Ukraine Update: UN to Vote on Dropping Russia From Rights Body
(Bloomberg) — The United Nations General Assembly is set to vote Thursday on whether to suspend Russia from the Human Rights Council, as U.S. President Joe Biden accused the Kremlin’s forces of committing “major war crimes” in Ukraine.
The U.S. announced new sanctions that target two of Russia’s biggest banks and President Vladimir Putin’s adult daughters after saying Moscow’s forces carried out atrocities in towns near Kyiv that included the murder of civilians. Russia has repeatedly denied the allegations.
Italy said it would support a European Union ban on Russian gas if the bloc was united behind the idea — which it currently isn’t. Russia’s ruble has recovered to its pre-invasion level.
(See RSAN on the Bloomberg Terminal for the Russian Sanctions Dashboard.)
Key Developments
- U.S. to Sanction Putin Children, Banks Over Bucha Atrocities
- Mocked as ‘Rubble’ by Biden, Russia’s Ruble Comes Roaring Back
- Sanctions Hobble the Airline Built by ‘Russia’s Elon Musk’
- U.S. Warns India of Significant Costs From Russia Alignment
- U.S. Satellites Spying on Russia’s War Tap Commercial Technology
- What Secondary Sanctions Mean, for Russia and World: QuickTake
All times CET:
U.S. Shares Intelligence With Foreign Banks, FT Says (6:02 a.m.)
U.S. federal agencies are sharing intelligence with foreign banks to bolster defenses against potential cyberattacks in retaliation for the economic sanctions imposed on Russia, the Financial Times reported, citing unidentified people familiar with the briefings.
UN to Vote on Human Rights Council (4:40 a.m.)
The United National General Assembly will vote Thursday on whether to suspend Russia from the UN’s Human Rights Council over accusations of atrocities that include the murder of unarmed civilians, AFP and the Associated Press reported, citing spokeswoman Paulina Kubiak. A two-thirds majority vote from the assembly would be needed to suspend a state from the council.
Schumer Says Putin Guilty of Genocide (4:25 a.m.)
Senate Majority Leader Chuck Schumer, the top Democrat in the chamber, said President Putin must be held accountable for the “despicable war crimes he is committing against Ukraine.”
“When we murder wantonly innocent civilians because of who they are, whether it be their religion, their race, or their nationality, that is genocide, and Mr. Putin is guilty of it,” Schumer said in remarks on the Senate floor Wednesday. The Senate will vote Thursday on measures to revoke normal trade relations with Russia and ban oil imports from the country.
Commodity Markets on Rough Ride (2:34 a.m.)
Commodity markets continue to be whipsawed by disruptions sparked by Russia’s war in Ukraine and efforts to curb raw-material costs. Oil pared a sharp slump that was triggered by the International Energy Agency’s decision to deploy 60 million barrels from emergency stockpiles.
U.K. May Send Armored Vehicles to Ukraine, Times Says (11:45 p.m.)
The U.K. is drawing up plans to send armored vehicles to Ukraine, with options including the Mastiff or Jaguar patrol vehicles, The Times of London reported, citing official sources.
Additional support including anti-tank and anti-aircraft missiles is set to be announced within days, The Times said.
Yellen Hears Bipartisan Calls for Tougher Sanctions (10:15 p.m.)
U.S. Treasury Secretary Janet Yellen was pushed by legislators from both sides of the aisle during a House hearing to go further in cutting financial links with Russia.
Yellen told lawmakers the U.S. won’t take part in some Group of 20 meetings this year if Russia is allowed to participate, and said a proposal to create an escrow account for proceeds from Russian oil and gas sales was “worth exploring.”
Italy Ready to Back Russia Gas Ban if EU United (8:01 p.m.)
Italy would support a ban on Russian gas imports if the European Union is united behind it, Prime Minister Mario Draghi said. While such a proposal isn’t yet on the table, alleged Russian massacres of civilians in Ukraine is pushing EU leaders to take an increasingly harsh stance, he said.
