Tag Archives: COMEDC

U.N. General Assembly calls for Russia to make reparations in Ukraine

Nov 14 (Reuters) – The United Nations General Assembly on Monday called for Russia to be held accountable for its conduct in Ukraine, voting to approve a resolution recognizing that Russia must be responsible for making reparations to the country.

The resolution, supported by 94 of the assembly’s 193 members, said Russia, which invaded its neighbor in February, “must bear the legal consequences of all of its internationally wrongful acts, including making reparation for the injury, including any damage, caused by such acts.”

The resolution recommends that member states, in cooperation with Ukraine, create an international register to record evidence and claims against Russia.

General Assembly resolutions are nonbinding, but they carry political weight.

Ukrainian President Volodymyr Zelenskiy called the resolution an “important” one.

“The reparations that Russia will have to pay for what it has done are now part of the international legal reality,” Zelenskiy said in his nightly video address.

Kyiv’s Ambassador to the U.N. Sergiy Kyslytsya told the General Assembly before the vote that Russia has targeted everything from factories to residential buildings and hospitals.

“Ukraine will have the daunting task of rebuilding the country and recovering from this war, but that recovery will never be complete without a sense of justice for the victims of the Russian war. It is time to hold Russia accountable,” Kyslytsya said.

The United Nations headquarters building is pictured with a UN logo in the Manhattan borough of New York City, New York, U.S., March 1, 2022. REUTERS/Carlo Allegri

Russia’s U.N. Ambassador Vassily Nebenzia told the General Assembly before the vote that the provisions of the resolution are “legally null and void” as he urged countries to vote against it.

“The West is trying to draw out and worsen the conflict and plans to use Russian money for it,” Nebenzia said.

Former Russian President Dmitry Medvedev, now deputy chairman of Russia’s Security Council, said on the Telegram messaging app that the “Anglo-Saxons are clearly trying to scrape together a legal basis for the illegal seizure of Russian assets.”

Fourteen countries voted against the resolution, including Russia, China and Iran, while 73 abstained, including Brazil, India and South Africa. Not all member states voted.

In March, 141 members of the General Assembly voted to denounce Russia’s invasion, and 143 in October voted to condemn Moscow’s attempted annexation of parts of Ukraine.

Zelenskiy on Saturday said Russian forces destroyed critical infrastructure in the strategic southern city of Kherson before fleeing. Moscow denies deliberately targeting civilians, although the invasion has reduced Ukrainian cities to rubble and killed or wounded thousands.

“It will take a broad international effort to support Ukraine’s recovery and reconstruction in order to build a safe and prosperous future for the Ukrainian people,” Britain’s U.N. Ambassador Barbara Woodward told the assembly.

“But only one country, Russia, is responsible for the damage to Ukraine, and it is absolutely right, as this resolution sets out, that Russia pay for that damage.”

Reporting by Daphne Psaledakis and Doina Chiacu in WASHINGTON; Additional reporting by Oleksandr Kozhukhar in Kyiv and Lidia Kelly in Melbourne; editing by Grant McCool

Our Standards: The Thomson Reuters Trust Principles.

Read original article here

Oil falls more than 1% on demand fears, strong dollar

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base

Register now for FREE unlimited access to Reuters.com

  • Strong dollar weighs as Fed rate decision looms
  • Supply concerns limit decline
  • Easing COVID-19 restrictions in China could lend support

LONDON, Sept 19 (Reuters) – Oil fell by more than 1% on Monday, pressured by expectations of weaker global demand and by U.S. dollar strength ahead of a possible large interest rate increase, though supply worries limited the decline.

Central banks around the world are certain to increase borrowing costs this week, and there is some risk of a blowout 1 percentage point rise by the U.S. Federal Reserve.

“The upcoming Fed meeting and the strong dollar are keeping a lid on prices,” said Tamas Varga of oil broker PVM.

Register now for FREE unlimited access to Reuters.com

Brent crude for November delivery fell $1.17, or 1.3%, to $90.18 by 0822 GMT. U.S. West Texas Intermediate (WTI) for October dropped $1.14, or 1.3%, to $83.97.

A British public holiday for the funeral of Queen Elizabeth was expected to limit activity. read more

Oil has soared in 2022, with Brent coming close to its all-time high of $147 in March after Russia’s invasion of Ukraine exacerbated supply concerns. Worries about weaker economic growth and demand have since pushed prices lower.

The U.S. dollar stayed near a two-decade high ahead of this week’s decisions by the Fed and other central banks. A stronger dollar makes dollar-denominated commodities more expensive for holders of other currencies and tends to weigh on oil and other risk assets.

Oil has also come under pressure from forecasts of weaker demand, such as last week’s prediction from the International Energy Agency that the fourth quarter would see zero demand growth. read more

Despite those worries, supply concerns kept the decline in check.

“The market still has the start of European sanctions on Russian oil hanging over it. As supply is disrupted in early December, the market is unlikely to see any quick response from U.S. producers,” ANZ analysts said.

Easing COVID-19 restrictions in China, which had dampened the outlook for demand in the world’s second biggest energy consumer, could also provide some optimism, the analysts said. read more

Register now for FREE unlimited access to Reuters.com

Additional reporting by Florence Tan and Jeslyn Lerh; Editing by Robert Birsel

Our Standards: The Thomson Reuters Trust Principles.

Read original article here