Sanctions on Russia exacerbate the global food crisis
As the US and Europe weigh further sanctions to punish Russia for the war in Ukraine, there are growing concerns that the fallout is foster an alarming hunger problem that will not be easily solvedamid rising energy costs and limited exports from Russia and Ukraine.
Russian President Vladimir V. Putin has accepted and exacerbated the crisis, blocking food and grain exports from the region and using shortages as leverage to roll back Western sanctions. . The region’s pivotal role in the food supply chain means a cascade effect, sending global food prices soaring.
Even as the scale of the crisis became increasingly apparent, the leaders of the G7 countries yesterday came close to embracing a powerful but untested scheme to manipulate oil prices, the largest commodity market in the world. This plan will allow Russia to continue selling oil to the world but will severely limit prices.
By the numbers: Russia and Ukraine combined export about 30% of the world’s wheat and 75% of sunflower oil. That supply cut has led other governments to block exports as countries try to stock up on goods.
Can quote: Janet Yellen, Secretary of the Treasury, said in April that the United States was drafting its own sanctions on the global food supply. “We reiterate our commitment to enabling essential humanitarian and related activities to benefit people around the world,” “ensuring the availability of basic and staple foods,” she said. agriculture.”
In other news from the war:
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The trial of Brittney Griner, the WNBA star detained in Russia on drug charges, is set to start on friday.
Russia defaults on foreign debt
Russia missed the bond payment deadline on Sunday, the country’s first default on international debt in more than a century, after Western sanctions hampered the government’s efforts to make payments to foreign investors. . About $100 million in dollar and euro interest payments did not reach investors during the 30-day grace period following the deadline in May.
The default was prompted by broad Western sanctions aimed at keeping Moscow out of global capital markets in the wake of its invasion of Ukraine. Yesterday, Russia’s Finance Ministry said it had made the payments in May but that they had been blocked from reaching bondholders by a Brussels-based financial clearing agency.
The news of the default shows how “strong” international sanctions are on Russia, underscoring the “significant” impact on the economy, a senior US administration official said. Russia.
Analysis: “We can expect Russia to stick to its replacement story: ‘Error is not the default, we tried and it was not our fault,’ ‘Tim Sa samples, an expert on sovereign debt, adding that Russia also did not submit it to a foreign court of law.
What does it mean: The default will linger in investors’ memories and will likely drive up Russian borrowing costs in the future. But Moscow’s finances are stable even after months of war, and Russia continues to receive steady cash flows from oil and gas sales.
In conservative countries trying to ban abortion as quickly as possible, legal battles are accelerating. Abortion rights advocates are banding together around a strategy of asking the court to issue a temporary order to allow short-term abortions. Judges in Louisiana and Utah provisionally prevent their state’s activation lawsallowing abortion clinics to remain open to this day.
Yesterday, states that support abortion rights voiced support for their protections. In California, a majority of state lawmakers introduced a constitutional amendment on a vote in November to explicitly protect abortion rights for the state’s 40 million residents.
Analysis: “It’s all about the states from here on out,” said Jessie Hill, a law professor who has studied abortion rights cases. “We can fantasize about federal solutions to this problem or solutions to the abortion problem nationally, but I think after Dobbs, I don’t see much of a possibility at the federal level.”
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Overhaul of the area around Notre Dame Cathedral in Paris after a devastation On fire in 2019, it will open up to the Seine and make it easier for millions of visitors to travel, while minimizing the effects of global warming.
Anne Hidalgo, mayor of Paris, said: “The church must be preserved in its beauty and everything around it is a showcase for that beauty. However, she added, “a city like ours can no longer think about climate change.”
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Men’s clothing condition
For a reader consider renewing your wardrobe after 20 yearsVanessa Friedman, our lead fashion critic, enlisted the help of Guy Trebay, The Times menswear critic.
Good news, Guy said, from Top of the show men’s wear, is that no matter what age you are, the options are flexible. “The broken suit – or jacket worn with one of many different pants options – is now popular with designers,” he says.
Jeans now as always. Guy, who is particularly fond of Los Angeles’ expensive but swanky label, Hiroshi Kato, says: “There’s a lot to choose from, although a pair of straight-leg denim and dark indigo denim is classic. Pair them with a decent coat, a pressed Oxford or even a plain t-shirt and a good pair of shoes.
In such an outfit, Guy says, you’ll look good for almost any occasion. He added: “If you want to really break with personal traditions, take inspiration from one of the best shows I’ve seen in years and wear Issey Miyake from head to toe.” Please pleat.
For more: Can a shirt made in India beat Savile Row? 100Hands, a Punjabi tailor, is bet the answer is yes.
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