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Russian Port Sieges ‘Declaration of War,’ UN Says: Davos Update

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WATCH: IEA’s Fatih Birol says oil prices may go higher, threatening the global economy.Source: Bloomberg
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Russia’s blockade of Ukraine’s ports is a “declaration of war” that threatens to trigger mass migration and a global food crisis, a United Nations official said, adding to the dire warnings on the opening day of the World Economic Forum in Davos.

In a keynote speech via video link, Ukraine President Volodymyr Zelenskiy reinforced his call for embargoes on oil, technology and other trade with Russia, and said there should be no exceptions in sanctions on the country’s banking sector. The WEF began Monday under the shadow of the Ukraine conflict after a two-year hiatus due to the pandemic, albeit with fewer big names from Wall Street and politics.