(Bloomberg) — Talks between Russia and Ukraine were set to resume Friday, a Ukrainian official said, as the United Nations said relief convoys had so far failed to reach Mariupol after the port city was devastated from weeks of shelling by Moscow’s forces.
Russia agreed to hand back control of the Chernobyl nuclear plant to Ukraine, the International Atomic Energy Agency said, citing Ukrainian officials, after its military gained control of the highly contaminated area still suffering from the effects of one of the world’s worst nuclear disasters.
President Vladimir Putin said Russia would continue supplying gas to Europe even as it demands customers pay in rubles, easing fears the change could lead to damaging disruptions. European Union leaders plan to warn Putin’s key ally China that it will suffer a blow to its global role if it offers support for the Kremlin’s invasion.
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Key Developments
- Biden Embraces Oil as Ukraine War Overwhelms His Climate Agenda
- EU to Warn China It Will Damage Global Role by Helping Russia
- Biden Orders Huge Oil Release, Prods Drillers to Step Up Output
- Putin Says Russia Will Keep Supplying Gas Amid Shift to Rubles
- Quitting Russia LNG Proves Tough as Nation’s Exports Stay Strong
- Russians Embrace Putin’s Ukraine War as Kremlin Muzzles Dissent
All times CET:
EU to Warn China Over Russia (6:00 a.m.)
European Union leaders plan to tell President Xi Jinping in a summit that China will hurt its global stature if it hands Russia an economic or military lifeline. That pointed message will test Beijing’s commitment to keeping the war from damaging its ties with Brussels.
European Commission President Ursula von der Leyen said China had a “special responsibility” to demand that Russia respect international law and to defend Ukraine’s sovereignty.
Russia Jamming Jet Navigation, French Official Says (6:00 a.m.)
Russia’s military has been jamming satellite navigation systems used by commercial aircraft since the invasion of Ukraine, highlighting the need for robust alternatives, according to a French safety regulator.
Airline pilots have reported disruptions in regions around the Black Sea, eastern Finland and the Kaliningrad enclave, said Benoit Roturier, head of satellite navigation at France’s civil aviation authority DGAC. The interference appears to be caused by Russian trucks carrying jamming equipment typically used to protect troops and installations against GPS-guided missiles, he said.
Russia Is Jamming Jet Navigation, French Safety Official Says
Stocks Mixed as Crude Oil Drops (5:8 a.m.)
U.S. equity futures pushed higher and Asian stocks were mixed as investors evaluated the economic outlook amid moderating oil prices, tightening Federal Reserve policy and Russia’s war in Ukraine.
Oil held losses on a move by the U.S. to release roughly a million barrels a day from reserves to tackle rising energy costs. Russia’s invasion has disrupted commodity flows, fanning prices for everything from fuel to food.
China Minister Says No One Can Split G20 (4:51 a.m.)
All members of the Group of 20 nations have equal status and no one has the power to split the group, Chinese Foreign Minister Wang Yi said, according to a ministry statement.
The statement comes about a week after President Joe Biden said Russia should be removed from the Group of 20 over its actions in Ukraine
Japan Won’t Exit Sakhalin-1 or 2 (4:00 a.m)
Japanese Prime Minister Fumio Kishida said the country won’t withdraw from the Sakhalin-1 or 2 oil and gas project in Russia.
Resource-poor Japan currently gets 3.6% of its imported crude oil from Russia, while roughly 90% of it comes from Middle Eastern countries, according to trade ministry data. Japan procures 9% of its LNG and 13% of its thermal coal imports from Russia.
UN Aid Convoy Reached Sumy, Mariupol Blocked (10:40 p.m.)
The United Nations said its aid convoy was able to get through to the northeastern city of Sumy, where it delivered food, medicine and other supplies. But it said that the UN and partners have still not been able to deliver aid to other regions, including the besieged port of Mariupol, “despite extensive efforts and ongoing engagement with the parties to the conflict.”
Ukraine Says Russian Forces Exposed to Radiation (9:33 p.m.)
