Chinese envoy urges Russia, Ukraine to start peace talks at early date

China

Chinese envoy urges Russia, Ukraine to start peace talks at early date

2024-11-28 12:26 Last Updated At：17:27

A Chinese envoy on Wednesday urged once again Russia and Ukraine to remain calm, exercise restraint and start peace talks at an early date to realize a ceasefire.

China is deeply concerned and worried about the intensified fighting, China's deputy permanent representative to the United Nations Geng Shuang said at a UN Security Council briefing on Ukraine issue.

Sadly, the Ukraine crisis has been dragging on to this day, and the recent fighting on the ground has become ever more intense. The number of weapons on the battlefield is still increasing, and the variety is expanding. Long-range weapons and cluster bombs have been used, causing serious infrastructure damage and heavy casualties. Recently, there have even been reports that anti-personnel mines will be used in combat, he said.

Noting the Ukraine crisis has now reached a critical moment, Geng pointed out that the international community has recently seen increasingly stronger calls for peace, and discussions on ending the war have increased significantly.

Some ideas and proposals as well as the reactions by the parties have appeared in the media, he added.

China calls on the international community to make greater efforts to form consensus, jointly scale up peace efforts, and create synergy in promoting peace talks, Geng said.

China's position on the Ukraine issue is consistent, which is to promote peace talks and a political settlement, Geng said, adding China is ready to work with all parties, including the Global South, to continue the unremitting efforts to promote peace and the political settlement of the crisis at an early date.

"Promoting an early political settlement of the Ukraine crisis requires the joint efforts of the international community. Since the outbreak the crisis, China has always been making every effort for promoting peace and talks. We call on all parties, including the United States, to work with China to make genuine efforts to end the war," Geng said.

World Bank forecasts 24-pct surge in energy prices in 2026

The World Bank predicted Tuesday that energy prices may surge 24 percent in 2026 to their highest level since the Russia-Ukraine conflict erupted in 2022 due to the war in the Middle East, while overall commodity prices are projected to increase 16 percent.

In its latest Commodity Markets Outlook released on Tuesday, the World Bank said that attacks on energy infrastructure and shipping disruptions in the Strait of Hormuz, which handles about 35 percent of global seaborne crude oil trade, have triggered the largest oil supply shock on record, with an initial reduction in global oil supply of about 10 million barrels per day.

Fertilizer prices are projected to increase by 31 percent in 2026, driven by a 60-percent jump in urea prices, while prices for base metals, including aluminum, copper and tin, are expected to reach all-time highs.

Precious metals prices are forecast to increase 42 percent as geopolitical uncertainty fuels demand for safe-haven assets.

Commodity prices could rise even higher if hostilities escalate or supply disruptions from the Iran war last longer than projected, the report said.

Indermit Gill, the World Bank Group's chief economist and senior vice president for Development Economics, said the war is hitting the global economy in cumulative waves, warning that poorer populations will be hardest hit.