Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Ukraine and Russia: What you need to know right now

Published by Jessica Weisman-Pitts

Posted on June 2, 2022

Featured image for article about Top Stories

(Reuters) – Russian forces tightened their grip on an industrial Ukrainian city as part of their drive to control the eastern Donbas region and targeted rail links used to ferry in weapons from Kyiv’s Western allies as the war nears its 100th day on Friday.

FIGHTING AND WEAPONS

* Russian forces in Ukraine’s east are attempting to advance south towards the key Ukrainian-held cities of Kramatorsk and Sloviansk, Donetsk region governor said.

* Civilians are sheltering from Russian shelling under a chemical plant in Sievierodonetsk and authorities fear it may still have stocks of dangerous materials, the regional governor told Reuters.

* Russian forces control 70% of Sievierodonetsk, with 10-15% a “grey zone” and the rest in Ukrainian hands, Luhansk governor Serhiy Gaidai said.

* Russia’s defence ministry said its military had downed a Ukrainian Su-25 fighter jet in the Mykolaiv region.

* U.S. President Joe Biden announced a new $700 million weapons package for Ukraine, including rocket systems capable of pinpoint strikes at targets as far away as 80 km (50 miles).

* The Biden administration plans to sell Ukraine four drones that can be armed with Hellfire missiles for battlefield use against Russia, sources said. The Kremlin said they would have no impact on its military operation.

ECONOMY

* Russia described as “self-destructive” European Union’s decision to largely phase out imports of Russian oil.

* Ukraine’s 2022 wheat harvest is likely to drop to 19.2 million tonnes from a record 33 million tonnes in 2021, Ukrainian grain traders’ union UGA said.

* Ukraine hoisted its main interest rate to 25% from 10% to tackle double-digit inflation and protect the hryvnia as some business activity returns.

DIPLOMACY

* European Union diplomats gave final approval to the bloc’s sixth round of sanctions on Russia, one told Reuters.

* President Volodymyr Zelenskiy called on the West to step up its weapons supplies.

* Russia said on Wednesday it did not rule out a meeting between President Vladimir Putin and Zelenskiy.

* Ukraine is working with international partners to create a U.N-backed mission to restore Black Sea shipping routes, its foreign ministry said.

* Kremlin says Russia has no plan to close “the window” to Europe which Tsar Peter the Great sought to open 300 years ago despite heavy sanctions.

QUOTES

“Ukraine needs weapons to liberate Ukrainian territory that Russia has temporarily occupied. We are not fighting on Russian territory” said Andriy Yermak, Zelenskiy’s chief of staff.

COMING UP

* Biden and his national security adviser will meet NATO Secretary-General Stoltenberg in Washington on Thursday, the White House said.

(Compiled by Tomasz Janowski)