Russian troops began leaving the Chernobyl nuclear plant after soldiers got “significant doses” of radiation from digging trenches at the highly contaminated site, Ukraine’s state power company said Thursday as fighting raged on the outskirts of Kyiv and other fronts.
The International Atomic Energy Agency said it was unable to confirm the reports of radiation exposure and is “seeking further information.” The IAEA said it was told by Ukrainian officials that Russia has transferred control of the facility, in writing, back to Ukraine.
Ukraine Says Less Than 1,500 People Evacuated Thursday (9:08 p.m.)
Just under 1,500 people were evacuated Thursday through three corridors, including 631 from the besieged port city of Mariupol, Ukrainian Deputy Prime Minister Iryna Vereshchuk said.
Despite guarantees from the International Red Cross and Moscow, Russian troops blocked Ukrainian buses from entering Berdyansk, a port about 90 kilometers (56 miles) from Mariupol, and Melitopol, Vereshchuk said.
At the requests of French President Emmanuel Macron and German Chancellor Olaf Scholz, Russia will open a humanitarian corridor from Mariupol to Kyiv-controlled territory on Friday as well, Ria Novosti reported, citing the Russian Defense Ministry.
White House Jabs Putin, Again (8:21 p.m.)
Biden said there are signs that Putin has fired or detained key advisers.
“There’s a lot of speculation,” Biden said, adding that Putin “seems self-isolated.” Biden also said it’s an “open question” how misinformed Putin is about the status of his military’s efforts in Ukraine.
“But I don’t want to put too much stock in at this time because we don’t have that much hard evidence,” he added.
Russian Forces Seen Leaving Chernobyl (7:50 p.m.)
Ukraine’s nuclear regulator said the head of Russian troops at the Chernobyl facility said they are departing after taking the facility infamous for its 1986 meltdown in the early days of the war.
Leonid Oliynyk, Energoatom’s spokesman, confirmed a letter posted on Telegram announcing the departure. Oliynyk — who isn’t at Chernobyl — said he was told that most Russian troops left the facility in two columns and appeared headed toward Belarus. It didn’t appear that all Russian troops had departed, however.
EU Pushed to Debate Withholding Some Energy Revenue (7:45 p.m.)
Estonian Prime Minister Kaja Kallas asked the European Commission to present a proposal to withhold a share of the revenue that goes to Russia for its energy exports as a possible alternative to a broader energy embargo, according to a document seen by Bloomberg News.
The Baltic nation, which has demanded tougher sanctions on Moscow, is proposing that the money stay frozen in a special account until Russia withdraws its troops from Ukraine, and wants the proposal to be included in the EU’s next sanctions package. Kallas said that the EU has collectively paid more than 22 billion euros ($24 billion) to import energy from Russia since the start of the war last month.
Russian Rail Among Firms to Miss Bond Deadlines (5:59 p.m.)
Russian Railways JSC, EuroChem and Chelyabinsk Pipe Plant have missed deadlines to make interest payments on foreign-denominated bonds after the cash got stuck for compliance checks on its way to investors.
The companies now face the risk of creditors declaring they’re in default. The specter of default hash shadowed Russia in the wake of sanctions imposed in response to the invasion of Ukraine. Russian Railways said it serviced all debt on time, Tass reported, citing the company.
Russian Stocks Rise after Short-Selling Ban Ends (5:59 p.m.)
Russian equities rose on Thursday after a short-selling ban on local stocks was lifted, one of the measures that helped limit the declines in the market after a record long shutdown.
The MOEX Russia Index jumped 7.6%, with gas giant Gazprom PJSC and oil producer Lukoil PJSC leading the gains.
With Dissent Muzzled, Russians Embrace Putin’s War (4:53 p.m.)
Support for Putin has surged among Russians following his invasion of Ukraine, according to the country’s leading independent pollster, even as a Kremlin crackdown on protest raises questions about public willingness to express opposition to the war.
Some 83% approved of Putin’s actions as president in a March 24-30 survey of 1,632 respondents, an increase of 12 percentage points on the previous month and the highest since 2017, the Moscow-based Levada Center reported.
Congress in Bipartisan Effort on Tracking War Crimes (5:24 p.m.)
