Market Chatter: China, Russia Veto UN Resolution Protecting Hormuz Shipping Lanes

MT Newswires Live
Apr 08

China and Russia vetoed a resolution by the United Nations to protect commercial shipping in the Strait of Hormuz, saying the measure is skewed against Iran, Reuters reported Tuesday.

The veto came before both the U.S. and Iran agreed to a two-week ceasefire.

The council voted 11 for the resolution presented by Bahrain and two against, with two abstentions, according to the report.

U.S. ambassador to the U.N. Mike Waltz slammed the veto, calling it a "new low" as the closure of the strait prevented the flow of medical aid and supplies to crisis-hit areas, Reuters reported.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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