(Bloomberg) —
Joe Biden and China’s Xi Jinping will speak Friday about Russia. A Kremlin spokesman said a report of major progress in talks with Ukraine was “wrong” but that discussions will continue on Thursday. Ukrainian President Volodymyr Zelenskiy addressed German lawmakers a day after an impassioned address to U.S. Congress. Biden branded Russian President Vladimir Putin a “war criminal” and offered $800 million-worth of new weaponry to Ukraine.
Ukraine’s military said Russian strikes continued on infrastructure sites and on densely populated areas of cities. But it said the Kremlin’s forces remain bogged down on the ground. Russia said its troops were advancing through the town of Sievierodonetsk in the Luhansk region in the east. Fighting continues close to Kyiv.
Group of Seven foreign ministers meet virtually Thursday to discuss the crisis. On Wednesday Zelenskiy told NBC News that negotiations with Russia are continuing but are “fairly difficult.”
(See RSAN on the Bloomberg Terminal for the Russian Sanctions Dashboard.)
Key Developments
- China Affirms Ukraine Friendship, Promise to ‘Never Attack’
- Broke Oligarch Says Sanctioning Billionaires Won’t Sway Putin
- War in Ukraine Sends Shockwaves Across European Industries
- Russia’s Ruined Gameplan for Ukraine Is Visible in the South
- In a Chilling Threat, Putin Vows to Rid Russia of ‘Traitors’
- Escape From Mariupol: One Man’s Story of the Devastation of War
All times CET
Russia Widens Its Net to Muzzle Free Speech (2:33 p.m.)
A social media influencer known on Instagram as Belonika is one of the first people to run afoul of Russian legislation that makes criticism of the war in Ukraine punishable by as many as 15 years in jail.
Veronika Belotserkovskaya until recently mostly posted pictures of her glitzy lifestyle, but when Russia invaded Ukraine her posts turned political, often searing in their opposition to the war and Russian leader Vladimir Putin.
Russia’s Investigative Committee say the posts “discredited” government authorities and Russia’s armed forces. She’s not in Russia, though, and the country may seek to put her on international wanted lists, the committee said.
UNSC to Hold Another Emergency Meeting (1:39 p.m.)
The United Nations Security Council on Thursday will hold another emergency meeting on Russia’s war on Ukraine, this time at the request of the U.S.
While the council has little power to influence Russia’s actions, the meetings have served as a venue to underscore international criticism of Moscow. Thursday’s meeting is set for 3 p.m. New York time.
Biden to Speak With Xi Jinping on Friday (1:05 p.m.)
President Joe Biden will speak with Chinese counterpart Xi Jinping on Friday, as the U.S. leader looks to shore up global pressure on Russia to halt its war in Ukraine.
It will be the pair’s first call since November, and follows a meeting in Rome Monday between National Security Adviser Jake Sullivan and China’s top diplomat, Yang Jiechi.
“The two leaders will discuss managing the competition between our two countries, as well as Russia’s war against Ukraine and other issues of mutual concern,” the White House said in a statement.
EU’s Dombrovskis Warns of Threat to Baltics (12:05 p.m.)
The EU must be willing to do “everything we can to stop Russia,” said European Commission Vice President Valdis Dombrovskis, adding that Russia’s financial market is “close to collapse” from the bloc’s four rounds of sanctions.
“If we do not show our strength, there is every possibility that Putin will ramp up his military ambitions and attack other neighboring countries, or even challenge NATO in the Baltic countries or Poland,” Dombrovskis told students at the College of Europe in Bruges, Belgium, on Thursday, according to a copy of his remarks.
UAE, Russia Discuss Energy Markets (11:21 a.m.)
The United Arab Emirates and Russia discussed the importance of stable energy markets, the UAE’s foreign minister Sheikh Abdullah bin Zayed said during a visit to Moscow.
“We discussed global energy supplies and the essential goods markets, as well as the importance of energy and food stability for the global economy,” he said after meeting with Russian counterpart Sergei Lavrov. The UAE and Russia are both part of the OPEC+ alliance.
Kremlin Denies Major Progress Made in Talks (11:00 a.m.)
Kremlin spokesman Dmitry Peskov said a Financial Times report of substantial progress in talks with Ukraine was “wrong” but that the discussions will continue on Thursday. He blamed Kyiv for dragging its feet on negotiations, saying Ukraine’s government was “in no rush.” Ukraine dismissed the Financial Times report on Wednesday, saying significant issues remained.
Peskov also said that President Joe Biden’s characterization of Vladimir Putin as a “war criminal” was “unforgivable.”
Futures on the S&P 500 and Nasdaq 100 extended declines and stocks in Europe turned lower after the comments. Treasury yields rose, and crude oil advanced.
Swatch Expects to Hit Sales Goal Despite Russia Halt (10:46 a.m.)
Swatch Group AG Chief Executive Officer Nick Hayek said the Swiss watchmaker can meet its full-year sales forecast even after shuttering its operations in Russia amid the war in Ukraine.