The top Democrat and Republican on the House Foreign Affairs Committee introduced legislation on a coordinated effort to collect and preserve evidence of potential war crimes committed by Russian troops in Ukraine. The measure also outlines a process for submitting the evidence to relevant courts or tribunals.
The effort follows passage in the Senate of legislation introduced by South Carolina Republican Lindsey Graham encouraging countries to submit evidence of war crimes committed in Ukraine to the International Criminal Court.
EU to Offer Members 40 Euros a Week Per Refugee (5:22 p.m.)
The European Commission plans to offer member states 40 euros ($44) a week for each refugee they’re hosting from Ukraine as part of a new mechanism to speed up the payment of existing EU funds to cope with the ongoing crisis, a senior EU official said.
The mechanism was adopted Thursday by the commission and is expected to be signed off by the European Parliament and member states next week, the official said. Some 4 million people have fled Ukraine since Feb. 24, over 9% of the country’s pre-war population, with about 2.4 million entering Poland in the first instance.
Biden Orders Record Oil Release From U.S. Reserves (5:02 p.m.)
Blaming Russia’s war in Ukraine for a surge in energy costs, the U.S. will release roughly a million barrels of oil a day from its reserves for six months, a historic drawdown that underscores White House concern about rising prices and supply shortages.
The administration also will push the International Energy Agency to coordinate releases from reserves by other oil-consuming nations. The organization will meet within days, two people familiar with the matter said, and the administration expects other countries will make some reserve releases but not as much as the U.S.
Putin Says Russia Will Keep Supplying Gas (4:40 p.m.)
Russia aims to keep supplying gas to European customers even as it demands they shift to payment in rubles, President Vladimir Putin said. The comment eased fears that the shift could lead to disruptions from the continent’s biggest supplier.
“We will continue to supply gas in the volumes and at prices set down in the current long-term agreements,” Putin said in televised comments. “Russia values its business reputation.” European officials said the change to rubles isn’t likely to affect supplies.
U.S. Sanctions Russian Chip Exporter (4:30 p.m.)
The U.S. announced sanctions against what it said was Russia’s biggest chipmaker and largest exporter of microelectronics among a group of 21 entities and 13 individuals. The move constitutes a fresh effort to penalize Moscow’s “war machine,” Treasury Secretary Janet Yellen said in a statement.
The Treasury Department said Mikron, the chipmaker, received tax benefits from Russia’s government to help develop the Mir payment system, which Moscow has used to help insulate it from financial penalties levied by U.S., European and allied governments and the subsequent withdrawal of Visa and Mastercard from the country.
Scholz Says Russia Must Allow European Companies to Pay in Euros (3:55 p.m.)
German Chancellor Olaf Scholz reiterated that Putin must honor contracts for Russian gas that allow companies to pay in dollars and euros.
“We looked at the gas supply contracts and there it says that payment is to be made in euros, sometimes in dollars but most of the time in euros,” Scholz told reporters in Berlin on Thursday. “And I made it clear in the conversation with the Russian president that it will remain this way.
NATO Says Russia Regrouping, Not Withdrawing (1:20 p.m.)
Russian forces are not pulling out of Ukraine, but regrouping to focus their attention on the eastern Donbas region, NATO Secretary General Jens Stoltenberg told reporters in Brussels.
“According to our intelligence, Russian units are not withdrawing but repositioning. Russia is trying to regroup, resupply and reinforce its offensive in the Donbas region,” he said. “At the same time, Russia maintains pressure on Kyiv and other cities, so we can expect additional offensive actions bringing even more suffering.”
Putin Tells Draghi EU May Pay for Gas in Euros, Dollars (12:28 p.m.)
Draghi said the Russian leader told him in a phone call Wednesday that EU companies will still be able to pay for gas in euros or dollars and the ruble conversion will take place internally, echoing statements made to German Chancellor Olaf Scholz that were relayed by the government in Berlin. The Italian premier said switching currencies for such contracts is no simple matter.
“It is absolutely not easy to change the currency used to pay for key goods internationally,” Draghi said during a press conference Thursday. Converting to euro payments in recent years has been difficult enough, he said.
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