President Volodymyr Zelensky has called on Ukraine’s allies to pay compensation to Russia. In early May, Kyiv estimated the damage from its direct war at 100 billion. The country’s external debt has been slashed by Moody’s, which says a drawn-out war raises the risk that Ukraine will not be able to repay it.
The vodka and caviar fests traditionally thrown at Davos by Russian oligarchs are off the agenda of this year’s World Economic Forum. Officials from the United States and Japan were also present during the Russian delegation’s speech at a regional trade meeting in Thailand.
Russia said on Friday that its forces had taken full control of the Azovstal steel project, the last hold of Ukrainian troops in Mariupol, after the rest of the guards surrendered. The strategic southern port city was destroyed in an almost three-month attack.
Putin’s war doesn’t mean Russia’s rich welcome in Davos G-7 officials roll out $ 19.8 billion aid package to push Ukraine’s Scholes to make Germany a real military force Investors urge US to increase waiver of Russian bond payments At the gas farm with Shin, Putin helped Abramovich spread his wealth
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Speaking of Russia, Japan, US walk out from APEC meeting (7:49 am)
Representatives of five countries, including Japan and the United States, walked out of a meeting of Asia-Pacific Economic Cooperation trade ministers during a statement by Russia’s economic development minister on Saturday, citing Thai officials, Thai officials presiding over the meeting said.
Read more: APEC trade chiefs to renew talks on regional agreements
Russia leans on drones, Syria repeats tactics, UK says (7:30 am)
In Ukraine, Russia has tried to implement a modified “reconnaissance strike” concept in Syria, which uses drones to target targets hit by warplanes or artillery, the UK Ministry of Defense said in multiple tweets.
Drones on both sides have been shown to be risky for shooting and electronic jamming, the UK said. It added that Moscow was already seeing shortages due to domestic production problems as a result of Western sanctions. If it continues to lose drones at the current rate, its surveillance capability will decrease.
Putin’s war means Russia’s rich are no longer welcome in Davos (7:06 am)
The first private meeting of the World Economic Forum in two years in the Swiss Alps begins on Sunday. The snowfall against Russia, whose oligarchs have thrown some of the most famous shiny team at the World Economic Forum, will be clear. This will be the first Davos rally since the fall of communism without a Russian official or business leader.
With the start of the Russian war, Ukrainian officials seeking to draw global attention to their plight will have a more suppressed tone overall as they participate in the forum with a clutch. Ukrainian President Volodymyr Zelensky will deliver a keynote address via video conference.
Russian companies have been designated as strategic partners, an international business group that plays a prominent role in the calendar of events at a cost of 600,000 Swiss francs ($ 615,000) per year.
Finland loses major gas supply as Russia shuts off tap (6:55 am)
Finland has become the third European country to secede from Russian natural gas after refusing to pay the ruble. Although gas is responsible for about 5% of the Nordic energy mix. Poland and Bulgaria have already started their supply for the same reason.
Finnish importer Gasum Oye said natural gas supplies had been cut off under Finland’s supply agreement, a statement said on Saturday. The move was predicted on Friday.
Gasom will supply its customers with natural gas from other sources through the Baltic connecting pipeline, while its gas filling stations will continue to operate normally, it said.
Moody’s cuts Ukraine by taking loan risk from drone-out war (10:55 pm)
Moody’s Investors Service has downgraded Ukraine’s credit rating to third-lowest, saying a drawn-out war raises the risk that the nation will not be able to repay its debt.
The agency has downgraded Ukraine to Caa3, the equivalent of serial defaulters like Ecuador and Belize. At the Caa3 rating level, Moody’s typically expects recovery by default between 65% and 80%, according to a statement released Friday.
Zelensky says Russia must pay compensation (10:15 p.m.)
Russia must compensate for its aggression in Ukraine, Volodymyr Zelensky said in his daily video address to the nation, urging allies to “create a mechanism” for compensation.
The Ukrainian president said countries should seize Russian resources on their territory and create a fund that would help cover the losses of the war, as well as set up an international commission to look into compensation claims. Ukraine estimated its direct losses at about $ 100 billion in early May.
Russia says it has taken control of Azvestal Steel Works (9:05 pm)
Moscow’s defense ministry said in a video statement that Russian forces had taken full control of the last holding of Ukrainian troops at Mariupol, after the rest of the guards had surrendered.
Defense Minister Sergei Shoigu has told President Vladimir Putin the results of months of fighting for the plant, according to the ministry. Thousands of Ukrainian soldiers hid in catacombs under huge factories, gaining heroic status at home as they surrounded Russian forces even though they were under siege and lacked supplies. Ukraine did not immediately confirm the Russian claim.
Moscow’s Defense Ministry says 2,439 Ukrainian troops, including at least one commander, have surrendered in Azovstal since May 16. Ukrainian officials have said they expect Russia to return prisoners in the future, but Moscow has said it could try at least some war crimes and move many more to Russian territory.
Canada sees G-7 interest in Russian asset seizure law (5:24 pm)
Finance Minister Christiaan Freeland says her group of seven opponents is closely watching Canada’s new law, which would allow the confiscation of Russian assets to help pay for reconstruction in Ukraine.
The G-7 acknowledges that Ukraine’s financial demand is huge. The requirements for reconstruction are huge and it is perfectly appropriate for the aggressors to pay for that reconstruction, ”he said.
Canada has imposed new sanctions on 14 Russian nationals and on imports and exports of luxury goods from Russia.
Germany says there is no need to suspend EU deficit rules in the war (5:18 pm)
German Finance Minister Christian Lindner does not see the need to suspend euro-zone deficit rules in 2023, saying that despite Russia’s invasion of Ukraine, economic collapse is not a reason for further concessions.
The European Commission will propose to suspend budget rules until the end of 2023 on Monday, people familiar with the matter told Bloomberg. Under the rules set by the end of this year due to the epidemic, the national deficit is limited to 3% of GDP and 60% of government debt output.
Putin calls for tighter control over digital space (3:32 pm)
Russia has successfully defended itself against a massive increase in cyber-attacks by foreign powers, including “critical” infrastructure, since the beginning of its aggression in Ukraine, Putin said in a televised Security Council meeting.
He called on the authorities to create a state system to prevent online leaks. Putin says security against information systems and communications networks must continue to be strengthened so that there are no digital “weak points” for exploitation.
The Kremlin has increasingly cracked down on foreign social media and technology companies, blocking access to some services since the war, arguing that it is preserving “digital sovereignty”. Critics say it is trying to block information about the Russian attack, which opposes the official version of the event.
G-7 officials roll out $ 19.8 billion package for Ukraine (3:20 pm)
The finance ministers of the Group of Seven leading economies have pledged সহায়তা 19.8 billion in budget aid to Ukraine this year as the country struggles to keep up with the devastation caused by Russia’s aggression.
The pledges, which began this week’s meeting, include 9.5 billion, “to help Ukraine close its funding gap and ensure the provision of basic services to the people of Ukraine.”
EU may tap markets in July for Ukraine funds (3:12 pm)
EU member states have said they could tap markets in July for the first installment of funding for Ukraine out of the 9 billion euros allocated for Kiev’s short-term needs, according to people familiar with the talks. Ukraine says it needs about 5 billion euros a month.
The EU has said it plans to transfer three or four more installments by the end of the year, with those who asked not to be named say the talks were private. The term of the loan will be more than 20 years and the payment of interest will be under the EU budget.
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