Biden Says ‘Major War Crimes’ Were Committed (7:14 p.m.)
Biden said that Russia has committed “major war crimes” in Ukraine and that U.S. sanctions are crushing its economy.
“There’s nothing less happening than major war crimes. Responsible nations have to come together to hold these perpetrators responsible,” Biden said in a speech to a convention of construction unions in Washington on Wednesday.
He said that sanctions already imposed by the U.S. and allies are predicted to shrink the Russian economy by “double digits this year alone” and added that “we’re going to stifle Russia’s ability to grow its economy for years to come.”
U.S. Says War Crime Probes Could Take Long Time (6:46 p.m.)
Secretary of State Antony Blinken said war crime probes just getting underway as Russian troops withdraw from parts of Ukraine could take years but added, “I can guarantee you there will be a relentless effort to make sure that those responsible for what we’re seeing are held accountable.”
Blinken said in an interview with NBC News in Brussels that the scenes of civilian killings in Bucha and other areas where Russian troops have pulled back are worse than expected. Russia has denied committing atrocities.
Ukrainians in U.S. Get Switchblade Drone Training (06:35 p.m.)
A small number of Ukrainians who were already in the U.S. for military education have been trained on how to use dive-bombing Switchblade drones and will soon return to their country with that expertise, a senior American defense official told reporters.
The U.S. is sending Ukraine more than 100 of the armed drones, including 10 of the newest model equipped with tank-busting warheads.
EU Budget Chief Calls for Marshall Plan for Ukraine (6:01 p.m.)
Ukraine needs a new version of the Marshall plan to rebuild the country in the aftermath of Russia’s invasion, a senior EU official said.
EU budget chief Johannes Hahn told reporters Wednesday that a loan program under conditions would help Kyiv to recover quickly and “it might lead to a faster approximation to the EU.” The bloc is assessing Ukraine’s request to join the club.
Luxembourg Says Gas Sanctions Wouldn’t Stop War (5:44 p.m.)
Luxembourg’s foreign minister, Jean Asselborn, said he believed that Russian coal and oil are “not impossible” to sanction, but natural gas will be harder.
Speaking ahead of a gathering of NATO foreign ministers, Asselborn said countries like Austria and Germany have less flexibility on gas imports, and cutting them off would be unlikely to stop the war in any case.
EU Sanctions Debate Extends Into Thursday (5:33 p.m.)
The EU debate on sanctions is ongoing, with approval by the bloc’s ambassadors now expected as early as Thursday, according to an EU diplomat. The framework of the sanctions, including the coal ban, is largely agreed, and the remaining discussion focuses mostly on technical issues, the diplomat said.
U.S. Indicts Russian Oligarch Malofeev for Sanctions Violations (4:39 p.m.)
The Department of Justice unsealed an indictment against Russian businessman Konstantin Malofeev and said it froze millions of dollars linked to him at a U.S. bank. Attorney General Merrick Garland said Malofeev was a key source of financing for Russians promoting separatism in Crimea and provided backing for separatists in Ukraine’s Donetsk region.
After being sanctioned by the U.S. in 2014, following Russia’s seizure of Crimea, Garland said Malofeev sought to use co-conspirators to acquire and run media outlets in Europe.
U.S. Tells India Supporting Putin Will Have Consequences (4:30 p.m.)
U.S. officials warned the Indian government of “significant and long term” consequences if it continues to pursue a partnership with Russia despite the Ukraine war.
“Our message to the Indian government is that the costs and consequences for for them of moving into a more explicit strategic alignment with Russia will be significant and long term,” National Economic Council Director Brian Deese told reporters in Washington.
Ukraine Urges Mass Evacuation of Three Regions (3:25 p.m.)
Ukraine’s government urged people living in the regions of Kharkiv, Donetsk and Luhansk to immediately leave the areas as military officials prepare for a new assault by Russian forces.
“It’s necessary now because people will be under fire and the threat of death,” Deputy Prime Minister Iryna Vereshchuk said in a statement. “It’s necessary to evacuate while it’s still possible.”
