276 million in four years prior to Russia's invasion, due to what he calls a "perfect storm" of conflict, climate change and the Covid-19 pandemic.

 

He said certain countries could be particularly affected by the current crisis, due to the high proportion of grains they currently import from the Black Sea region.