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Ukraine and Russia: What you need to know right now
Global Banking & Finance Review®
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(Reuters) – Ukrainian President Volodymyr Zelenskiy urged the West to stop playing around with Russia and impose tougher sanctions on it end its “senseless war”, adding his country would remain independent, the only question was at what price.
(Reuters) – Ukrainian President Volodymyr Zelenskiy urged the West to stop playing around with Russia and impose tougher sanctions on it end its “senseless war”, adding his country would remain independent, the only question was at what price.
FIGHTING
* The military situation in eastern Ukraine is even worse than people say it is and the country needs heavy weapons now to effectively fight Russia, Foreign Minister Dmytro Kuleba said.
* Russian shelling killed at least seven civilians and wounded 17 in the city of Kharkiv in northeastern Ukraine, authorities said.
* As the United States and its allies provide Ukraine with increasingly sophisticated arms, Washington has held discussions with Kyiv about the danger of escalation if it strikes deep inside Russia, U.S. and diplomatic officials told Reuters.
* Russian Foreign Minister Sergei Lavrov has warned the West that supplying weapons to Ukraine capable of hitting Russian territory would be “a serious step towards unacceptable escalation”, Tass news agency said.
DIPLOMACY
* President Zelenskiy complained about divisions inside the European Union over more sanctions against Russia and asked why some nations were being allowed to block the plan.
* The World Health Organization assembly passed a motion condemning a regional health emergency triggered by Russia’s invasion of Ukraine and rejected a rival resolution from Moscow that made no mention of its role in the crisis.
* Finland’s prime minister said Russia’s actions in Ukraine were a turning point for the world and relations with Moscow could not go back to how they were before its invasion.
ECONOMY
* The White House said it expects minimal impact on the U.S. and global economy from a potential Russia debt default as Washington decided to not extend a waiver that enabled Russia to pay U.S. bondholders.
* Russian President Vladimir Putin and Italy’s Prime Minister Mario Draghi discussed ways to help ease the international food crisis, with the Kremlin saying this could be done only if the West lifts sanctions.
* Hungary needs 3-1/2 to 4 years to shift away from Russian crude and make huge investments to adjust its economy and until there is a deal on all issues, it cannot back the EU’s proposed oil embargo, a top Hungarian aide said.
QUOTES
* “Russia has the advantage but we are doing everything we can,” Ukrainian General Oleksiy Gromov said.
COMING UP
* An EU summit on May 30-31 could see divisions between members who want to take a hard line against Russia and those calling for a ceasefire.
(Compiled by Robert Birsel)
A sanction is a penalty or restriction imposed by one country on another, often to influence behavior or policy. Sanctions can include trade barriers, tariffs, or restrictions on financial transactions.
Military escalation refers to an increase in the intensity or scope of military actions, often leading to a broader conflict. This can involve deploying more troops, advanced weaponry, or expanding the area of combat.
A debt default occurs when a borrower fails to meet the legal obligations or conditions of a loan, such as not making scheduled payments. This can lead to serious financial consequences for both the borrower and lenders.
Heavy weapons are large-caliber firearms and artillery used in military operations. Their significance lies in their ability to inflict substantial damage and influence the outcome of battles in armed conflicts.
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