Russia stated Monday its missile strike on Odesa focused a navy space and wouldn’t affect plans to renew grain exports from the Black Sea port.
Wheat costs have surged for the reason that Russian assault, which got here a day after it signed a Turkish-mediated deal to permit protected transit for Ukrainian grain shipments blocked for the reason that battle. Ukraine is constant to arrange for these exports.
Kremlin spokesman Dmitry Peskov additionally stated Russia wasn’t interested by reducing fuel provides to Europe and would reinstall a repaired Nord Stream turbine as soon as it arrives. Ukraine stated it had acquired the primary three Gepard anti-aircraft techniques from Germany.
Key Developments
- Long-Range Guns Given to Ukraine Open Door to New Phase of War
- Kremlin Says Gas Flows Depend on Nord Stream Turbine Turnover
- Wheat Jumps as Port Attack Sparks Worry Over Ukraine Export Deal
- Ukraine Grain Challenge: Clear Mines, Find Ships and Trust Putin
- Cyprus Gas Discoveries Boosted by EU Move From Russia Supplies
On the bottom
Russia’s battle in Ukraine enters its sixth month with Ukraine’s forces bolstered by high-precision artillery techniques offered by the US. Ukrainian troops repelled assaults on the Kramatorsk and Bakhmut axes within the japanese area of Dontesk, Ukraine’s General Staff stated in a press release. Moscow is in search of to solidify its maintain on the area and finally maintain referendums there and different components of the southeast as a prelude to annexation. Russian forces struck the Dnipropetrovsk space in a single day, damaging homes and agricultural hangars, native governor Valentyn Reznichenko stated on Telegram. Russian forces additionally hit the Kharkiv and Sumy areas within the northeast of Ukraine.
(All instances CET)
UK to Host Eurovision on Ukraine’s Behalf (1:15 p.m.)
The Eurovision Song Contest can be hosted by the UK subsequent 12 months on behalf of Ukraine, this 12 months’s winner, the European Broadcasting Union and the BBC introduced Monday.
The organizers had determined that it was too unsafe to host the favored track contest in Ukraine, so as an alternative they requested this 12 months’s runner-up, the UK. A number metropolis contest will start this week.
EU Nations Eye Watered-Down Gas-Cut Plan (12:15 p.m.)
European Union nations are contemplating revisions to a plan for lowering demand for fuel via the winter, after some governments demanded extra flexibility.
The revised plan would improve the variety of nations that should request {that a} 15% demand-reduction goal be made obligatory to 5, in line with a draft doc seen by Bloomberg. An earlier provision was for 3 nations.
EU ambassadors are as a result of talk about a plan for emergency regulation Monday, on the eve of a gathering of vitality ministers. Governments desire a larger threshold for triggering obligatory cuts.
Ukraine Gets German Air Defense Systems (11:23 a.m.)
Ukraine has acquired the primary three “Gepard” anti-aircraft techniques from Germany, Ukrainian Defense Minister Oleksiy Reznikov stated on Monday.
Kyiv was additionally hoping to achieve an settlement with Germany for the supply of “dozens” of “Leopard” tanks as soon as crews are educated, he instructed native tv. Reznikov confirmed reviews that Ukraine had acquired a batch of Polish PT-91 Twardy battle tanks, however declined to say what number of.
Naftogaz Plans New Debt-Relief Proposal (10:25 a.m.)
Ukraine’s state-owned oil and fuel firm plans to arrange a brand new debt-relief plan after failing to get bondholders’ approval for its last-minute proposal to freeze funds on about $1.4 billion of bonds.
Naftogaz Ukrainy didn’t give particulars on the timing of the plan in a regulatory submitting printed Monday. It didn’t say what the brand new plan might contain.
The firm is in a race in opposition to time to keep away from defaulting on greenback bonds that matured final Tuesday. The notes have a five-day grace interval that ends on July 26.
Nord Stream Turbine to Be Reinstalled: Kremlin (10:24 a.m.)
