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Zelenskiy Pleas to the EU “…Do prove that you are with us”, Oil Prices Above $100 USD & More Companies Join Russian Boycott

Euro falls to 9-month low, as Zelenskiy makes EU plea

The Euro was lower on Tuesday, as the war between Russia and Ukraine continued to worsen.

It was reported that a convoy of Russian tanks was seen making its way to the Ukrainian capital of Kiev, as the country’s president pleaded for more assistance.

Speaking on Tuesday Zelenskiy stated that, “We are fighting to be equal members of Europe. Do prove that you are with us”

💡 A Standing Ovation
After giving a speech before the European Parliament, President Zelenskiy received a standing ovation. Video courtesy of The Gaurdian

The Ukrainian leader who has remained in Kiev added that, “Do prove that you will not let us go. Do prove that you are indeed Europeans, and then life will win over death and light will win over darkness”.

In response to this, the vice-president of the European Commission Maros Sefcovic stated that, “We are (with you)”.

EURUSD fell to its lowest level since June on the current tensions.

Crude oil prices back above $100 per barrel

Crude oil prices were once again trading above $100 per barrel, as markets underwhelmed by the IEA’s plan to release oil reserves.

The International Energy Agency agreed to release 60 million barrels of oil in a bid to quash rising oil prices, which have come as a result of the Russia/Ukraine war.

According to officials at the IEA, the move was intended, “to send a unified and strong message to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine”.

Many will now wait to see what OPEC and its allies, which includes Russia, will do in regard to growing oil prices.

As of writing this, WTI crude was trading at $105 per barrel.

Shell, YouTube join Russian boycott

Following on from British Petroleum on Monday, Shell and YouTube today announced their own boycott of Russian business.

Like BP, Shell says it plans to end its joint ventures with Russian business as a direct result of the current war on Ukraine.

💡 In a statement, Shell CEO Ben van Beurden said that
“We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threatens European security”.

YouTube also confirmed that it will be removing Russian media platforms from its services due to the current tensions.

The channels for RT and Sputnik were removed by YouTube, who stated that, “Due to the ongoing war in Ukraine, we’re blocking YouTube channels connected to RT and Sputnik across Europe, effective immediately”

 “I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime.”

-Jim Rogers.

Eliman Dambell

Senior Market Analyst