The Ukraine war will cost Germany 160 million euros, according to a trade group.

By year’s end, the Ukraine war will cost Germany 160 million euros, according to a trade group.

The German Chambers of Industry and Commerce chairman estimated that the war in Ukraine would have cost the German economy about 160 billion euros ($171 billion), or roughly 4% of its gross domestic product, in missed value creation.
Peter Adrian, CEO of DIHK, told the “Rheinische Post” that as a result, the GDP per capita in the biggest economy in Europe will be $2,000 less than it would have been.

German companies have been quite severely hit by a rise in energy prices, which reached record highs in Europe last year. Industry accounts for a more critical portion of the German economy than many other countries, and the sector is often energy-intensive.

German industry will have to spend around 40% more for energy in 2023 than in 2021, before the crisis brought on by Russia’s invasion of Ukraine on February 24 of last year.

Hence, the economic projection for 2023 and 2024 is likewise less favourable than in many other countries, Adrian said, adding that this was the case in 2017. Compared to the United States, which has its natural gas reserves and France, which has a lot of nuclear power, Germany, which relied on relatively inexpensive Russian pipeline gas for many years, now has very high energy prices.

He claimed, “The price of gas is about three to five times more prominent than in the United States,” and added that the price of power was four times higher than in France. With escalating military and civilian deaths, the conflict that started with Russia’s invasion of Ukraine in February 2022 is rapidly closing its gloomy one-year mark.

Western countries have committed to sending main battle tanks to Ukraine as Russia intensifies its attacks in the Bakhmut region, expanding their military aid to Ukraine to the highest level.

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According to China’s Foreign Minister Qin Gang, Beijing is “seriously concerned” about the Ukraine conflict’s development and the risk that things may get out of hand. Beijing has not said its disapproval of Russia’s invasion of Ukraine despite last year’s “no limits” cooperation it established with Moscow.

Should China back Russia militarily, which Beijing claims it is not doing, the United States has threatened to take action. During a speech, Qin demanded that some countries immediately stop adding fuel to the fire.

After paying a surprise visit to Ukraine, U.S., according to Polish television footage, Vice President Joe Biden arrived in Warsaw, Poland, on Monday night. To outshine the Kremlin before the first anniversary of Russia’s invasion, Biden, earlier in the day, visited Kyiv, the capital of Ukraine, where he vowed to stick by the country for whatever long it takes.

According to government figures, Russia’s economy shrank by 2.1% last year, down from a 5.6% year-over-year increase in 2021. Compared to predictions made immediately after the conflict started, Rosstat’s initial projection of the GDP for 2022 markedly improved on those predictions.

The output declines witnessed following the dissolution of the Soviet Union and during the 1998 financial crisis were surpassed by the economy ministry’s earlier forecasts that Russia’s GDP would contract by more than 12% last year.

President Joe Biden’s unexpected trip to Kyiv was “well organised over months, including multiple officers in the White House,” according to Jon Finer, the principal deputy national security adviser for the United States, in a news conference.
Jake Sullivan, the national security adviser for the United States, adds, “We let the Russians know President Biden would call Kyiv. For conflict-reduction reasons, we did so a few hours before his departure.

According to Sullivan, Volodymyr Zelenskyy, the president of Ukraine, and Biden got a chance to speak for a while. He said they discussed Ukraine’s infrastructure requirements, financial help, energy, and humanitarian aid. The political aspect was discussed, especially the upcoming U.N. General Assembly session on Ukraine.

Joe Biden announces that Washington will provide Ukraine a new $500 million military aid package during an unexpected visit to Kyiv. The package’s specifics, according to Biden, will be made public on Tuesday.

He adds that Washington will give Ukraine more ammo for its high-mobility artillery rocket launchers. Using a view of the two presidents shaking hands, President Volodymyr Zelenskyy wrote on Telegram that Vice President Joe Biden’s visit is “a significant symbol of solidarity for all Ukrainians.”

