In an effort to negotiate a deal on grain exports from Ukraine and Russia as well as fertilizer imports from Russia, UN Secretary-General António Guterres will visit Istanbul, according to UN Deputy Spokesman General Farhan Haq. The U.N. secretary general will visit Istanbul as part of initiatives to ensure international access to Russian and Ukrainian goods and fertilizers, according to Haq....

According to Spain's Deputy Prime Minister and Minister of Environmental Transition Teresa Ribera, Spain opposes the European Commission's proposal that EU nations reduce gas demand by 15%. The European Commission put up a new guideline regarding concerted efforts to lower gas usage. All EU member states would be required to reduce their gas use by 15% between August 1, 2022, and March 31, 2023,...

JPMorgan, HSBC, Citigroup, and Credit Agricole have all been ordered by Ukraine to cut any relationships with businesses that deal in Russian oil. Kiev swore not to let the banks finance the nation's restoration, and threatened them with prosecution by the International Criminal Court. Ukraine has charged many significant US and European banks with backing Russia and demanded that they cut links...

Belarus has fallen behind on its international debt, said the international rating organization Moody's. On June 13, the grace period for the republic's payment of $22.9 million on Belarus-27 Eurobonds came to an end. They were paid by the nation's ministry of finance in Belarusian rubles, but the bondholders were unable to receive them. This qualifies as a default, according to Moody's. Late...

The International Energy Agency (IEA) reports that Russia's oil production climbed by 490,000 barrels per day in June, reaching 11.07 million barrels per day. The IEA anticipates a drop in Russian production in light of the European Union's embargo on Russian oil. According to an IEA estimate published in July, Russia produced 330 000 fewer barrels per day of oil in June than it had before the...

IMF Managing Director Kristalina Georgieva stated at a conference in Washington on Tuesday that she intends to urge G20 nations with adequate food capacity to band together in order to help countries in need. "I'll be speaking about the necessity of cooperation at the G20 summit, among other topics. Countries with huge food production capacities should step up because, despite having enough food...

Establishment of a system for rupee-based international trade settlements has been announced by the Reserve Bank of India, which serves as the nation's central bank. Before implementing the method, banks must first receive approval from the Foreign Exchange Department of the Central Bank of India. It has been decided to introduce an additional procedure for invoicing, payment, and settlement of...

According to figures from WindEurope, the amount of electricity produced by wind in the European Union on July 7 was the highest since May, at 18.6%. As a result, the daily increase for the day was 4.2 percentage points, setting a new high since the end of May. In the meantime, the amount of wind energy produced in the EU was 10.33 percent last week and 11.23 percent in June. The current levels...

IMF chief Kristalina Georgieva stated that she could not completely rule out likelihood of a worldwide recession in 2023. She told Reuters in an interview that "the outlook has deteriorated dramatically since our last update." Georgieva listed the spread of inflation, China's sluggish economic growth, and sanctions against Russia as issues facing the world economy. Georgieva noted that there is...