Ruble Erases Invasion Loss, Bucking Default Risks, Sanctions (3:05 p.m.)
The Russian ruble has wiped out the steep losses it incurred in the weeks after Putin invaded Ukraine. The currency advanced past 81.16 per U.S. dollar in Moscow trading, the level it closed at on Feb. 23 — the day before Putin launched his attack.
Hungary Doesn’t Rule Out Paying Rubles for Russian Gas (2:55 p.m.)
Hungary wouldn’t have a problem paying in rubles for Russian natural gas, Premier Viktor Orban said at a news conference in Budapest. Orban spoke with Russian President Vladimir Putin on Wednesday and called for an immediate cease-fire in Ukraine. He also said Hungary is opposed to sanctions on Russian oil and gas, as well as to sending weapons to neighboring Ukraine.
Hungary hasn’t halted a Russian-backed nuclear project because the EU hasn’t sanctioned nuclear power contracts, even though the project faces years of delay past its original 2023 target date, he said.
Scholz Condemns ‘War Crimes’ in Ukraine (1:30 p.m.)
Scholz condemned what he called “war crimes” committed by Russian troops in Ukraine and said Europe will continue to increase pressure on Moscow with more sanctions.
“We are working on tightening the current sanctions again and the fifth package is in the final stages of debate,” Scholz said in the lower house of parliament in Berlin. “That will make another precise contribution to making Russia feel the consequences of this war.”
Mariupol Says Russia Using Crematoriums to Hide Bodies (1:30 p.m.)
The international outcry over the atrocities in the city of Bucha that Ukraine and its international partners say were committed by Russian troops has prompted Moscow to order its forces to collect dead bodies in besieged port of Mariupol and burn them in crematoriums, the Ukrainian city’s leadership council said.
The number of civilian killed by Russian attacks on Mariupol may be “much greater than 5,000,” the council said in a statement. Because of that, Russia may be hesitating to allow a Turkish-led relief mission and other initiatives and evacuations from the city, it added.
Mariupol had 450,000 of people before the Feb. 24 invasion. Russian forces have encircled the city since March 1.
Social Bond Market to Help Refugees Displaced by War (12:50 p.m.)
Refugees fleeing Ukraine following Russia’s invasion are set to receive a new source of support from Europe’s debt market. The Council of Europe Development Bank is raising $1.1 billion via social inclusion bonds to aid countries taking in large numbers of refugees, according to a person familiar with the matter.
The offering dwarfs the almost 2.6 million euros of additional grants already handed to its member states to help them deal with the massive displacement of people from Ukraine. It had earlier approved a 150,000 euro grant to the International Organization for Migration Slovakia to support refugees and third country nationals from Ukraine.
Ukraine Says Invasion Hits Energy Production Sites (12:38 p.m.)
The Russian invasion has damaged Ukraine’s ability to produce natural gas and coal after fighting damaged deposits and mines, Energy Minister Herman Halushchenko said in an interview to Ukraine’s RBK. Gas production fell about 15%, while state-run coal mines cut their output by 30% due to the war, he said.
While Russian troops are deliberately targeting Ukraine’s fuel storages the ministry will replenish reserves with foreign assistance, Halushchenko said. Earlier, the head of Ukraine’s natural gas network said it had suffered damages totaling “hundreds of millions of euros.”
Zelenskiy Says Russia Ambitions Undimmed (11:31 a.m.)
Russia hasn’t yet abandoned its plans to “subdue and occupy all of the Ukrainian people,” Zelenskiy said in an address to the Irish parliament on Wednesday. Some Russian forces have pulled back from near Kyiv to focus on the eastern part of the country.
Ten million Ukrainians have been left without shelter and at least 167 children killed in Ukraine as a result of the war, he said, with educational institutions, hospitals, ambulances, churches and shelters targeted. “The country which is doing this is not, doesn’t deserve to be in the circle of the civilized countries. It should be held responsible for everything they have done in the Ukrainian soil,” he said.
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