Putin Says EU Gas Buyers Will Need Ruble Accounts, US To Release 1M Oil Barrels

Catch all the live updates from the Russia-Ukraine war here.

5 min read
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Russia's Economy to Contract by 10 Percent This Year, Ukraine's by 20: EBRD Forecast

Russia's economy will contract by 10 percent this year and Ukraine's GDP by as much as 20 percent as the war causes "the greatest supply shock" in 50 years, the European Development Bank forecasts.

Before the invasion, the bank had predicted that Ukraine's GDP would grow by 3.5 percent.

9:18 PM , 31 Mar

'Most Major Buyers of Russian Oil Are in Europe, Only Natural To Look for Good Deals': EAM Jaishankar

"Europe bought 15 percent more oil and gas from Russia than it did a month before. Most of the major buyers of oil and gas from Russia are in Europe. We get the bulk of our energy supplies from Middle East, about 7.5 percent-8 percent from US, maybe less than a per cent from Russia," External Affairs Minister Dr S Jaishankar said on Thursday.

"When oil prices go up, it's natural for countries to look for good deals for their people. But I'm pretty sure if we wait 2-3 months & look at the big buyers of Russian gas and oil, I suspect the list won't be any different than what it used to be and we won't be in the top 10," he was quoted as saying by ANI.

9:00 PM , 31 Mar

'Won't Tell India What To Do': British Official on Reports of Russian Oil Offer to Delhi

"India is a sovereign nation, I am not gonna tell India what to do," British Foreign Secretary Elizabeth Truss was quoted as saying by ANI, on being asked about India seeking to buy Russian oil at a steep discount.

"I'm very determined that we have a forward-looking relationship. We have a very strong people-to-people relationship. Our focus should be on where we want to be in next 20 years. We're both democracies, we need to work together for better future," Truss told reporters while on a visit to Delhi.

8:48 PM , 31 Mar

Biden To Order Release of 1M Barrels of Oil Per Day for 6 Months

US President Joe Biden will order the release of 1 million barrels of oil per day from strategic reserve for 6 months, to bring down prices that have risen amid the Russian war on Ukraine.

"After consultation with allies and partners, the President will announce the largest release of oil reserves in history, putting one million additional barrels on the market per day on average – every day – for the next six months. The scale of this release is unprecedented: the world has never had a release of oil reserves at this 1 million per day rate for this length of time. This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up," said the White House.

8:10 PM , 31 Mar

Russian Forces Have Started Leaving Chernobyl: Ukraine

Russian troops have started leaving the Chernobyl nuclear plant which had been occupied by the invading military forces, Ukraine's nuclear agency has said.


Published: 31 Mar 2022, 11:23 AM IST
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