Friday, March 29

Ukraine Latest: EU’s Borrell Sees Deal on Ukraine Grain Exports


The EU’s foreign policy chief said he was hopeful Russia and Ukraine could clinch a deal this week to help export grain from the war-torn country and alleviate a growing global food crisis.

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(Bloomberg) — The EU’s foreign policy chief said he was hopeful Russia and Ukraine could clinch a deal this week to help export grain from the war-torn country and alleviate a growing global food crisis.

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“I have a hope that this week it will be possible to reach an agreement to deblock Odesa and other Ukrainian ports,” Josep Borrell told reporters ahead of a meeting of EU foreign ministers in Brussels. “The lives of tens of thousands of people depend on on this agreement. It’s not a diplomatic game.”

G-20 finance ministers blamed Moscow’s invasion and blockage of grain shipments through the Black Sea for the inflation crisis that’s threatening to derail the global economy. Turkey has sought to broker a deal to facilitate exports of grain from Ukraine. Its leader meets Vladimir Putin on Tuesday.

(See RSAN on the Bloomberg Terminal for the Russian Sanctions Dashboard.)

Key Developments

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  • Russia Visited Iran to View Drone Capabilities, US Official Says

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On the Ground

Russia pounded areas around Bakhmut overnight, Ukraine’s General Staff said in a statement, stepping up attacks on a city which, together with Siversk, has emerged as the next major target of Moscow’s effort to capture the eastern region of Donetsk. Russian forces also shelled Nikopol on the Dnipro river, destroying about 10 residential buildings and damaging a hospital and other civilian infrastructure, Dnipro Governor Valentyn Reznichenko said. Further south on the Black Sea, the port of Mykolaiv faced a renewed round of heavy shelling, with about 10 explosions heard overnight , mayor Oleksandr Sienkevych said on Telegram. The attacks come after Russian Defense Minister Sergei Shoigu ordered troops on Saturday to intensify combat.

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(All times CET)

H&M to Exit Russia at $190 Million Cost (7:57 am)

H&M will begin winding down its operations in Russia, having halted all sales in the country in March.

The Swedish fashion retailer expects to book costs of $190 million from the process, it said in a statement Monday. It plans to reopen physical stores in Russia for a limited period of time to sell remaining inventory.

“After careful consideration, we see it as impossible given the current situation to continue our business in Russia,” Chief Executive Officer Helena Helmersson, said.

Russia Ban Seen Tightening Coal Market (5:15 am)

A looming ban on Russian coal imports by the European Union will add to supply pressure that’s sent prices of the fossil fuel hurtling to a record, according to a key Australian producer.

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The European ban that takes effect next month “is expected to tighten further the supply of high quality thermal coal,” Sydney-based Whitehaven said in its statement. “We continue to view thermal coal prices as well supported for 2022 and into 2023.”

Russian Gas Flows to Europe Still Limited (6:42 am)

Russian natural gas supplies to Europe remain curbed, with flows sent via Ukraine below capacity and the Nord Stream pipeline shut for annual maintenance until July 21.

Russian Gas Flows to Europe Remain Curbed Amid Nord Stream Works

G-20 Finance Chiefs Blame Russia on Food (10:00 pm)

Finance chiefs from the world’s biggest economies lined up to blame Russia for the global inflation wave and sharply deteriorating growth outlook.

US Treasury Secretary Janet Yellen set the tone early at the gathering in Bali, Indonesia, saying the Putin regime had used food “as a weapon of war.”

She said that its actions have prompted “a global crisis of food insecurity as prices spiked for food, fertilizer, and fuel.” Half of the run-up in US inflation was due to energy costs, for which Russia bore the blame, she said .

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