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  • Ukraine war has ‘multiplied risks’ for Middle East’s poorer countries, says World Bank

    Bank cites coronavirus pandemic, tightening of global monetary policy and Ukraine war as factors adding to uncertainty in region's economic outlook

  • The Ukraine War Isn’t a Sprint

    But Russia was never interested in some complex notion of victory that would leave Syria better off. Russia didn’t even seem interested in stability, and it certainly wasn’t preoccupied with reconstruction. Instead, Russia was interested in defeating its adversaries, which it largely did. Freed from the pressures of two-year election cycles—or any meaningful elections—Russian decisionmakers are comfortable settling in for the long haul. Local media can be sufficiently controlled to eliminate pressure to end the fighting. Russian decisionmakers can afford to be patient.

  • Saudi Arabia provides $10m in urgent aid to Ukrainians

    King Salman has instructed Saudi Arabia’s humanitarian charity to provide urgent medical and shelter aid worth $10 million to Ukrainian refugees who have fled to neighboring countries, mainly Poland, following Russia’s invasion. The initiative is being run in coordination with the Polish government and the UN.

  • Perspective: The Ukraine-Russia war looks very different outside the West

    The damaging consequences of American interventionism play a significant role in the calculations of countries across the Global South. Most of them seek close relations with the U.S. But because of U.S. unilateralism, they desire options to find counterweights against U.S. power when needed. The emergence of a multipolar system provides countries of the Global South with a degree of protection against American adventurism, while they largely see Russia’s military intervention in Ukraine as a European affair that doesn’t change the larger global picture, in which balancing options against the U.S. rather than Russia are sought after.

  • The echoes of Syria grow louder in Ukraine

    The Russians “are willing to devour the green and the dry,” said Radwan Alhomsy, a Syrian activist in southern Turkey, deploying an Arabic idiom meaning to destroy everything in an interview with the New York Times last month. “They don’t care about the international community or anything else. We saw that in Syria. Burning schools is not new to us. It’s land they want to take, and they will take it.”

  • The Ukraine Crisis Deepens Food Insecurity Across the Middle East and Africa

    In 2021, the two countries exported more than one-quarter of the world’s wheat. They are both major suppliers of corn, sunflower seed oil, and barley; Russia is also a major supplier of fertilizer, which is critical for agricultural production

  • Egypt’s foreign reserves drop by $4 bln on Ukraine war shock

    Egypt's net foreign reserves fell by nearly $4 billion in March, the central bank said on Thursday, after the war in Ukraine caused foreign investors to flee Egyptian treasuries, putting pressure on the currency. The March reserves figure should have included a $5 billion deposit that Saudi Arabia said it placed with Egypt's central bank just before the end of March, indicating that the scope of the strain on reserves had been even greater.

  • Thousands of goods railcars stuck at Ukraine’s border as war hits exports

    In western Ukraine, some 1,100 train wagons carrying grain are stuck near the main rail border crossing with Poland, unable to transport their cargo abroad. They are just some of the 24,190 wagons carrying various goods for export, including vegetable oil, iron ore, metals, chemicals and coal, that were waiting to cross Ukraine’s Western border as of Tuesday, according to data from the state-run railway company that hasn’t previously been reported.

  • Egypt Economy Snapshot Shows Damage Wrought by War in Ukraine

    A measure of Egypt’s non-oil economy dropped to the lowest in 21 months as inflationary pressures made worse by Russia’s invasion of Ukraine as well as a weaker currency led to sharp decreases in output and new orders. Companies reduced job numbers for the fifth month in a row and business confidence fell to a record in March as Egypt contends with the surging cost of energy, food and raw materials, according to a survey of purchasing managers by S&P Global.

  • Oil prices could average $135 in 2022 if Russia-Ukraine war continues, MUFG Bank says

    "Barring a breakthrough in peace negotiations, we believe that the price-induced demand destruction — the only practical mechanism currently available in a world devoid of inventory buffers and supply elasticity — necessary to reduce consumption becomes widespread by the third quarter, with a corresponding Brent price above $140 per barrel,” Mr Khoman said.