Swatch halted exports to Russia this month and closed stores while continuing to pay employees after Russia invaded Ukraine.
Russia Not Acting Like It Wants to Settle, Pentagon Aide Says (10:30 a.m.)
Russia continues to “hammer” cities like Kharkiv and Cherniyiv with bombardments and rocket systems, Pentagon spokesman John Kirby said in an interview with Bloomberg TV.
“For all the talk about wanting to find a diplomatic path forward, we haven’t seen them act on that,” Kirby said. “What you’re seeing by the Russians on the ground is a full-on commitment to military operations.”
Kirby said Ukrainian forces have essentially stalled Russia’s advance and are using weapons received from allies in an effective way.
Russian Invasion Is ‘New Wall,’ Zelenskiy Tells Germans (9:49 a.m.)
Zelenskiy said Russia’s invasion of Ukraine was erecting a “new wall” in Europe, a reference to the Berlin Wall that symbolized post-World War II division. Speaking to German lawmakers, Zelenskiy beseeched Chancellor Olaf Scholz to abandon the country’s traditional commercial interests with Russia and “tear down this wall” — evoking President Ronald Reagan’s iconic 1987 speech at the Berlin Wall, directed to then-Soviet leader Mikhail Gorbachev.
“Give Germany the leadership role you deserve,” Zelenskiy told the lower house in a video address from Kyiv, saying the much more distant U.S. had become “closer to us than you.” He lamented Germany’s long-standing support for the Nord Stream 2 pipeline, a direct link with Russia, as a “sad” legacy — and said that continued energy imports from Russia are financing the Kremlin’s military goals.
Before the speech, Katrin Goering-Eckardt, a deputy Bundestag speaker from the Green party, said Russia’s military was deliberately targeting civilians in Ukraine in a “blatant violation of international law.” Russia has denied targeting civilians, including some 1,300 sheltering at a Mariupol theater.
Ruble Gains for a Sixth Day; European Stocks Up (9:48 a.m.)
Russia’s Finance Ministry said it had sent the order for a $117 million coupon payment on its Eurobonds to the foreign correspondent bank on March 14. The ruble gained for a sixth day in Moscow trading.
Austria’s Raiffeisen Bank Considers Exit From Russia (9:47 a.m.)
Austria’s Raiffeisen Bank International AG said it was considering all options for the future of its Russian subsidiary, including a carefully managed exit from the market.
Raiffeisen, the largest foreign-owned retail bank Russia, is continuing operations in all countries for now and is complying with international sanctions law, it said.
China Affirms Its Friendship With Ukraine (9:13 a.m.)
China’s foreign ministry endorsed earlier remarks by its envoy to Ukraine, seen as some of Beijing’s most supportive comments yet to the war-torn country.
On Monday, Ambassador Fan Xianrong told the governor of the western city of Lviv that China was a “friendly country for the Ukrainian people” and would “never attack Ukraine,” according to a summary posted on the Lviv government’s website. He went on to profess China’s “respect” for the state and praise the strength and unity of the Ukrainian people.
Asked on Thursday about Fan’s comments, Foreign Ministry spokesman Zhao Lijian said “China surely supports these remarks by our ambassador in Ukraine. China supports all efforts that are conducive to easing the situation and for a political settlement.” A day earlier Zhao had said he wasn’t aware of the comments, creating uncertainty about whether Fan had expressed the government’s position.
U.K. Says Russia ‘Stalled On All Fronts’ (7:00 a.m.)
As the invasion of Ukraine enters its fourth week, the attack “has largely stalled on all fronts,” according to a U.K. Defense Intelligence assessment. “Russian forces have made minimal progress on land, sea or air in recent days and they continue to suffer heavy losses.”
House Moves to Revoke Russia’s Trade Status (4:48 a.m.)
Lawmakers are close to an agreement for legislation to revoke normal trade relations with Russia, the latest move in a series of congressional efforts to hobble the Russian economy in response to the invasion of Ukraine.
Removing Russia’s “most-favored-nation” trade status would enable the U.S. to impose higher tariffs on Russian goods, and take other actions. House Majority Leader Steny Hoyer said the vote would take place Thursday. Revoking the status, which in the U.S. requires legislation, would put Russia in the same category as other states viewed by Washington as pariahs including North Korea and Cuba.
Russia Bombed Civilian Shelter, Mariupol Council Says (1:28 a.m.)
A Russian plane bombed a theater in the besieged southern city of Mariupol where hundreds of people have been sheltering, according to the city council. Debris blocked the entrance to the interior and shelling continues, making it impossible to assess casualties, officials said.
The Maxar satellite firm collected images showing the word “children” was written in large white letters in Russian in front of and behind the theater. Ukrainian officials said air-strikes also hit a swimming-pool building that was serving as a shelter, and a convoy of civilian evacuees.
Russia’s embassy in the U.S. rejected the report that the theater was attacked by the Kremlin’s forces, calling it the latest example in a campaign of disinformation, state-run news service Itar-Tass reported.
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