Gazprom will reinstall the repaired Nord Stream 1 turbine as soon as it arrives in Russia and flows will resume at ranges which can be technically doable, the Kremlin spokesman Dmitry Peskov stated on Monday.
“The turbine will be installed after all the technological formalities have been completed and the flows will be at the levels that are technologically possible,” he instructed reporters, including that Russia is “not interested” in reducing off its fuel provides to Europe.
“If Europe continues its course of absolutely recklessly imposing sanctions and restrictions that hit itself, the situation may change. But once again, Russia is not interested in this”
European Gas Rises Over Nord Stream (9:29 a.m.)
European pure fuel costs rose for a fourth consecutive session, with little readability on future volumes through a serious Russian pipeline.
While the Nord Stream pipeline is sending fuel to Germany at a constant charge of 40% of capability following the top of upkeep on July 21, Russian President Vladimir Putin final week warned that this might decline to twenty% if a turbine that’s caught in transit isn’t acquired in time to exchange one other that’s more likely to want repairs.
The crucial piece of apparatus continues to be in Germany because it missed a ferry crusing on Saturday to Helsinki amid paperwork delays, Russian newspaper Kommersant reported. The element was first stranded in Canada after routine repairs due to sanctions on Russia over its battle in Ukraine.
UK Blocks Non-Essential Aid: FT (7:32 a.m.)
Britain’s abroad help program has been thrown into confusion after the Treasury blocked “non-essential” new funds for the remainder of the summer time over considerations that the price of aid work in Ukraine will breach a spending cap, the Financial Times reported.
Last 12 months, Boris Johnson’s authorities cuts its dedication to abroad help to 0.5 p.c of GDP because of the affect of Covid.
Treasury chief secretary Simon Clarke final week instructed the Foreign Office and different departments to droop “non-essential aid spending” till a brand new prime minister was in place as a result of the decrease restrict was about to be breached, in line with the FT.
UK Treasury blocks ‘non-essential’ abroad help funds
Wheat Rises After Russia Hits Odesa (7:31 a.m.)
Wheat costs jumped after Russia attacked the ocean port of Odesa with cruise missiles on the weekend, simply hours after signing a deal to unblock grain exports from Ukraine.
Futures in Chicago surged as a lot as 4.6%, earlier than paring positive aspects to commerce 3% larger at $7.82 a bushel by 11:20 a.m. in Singapore. Prices slumped virtually 6% on Friday to shut on the lowest degree since early February after the settlement was reached to permit shipments.
Millions of tons of grain are caught in Ukraine after Russia’s invasion blocked its main ports. While a small quantity has been rerouted by highway and rail, prospects within the Middle East and North Africa have needed to look elsewhere, pushing up costs and worsening meals insecurity.
Asian Gas Surges on Russia Fears (7:31 a.m.)
Asian pure fuel costs are rallying on fears that Russia will slash provide once more and worsen a worldwide gasoline scarcity.
The North Asia liquefied pure fuel benchmark jumped 12% Friday, and is buying and selling close to the very best degree since Russia’s battle in Ukraine upended the worldwide market, in line with knowledge from S&P Global.
The pure fuel market is on edge after Russia threatened to curb provide to Europe as quickly as this week, solely days after the restart of the essential Nord Stream pipeline.
Russia Aims to Remove Ukraine ‘Regime,’ Lavrov Says (5:30 p.m.)
Foreign Minister Sergei Lavrov stated Russia goals to take away what he referred to as the “regime” in Ukraine, reiterating an formidable purpose that the Kremlin has periodically set for its invasion of its southern neighbor.
“The Russian and Ukrainian people will continue to live together,” Interfax quoted Lavrov as telling Arab League officers throughout a go to to Cairo Sunday. “We definitely will help the Ukrainian people rid themselves of the anti-people regime.”
With its navy struggling to advance amid fierce Ukrainian resistance, Russia has despatched blended alerts about its objectives in its invasion. Lavrov final week stated the Kremlin is in search of to take land past the Donbas areas it had initially sought to occupy, suggesting broader territorial ambitions.
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