Global

African economies are particularly vulnerable to the impacts of war in Ukraine, says IMF Chief Kristalina Georgieva. The remarks come two weeks after the Russian invasion of Ukraine sent financial markets into steady decline, leaving African economies with high food and fuel prices. “The war and the unprecedented sanctions imposed on Russia are having far-reaching consequences. They come at a delicate time for Africa.”, she stated at a closed virtual press briefing on Thursday.

In addition to the moves towards UnionPay, some Russian companies are now accepting payments in Yuan, and there is talk of Russia turning to CIPS, the Chinese equivalent of SWIFT. The Russian pivot towards the Yuan and Chinese financial systems could reduce the dominance of the US Dollar in global transactions. In addition to the moves towards UnionPay, some Russian companies are now accepting payments in Yuan, and there is talk of Russia turning to CIPS, the Chinese equivalent of SWIFT. The Russian pivot towards the Yuan and Chinese financial systems could reduce the dominance of the US Dollar in global transactions.

In a historic vote in the United Nations General Assembly condemning Russian aggression against Ukraine on Wednesday (2 March), Putin's Russia found itself isolated from the rest of the international community, with only North Korea, Belarus, Eritrea and Syria supporting its position in the 193 member world body. 141 countries voted for the resolution, 5 voted against and 35 abstained. 12 countries were absent. The vote was a stark revelation of Russia's isolation in the international community as it pursues its aggression against Ukraine. In a similar situation in 2014, when Russia annexed Crimea, a UN General Assembly resolution condemning the move received the support of 100 countries. This time the number was up by 41 countries, sending a resounding diplomatic message. The number of abstentions in 2014 was 58, compared to 35 this time. 24 countries were absent in 2014, this time only 12. Those supporting the Russian position in 2014 were 11, this time the number is down to 5.

For those who are believers in multilateralism and a rules based international system last night's developments in the UN Security Council were a dark and disappointing moment. The Council considered a resolution put forward by more than sixty UN member states, which strongly condemned Russia’s invasion of Ukraine and called on Moscow to withdraw its troops immediately and provide safe access for humanitarian relief work. Russia, which has veto power as one of five permanent members of the council, voted against it and vetoed it as was expected. Eleven countries voted in favour. There was disappointment that three countries - China, India and UAE - abstained.

The Hague Conversations on the future of Europe in the World was a series of ten activities organised by LINKS Europe foundation, in association with the City of The Hague and with the support of the Hague Humanity Hub. The events were mostly held in person, with some also held online or in hybrid format, from September 2021 to February 2022 as part of the “Conference on the future of Europe” process. Read the full report here.