Just as Beijing’s top diplomat prepares to travel to Moscow and maybe meet with Vladimir Putin to discuss strategies for bringing peace to Ukraine, China advises the United States to stay out of its relations with Russia.

China is getting ready to explain its stance on a potential “political settlement” to the Ukraine crisis as Washington and Beijing argue over the shooting down of spy balloons over the United States and amid American suspicions China may be supplying weapons to Moscow.

Volodymyr Zelenskyy, the president of Ukraine, claimed in an interview released on Sunday that French President Emmanuel Macron was wasting his time by thinking of engaging in any engagement with Moscow. In an interview with Corriere della Sera, Zelenskyy addressed Macron’s statement that Russia should be “defeated but not crushed” and that the case in Ukraine must be resolved through diplomacy.

Sunday saw a phone call between the two leaders. “This conversation is pointless. In actuality, Macron is idly idling. I’ve concluded that we cannot alter the Russians’ mindset, “Zelenskyy informed the Italian newspaper.

By the end of the year, the German Chambers of Industry and Commerce (DIHK) president estimates that the war in Ukraine will have cost the German economy some 160 billion euros ($171 billion), or almost 4% of its gross domestic product, in lost value creation.

Peter Adrian, CEO of DIHK, told the “Rheinische Post” that as a result, the GDP per capita in the biggest economy in Europe will be 2,000 euros lower than it would have been. German companies have been severely hit by a rise in energy prices, which reached record highs in Europe last year. Industry accounts for a more critical portion of the German economy than many other countries, and the sector is often energy-intensive.

In an interview conducted following their meeting, U.S. Secretary of State Antony Blinken expressed alarm about Beijing’s potential decision to give weaponry to Moscow and cautioned top Chinese diplomat Wang Yi of the repercussions if Beijing supported Russia’s invasion of Ukraine materially.

After Wang criticised Washington as “hysterical” in a long-running dispute over the U.S. shooting down a suspected Chinese spy balloon, the top diplomats of the two countries met in an undisclosed location on the fringes of a global security summit in Munich.

At a meeting on Monday in Brussels, E.U. foreign ministers are scheduled to debate methods to allow member countries to purchase weapons for Ukraine jointly. Kyiv urgently needs these 155-millimetre artillery shells.

Munich Security Conference that “it is now the moment to accelerate up and scale up the manufacturing of standardised items that Ukraine needs severely.”
A reduction in staff is mandated at the Russian Embassy in The Hague after the Netherlands declared it would close its consulate in Saint Petersberg, Russia.

“Under the guise of diplomatic relations, Moscow keeps trying to send spies into the Netherlands covertly. That is something we can’t and won’t tolerate, “said Wopke Hoekstra, minister of foreign affairs. Russia denies Dutch diplomats who want to work in the consulate in St. Petersburg or the embassy in Moscow a visa simultaneously.

The number of diplomats in the Russian Embassy in The Hague will be kept to a minimum, according to the Dutch government, so that it is equal to the number at the Dutch Embassy in Moscow.

South Korean Foreign Minister Park Jin said it gave the North Korean regime more confidence. In his remarks to a panel at the Munich Security Conference, Park claims that Pyongyang has become more “provocative” in its actions, including a Saturday missile test, due to the increased attention the war has received from around the world.

Less than a week until the first anniversary of Russia’s invasion of Ukraine, the Group of Seven foreign ministers, led by the Japanese foreign minister Hayashi Yoshimasa, denounce Moscow’s actions and promise “their unflinching solidarity with Ukraine for as long as it takes.”

The ministers said they “remain determined to maintain and step up sanctions against Russia to restrain its war effort and against those governments giving material support for Russia’s illegal war against Ukraine” in a statement released with the Munich Security Conference.

According to the statement, they “expected third states not to dodge and undermine these restrictions, and called on third parties to discontinue aid to the Russian military and its linked forces, or suffer heavy repercussions.”

