MULTILATERAL: Switzerland Rejects Sanctions & more – 22nd Oct 2024

Saluton from BA! This is the Rorshok Multilateral Update from the 22nd of October twenty twenty-four. A summary of what's going down in the world's major multilateral institutions.

For our first story this week, on Thursday the 17th, during a European Council summit, Ukrainian President Volodymyr Zelensky made a bold statement, suggesting that Ukraine's future security hinges on either joining NATO or reclaiming nuclear capabilities. This marked a stark reminder of the nineteen ninety-four Budapest Memorandum, in which Ukraine gave up its nuclear arsenal in exchange for security guarantees that have since been undermined by Russia’s invasion. Zelensky clarified that Ukraine still favors NATO membership over nuclear arms as the most effective security guarantee​.

Next up, the United States was disappointed over Switzerland’s decision not to fully adopt the latest EU sanctions against Russia on Friday the 18th. The US Ambassador to Switzerland raised concerns about a loophole that could allow Swiss subsidiaries of foreign companies to circumvent sanctions designed to restrict Russia’s access to finances and materials necessary for its war against Ukraine. Even though Switzerland has aligned with many EU measures, it opted out of certain sanctions, such as restrictions on patent applications by Russian companies, citing that no intellectual property violations were committed against Swiss firms.

For another story on Europe, on Thursday the 17th, the Organization for Security and Cooperation in Europe, or OSCE, raised concerns over a proposed fake news bill in Cyprus, warning that it could undermine free expression. The bill includes criminal penalties for misinformation, defamation, and obscene content. The OSCE criticized it for its vague language and potential to harm press freedom. They recommended reconsidering or refining the bill to ensure compliance with international human rights standards, especially regarding criminal defamation.

Onto some news about Africa: Philémon Yang, the United Nations General Assembly President, highlighted Africa's progress toward the Sustainable Development Goals during a debate on African development on Thursday the 17th. He emphasized the continent's challenges, including electricity deficits, food insecurity, and a $1.6 trillion US dollar financing gap. Yang also called for a more equitable global financial system to prioritize investments over debt servicing. Despite obstacles, he praised Africa's resilience, noting expected economic growth.

Since we mentioned the United Nations, on Wednesday the 16th, the spokesperson for the UN Secretary-General expressed deep concern over the escalating conflict in Sudan. The conflict has displaced more than eight million people internally and driven almost three million to seek refuge in neighboring countries. Chad has seen a surge in arrivals, with 25,000 people entering in just the first week of this month. The UN calls for a halt to the fighting, improved humanitarian access, and increased cholera response efforts. Funding shortages are also blocking aid for refugees.

On Monday the 14th, the International Criminal Court prosecutor announced a renewed investigation into alleged crimes in the North Kivu province of eastern Congo, focusing on incidents since early twenty twenty-two. Over one hundred armed groups competing for resources have plagued the region, with over seven million displaced individuals.

In other news, The World Health Organization declared Egypt malaria-free on Sunday the 20th, a major public health milestone for the country. This achievement follows nearly a century of efforts to eradicate malaria, which has affected Egypt since ancient times. Egypt is the first country in the Eastern Mediterranean Region to have reached such an achievement since twenty ten.

Through genetic research, scientists found out that malaria was present in Egypt thousands of years ago. Significant efforts to mitigate the spread of the disease in the country started in the nineteen twenties, when the government made certain agricultural farming illegal near people’s homes to reduce contact with mosquitos.

Speaking of Egypt, on Sunday the 20th, its President, Abdel Fattah el-Sisi, stated that the nation’s deal this year with the International Monetary Fund or IMF that gives Egypt a loan of $5 billion US dollars could be reassessed due to rising economic pressures in the country. Egypt has faced increasing challenges, including high inflation and currency devaluation. Sisi emphasized that the government is working on measures to stabilize the economy, but potential revisions to the IMF agreement may be necessary to address the growing fiscal strain.

In some updates on Israel’s conflict in the Middle East: the UN Security Council voiced significant concern over Israeli attacks that resulted in injuries to UN peacekeepers in southern Lebanon on Tuesday the 15th. This was the Council's first statement since the violence intensified, with five peacekeepers reported wounded. The Council emphasized the importance of respecting the safety of UN personnel and called for all parties to adhere to international humanitarian law amid rising tensions and civilian casualties in the region.

Israel recently confirmed the death of Yahya Sinwar, the leader of Hamas and the alleged plotter behind the massive terrorist attack last year. Despite his death, Israel's government said that the wouldwill continue.

In Asia, by twenty thirty, the Association of Southeast Asian Nations, or ASEAN, is projected to become the world's fourth-largest economy, according to a report by the ASEAN+3 Macroeconomic Research Office released on Thursday the 17th. The report says that the growth stems from the rising demand for goods that are produced in the region, increased foreign investment, and the successful integration of member economies. The report highlights the significance of digital transformation and sustainable development as key drivers for this economic expansion in Southeast Asia.

For some good news on the environment, the Government of Bangladesh and the UN Development Program launched initiatives aimed at conserving biodiversity and wetlands on Friday the 18th. These projects are focused on improving the resilience of ecosystems and local communities in the face of climate change. The collaboration will try to promote sustainable practices while addressing environmental challenges.

Now let’s head over to Latin America as the Inter-American Development Bank announced on Saturday the 19th that it would give Argentina four billion US dollars in aid. The assistance package is designed to support the country’s economic recovery, focusing on sectors such as infrastructure, education, and digital transformation. This comes as Argentina faces significant economic challenges. Right now, much of the population is living below the poverty line, and the number is only increasing. The rates of homelessness are also going up. The funding aims to bolster development and create long-term stability through sustainable projects.

On Friday the 18th, The Pan American Health Organization, or PAHO, issued an update on Oropouche fever, a viral illness affecting parts of the Americas, causing headaches and joint pain, apart from fever. The leaders of PAHO emphasized the importance of ongoing surveillance and control measures to mitigate the spread of the virus, while also highlighting the need for public health interventions to protect vulnerable populations, particularly in monitoring for disease symptoms.

According to the National Institute of Health in the United States, there have been at least thirty epidemics associated with the disease in the last sixty years. More than 500,000 cases have been reported, primarily in Brazil, Panama, and Peru. However, there is no evidence that an individual can get infected by having close contact with another person, as the disease primarily comes from insect bites.

And to close this edition, some updates on the oil markets: on Wednesday the 16th, the Organization of Petroleum Exporting States reduced its global oil demand forecast for twenty twenty-four to about twenty million barrels per day, largely due to a significant downgrade in China's economic outlook. The revision reflects concerns about lower consumption from China, the world's largest oil importer.

Aaand that’s it for this week! Thank you for joining us!

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See you next week!