Russia promises ceasefire for Ukrainians to flee battered cities

Russia said it is ready to provide humanitarian corridors on Wednesday for people fleeing Kyiv and four other Ukrainian cities, as the number of refugees created by the biggest assault on a European country since World War Two surpassed 2 million.

Mikhail Mizintsev, head of Russia's National Defence Control Centre, was quoted as saying by the Tass news agency that Russian forces would "observe a regime of silence" from 10 a.m. Moscow time (0700 GMT) to ensure safe passage for civilians wishing to leave Kyiv, Chernihiv, Sumy, Kharkiv and Mariupol.

It was unclear if the proposed routes would pass through Russia or Belarus, conditions previously opposed by the Ukrainian government.

Civilians fled the besieged city of Sumy on Tuesday in the first successful "humanitarian corridor" opened since Russia's invasion. Ukraine accused Russian forces of shelling another evacuation route, from Mariupol in the south of the country.

A U.S. ban on imports of Russia's oil sparked a further increase in the oil price. Prices have surged more than 30% since Russia invaded its neighbour on Feb. 24. O/R

Russia - the world's second-largest exporter of crude - has warned the cost will skyrocket further if the West implements bans.

Despite the prospect of higher household bills, U.S. President Joe Biden said Russian President Vladimir Putin needed to face consequences for the assault.

"The American people will deal another powerful blow to Putin's war machine," he said.

The Kremlin describes its actions as a "special operation" to disarm Ukraine and unseat leaders it calls neo-Nazis. Ukraine and Western allies call this a baseless pretext for a war of choice that has raised fears of wider conflict in Europe.

Adding to Russia's global isolation, McDonald's, a symbol of capitalism that opened in Russia as the Soviet Union fell, and coffeehouse chain Starbucks will temporarily close stores, while Pepsi will stop selling its soft drink brands and Coca-Cola is halting business in the country.

Western countries are walking a fine line between using harsh sanctions to stop the war as quickly as possible, while also protecting their fragile economies from rising inflation.

The conflict and ensuing sanctions have played havoc with global supply chains, sending prices soaring not only for food and energy but also key raw materials like aluminium and nickel.

The London Metal Exchange was forced to halt trading in nickel - crucial for making stainless steel and electric vehicle batteries - on Tuesday as prices doubled to more than $100,000 per tonne due to worries about Russian supply.

Britain said it would phase out the import of Russian oil and oil products by the end of 2022, while the European Union published plans to cut its reliance on Russian gas by two thirds this year.