Russia’s war against Ukraine: Day 141, July 14 – Update No.1

– ‘Greatest challenge’ –

As G20 ministers prepare to start talks in Indonesia, US Treasury Secretary Janet Yellen says Russia’s war in Ukraine poses the “greatest challenge” to the global economy. Moscow’s invasion has sent inflation soaring, threatening widespread hunger and poverty.

“We are seeing negative spillover effects from that war in every corner of the world, particularly with respect to higher energy prices, and rising food insecurity,” she says.

– High-stake grain talks eye deal –

Russia and Ukraine make substantive progress in their first direct talks since March on a deal to relieve a global food crisis caused by blocked Black Sea grain exports.  The high-stakes meeting involving UN and Turkish officials in Istanbul last just over three hours and break off with an agreement to meet again in Turkey next week.

– Global outlook darkened’ –

Yellen’s comments ahead of the G20 meeting echoes earlier ones made by the head of the International Monetary Fund, who said the global economic outlook had “darkened significantly”.  This was due to Moscow’s invasion and comes just months after the IMF revised down its global growth forecast for 2022 and 2023.  The IMF is “projecting a further downgrade to global growth” in 2022 and 2023, the fund’s chief Kristalina Georgieva says in a blog post.

– Nod to Ukraine on Bastille Day –

The war in Ukraine makes its mark on Paris’s traditional Bastille Day military parade as France honours its eastern European NATO allies.  “The parade is marked by, and takes account of, the strategic context,” says an official in Macron’s office. “The idea is to highlight the strategic solidarity with our allies.”