|

Ukraine crisis update: Still no sign of a ceasefire

The bombardment and Russian airstrikes continue to devastate Ukraine, specifically the city of Mariupol. Both Ukraine’s Dmytro Kuleba and Russian counterpart Sergei Lavrov have made clear in duelling news conferences after the face-to-face, that they had made no progress. Consequently, traders have moved back into safe-haven assets such as gold. 

The Ukrainian tweeted that his counterpart “seemed to have come to talk, not to decide.” “They seek Ukraine’s surrender. This is not going to happen,” Kuleba said.

However, there was a glimmer of hope in Asia on Friday on news that satellite photos have shown that a massive Russian convoy that had been mired outside the Ukrainian capital since last week appeared to have dispersed. US officials have been reporting that Ukrainian troops targeted the convoy with anti-tank missiles. The convoy's advance had also appeared to have stalled amid reports of food and fuel shortages.

Meanwhile, the Russian defence ministry will declare a ceasefire on Friday and open humanitarian corridors for the evacuation of Ukrainians from five cities, the RIA and Interfax news agencies have reported. The agencies quoted Mikhail Mizintsev, head of the Russian National Defence Control Centre, as saying people could either travel to Russia or other cities in Ukraine.

“From 10:00 am Moscow time [07:00 GMT] on March 11, 2022, the Russian Federation will declares a ‘regime of silence’ and is ready to provide humanitarian corridors,” Interfax said, citing a statement from Mizintsev.

The five cities are Kyiv, Sumy, Kharkiv, Mariupol and Chernihiv. So far, no civilians have been able to leave the besieged port city of Mariupol.

Key updates

Aljazeera wrote the following bullet points:

  • Ukraine tells UN nuclear watchdog IAEA it has lost all contact with facilities at the Chernobyl nuclear power station, which is now held by Russian forces.
  • Over 400,000 civilians have so far been evacuated in Ukraine, according to Interior Minister Denys Monastyrsky.
  • More than 12,000 people have been evacuated from Sumy, while no civilians have been able to leave besieged Mariupol.
  • High-level talks in Turkey between Russian Foreign Minister Sergey Lavrov and his Ukrainian counterpart Dmytro Kuleba have not produced a ceasefire agreement.
  • Fighting intensifies around Kyiv as Ukrainian forces attempt to block a column of Russian tanks.

Author

Ross J Burland

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

More from Ross J Burland
Share:

Editor's Picks

EUR/USD recovers further from one-month low set on Friday, eyes mid-1.1800s on weaker USD

The EUR/USD pair is seen building on Friday's late recovery from the 1.1750-1.1740 region, or a nearly one-month trough, and gaining some follow-through positive traction at the start of a new week. The momentum lifts spot prices to the 1.1835 area during the Asian session and is sponsored by a broadly weaker US Dollar.

GBP/USD gathers strength above 1.3500 amid tariff confusion

The GBP/USD pair gains traction to around 1.3520 during the early Asian session on Monday. The US Dollar faces some selling pressure against the Cable as tariff uncertainty lingers. Traders will take more cues from the US Producer Price Index report for January, which will be published later on Friday. 

Gold rallies above $5,150 as Trump’s tariffs boost haven demand

Gold price extends the rally above $5,150 in the Asian session on Monday. The precious metal extends the rally amid US President Donald Trump’s tariff threats and uncertainty, which boost safe-haven flows. US-Iran geopolitical risks also linger, supporting the Gold price upside. 

Week ahead: Markets brace for heightened volatility as event risk dominates

Dollar strength dominates markets as risk appetite remains subdued. A Supreme Court ruling, geopolitics and Fed developments are in focus. Pivotal Nvidia earnings on Wednesday as investors question tech sector weakness. Yen and aussie diverge; both pound and euro could recoup their losses.

Liberation day take two, the tariff machine just changed gears

Let me caveat this from the outset. What we are watching is first-order mechanics, not the grand macro endgame. This is the market’s immediate reflex to a 15% Trump tariff levy dressed up as judicial drama. The Supreme Court blocked Trump tarrif hammer. The White House came back with a scalpel.

Ripple bulls defend key support amid waning retail demand and ETF inflows

XRP ticks up above $1.40 support, but waning retail demand suggests caution. XRP attracts $4 million in spot ETF inflows on Thursday, signaling renewed institutional investor interest.