A U.N.-backed effort that has allowed Ukraine to export grain from ports Russia has blockaded has been renewed, but the head of the World Food Program cautions that doing so will be disastrous for millions of people in Africa. Next week will mark the beginning of negotiations to prolong the deal.

We can’t afford for the Black Sea Grain industry to fail at all, David Beasley says in Reuters, given the several catastrophes involving climate change, droughts, and flash floods that we already see on a global scale.

I declare that all those who committed these crimes and those superiors who participated in them will be held accountable. Smith told Nikkei, “we will look at a field of steps to try and solve the inadequacies, both on the Ukrainian side and on the part of NATO members.” 

Eleven o’clock on February 17 An agenda clouded by the conflict in Ukraine is the focus of the Munich Security Conference, which started in Germany and is attended by leaders and senior officials from about 100 different countries. This year’s gathering is the first following the start of Moscow’s all-out invasion of Ukraine in February of last year. It occurs as a sign of the beginning of yet another significant onslaught by Moscow.

Olaf Scholz, the German chancellor, addresses the conference by saying, “For the first time in our history, a nuclear power is launching an imperialist war of aggression here on European soil.”

French President Emmanuel Macron uses a similar tone. He said, “this is not only a war of the Europeans.” Because Moscow’s aggressiveness has no basis, the war “concerns the entire world,” according to the author. He condemns that “neocolonialism and imperialism” are acceptable in international relations.

Further military assistance is requested, according to Ukrainian President Volodymyr Zelensky. In a televised speech, he declares, “There is no alternative than Ukrainian victory.

The invitation to participate in the discussions has been extended to emerging markets worldwide. However, it is still unknown how much they will support the Western-led campaign to isolate Russia. A joint naval exercise between South Africa, Russia, and China was set to start that day.

U.S. Secretary of State Antony Blinken and China’s top diplomat Wang Yi will attend the summit. They might meet for talks, but it’s not definite yet. They have not invited Russia.

According to figures from the Commerce Ministry, imports from Russia have increased by almost 400% this fiscal year, driven by purchases of reduced crude oil. India looks to be balancing between Washington and Moscow in a diplomatic high-wire performance.

China, the United Arab Emirates, and the United States were India’s top three “merchandise import source nations” in the first ten months of the current fiscal year through March. According to the most recent trade data, the overall value of imports into Russia was $37.31 billion, up from $7.71 billion during the same period the previous year.

He later remarked that the art world cannot stay indifferent because in silence, “the loudspeakers of evil sound stronger and more convincing.” According to the Russian Tass news agency, Chinese President Xi Jinping asked Alexander Lukashenko, the president of Belarus, to visit China early next month.

In his remarks to reporters, Volodymyr Zelenskyy, the president of Ukraine, is again criticised by Lukashenko for destroying his country and refusing to negotiate a cease-fire with Russia. Instead of engaging in negotiations with politicians, he advises Moscow to do so with Ukrainian military troops.

According to the state-run BelTA, he told reporters, “We don’t yet know where the next confrontation might break out.” “Who can guarantee that the United States won’t be pitted against China by the current course of action? Disaster will result from this.”

He continues, “No country could control China. The unmanned systems stay in the air for a while before locating a target, slamming against it, and then blowing up upon collision.

While more straightforward than missiles, the weapons have less destructive force. The Ukrainian military employs Switchblade drones developed in the United States to target Russian forces with self-detonations. According to the Russian embassy in the United States, the United States should try to show that it was not responsible for destroying the Nord Stream gas pipelines that connect Russia to Western Europe, according to the Tass news agency on Thursday.

The embassy released a statement stating that Moscow views the destruction September Investigative reporter Seymour Hersh of the United States claimed in a Substack article that U.S. Vice President Joseph Biden ordered an attack on the Russian-operated pipelines in September beneath the Baltic Sea. According to the White House, the report is “total fiction” and “utterly wrong.”

edited and proofread by nikita sharma