Italian prime minister Mario Draghi called for an urgent ceasefire in Ukraine so that serious negotiations can begin to end the war. Draghi, who has taken a hard line against Russia since its Feb. 24 invasion of Ukraine, said it was important to maintain pressure through economic sanctions "because we have to bring Moscow to the negotiating table."
"A ceasefire must be achieved as soon as possible," Draghi told the upper house Senate in Rome.
Meanwhile, Russia on 24th February launched the war on Ukraine. And, according to the latest updates, the World Bank will make $30bn available to help stem a food security crisis threatened by Russia’s war in Ukraine, which has cut off most grain exports from the two countries. Also, UN secretary-general António Guterres has warned that the food shortages stoked by the war in Ukraine could last years and cause mass hunger and famine across the world. However, Financial markets have endured another torrid day amid concerns that the war in Ukraine, along with inflation and supply problems, was pushing the world towards recession. In the US the Dow Jones average closed down 3.57% on Wednesday while the broader S&P500 suffered its worst session since June 2020, plunging 4.04%.