Ukraine latest: Finland and Sweden join NATO applications

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(Bloomberg) – Finland and Sweden have submitted their formal applications to join NATO, as Austria’s foreign minister says there is no quick way for Ukraine to gain EU membership.

The United States is preparing a military aid package for India aimed at boosting security ties and reducing its reliance on Russian weapons, say people familiar with the matter.

Speaking at the opening of the Cannes Film Festival, Ukrainian President Volodymyr Zelensky expanded his appeal to the outside world by referring to Charlie Chaplin’s film about Nazi Germany – “The Great Dictator.”

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Core development

EU seeks to free India from Russian arms, including US arms-aid package, EU threatens Europe’s plans to spill Russian oil left over from Cold War EU aims to clean up Russia Oil collapse raises possibility of NATO bid with Venezuelan state producer Biden to host Nordic leaders in support of bid

All time CET:

EU plans to help cover Ukraine’s bills (8:50 am)

The European Union will offer a loan of about 9 billion euros to cover Ukraine’s emergency bills as part of a financial package to support the war-torn country, two EU officials said.

On Wednesday, the bloc will propose a new joint debt plan and use resources confiscated from approved oligarchs for nation restructuring. Kiev needs about 15 billion euros in the next three months and the cost of the war could exceed one trillion euros, the Ukrainian government has said.

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Finland, Sweden Apply for NATO Join (8:08 am)

Sweden and Finland submitted their applications to join the NATO military alliance in Brussels on Wednesday, initiating a process that would strengthen Europe’s defenses and make it more secure in the face of Russian threats to the region.

Jens Stoltenberg, secretary general of the North Atlantic Treaty Organization, told reporters: “This is a good day at a crucial moment for our security. “This is a historic moment that we should embrace.”

Austria watching no fast-track for Ukraine (7:35 am)

Austrian Foreign Minister Alexander Schlenberg said on German public radio that Ukraine could not get full EU membership in an accelerated process and that officials should find ways to increase cooperation for a normal joining period.

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“We have every interest in anchoring Ukraine into a European family,” said Schelenberg. But we know that an entry process can take years, if not decades, he said. Austria’s top diplomat says talks on Ukraine’s membership cannot ignore the aspirations of other countries, including northern Macedonia and Albania.

Japanese PM to attend NATO summit, TV Asahi says (6:14 am)

Japanese Prime Minister Fumio Kishida plans to attend the NATO summit later this month after a similar meeting of the Group of Seven opponents, broadcaster TV Asahi said, for no apparent reason.

Japan, Russia’s neighbor, is not a member of the security bloc, and Kishida will be the first Japanese prime minister to attend the summit.

Read more: Why Japan would struggle to do without Russian power: QuickTech

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Australia imposes more sanctions (3:11 am)

Australia has approved 11 individuals and 12 entities to promote Russian propaganda and misinformation, based on measures already taken against 32 propagandists in March, Foreign Minister Maris Payne said in a statement.

Australia has now approved 827 individuals and 62 entities in response to the Russian attack

US Ready Aid Package for India (2:09 am)

The US military aid package under consideration will include অর্থ 500 million in military funding, according to one source, which would make India one of the largest recipients of such aid after Israel and Egypt. It is not clear when the deal will be announced or what weapons will be included.

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Read more: US seeks to free India from Russian arms with arms aid package

India is the world’s largest buyer of Russian weapons, although it has lately pushed back that relationship. Reliance on Russia for arms against neighboring China and Pakistan is a big reason Prime Minister Narendra Modi’s government has avoided criticizing Russian President Vladimir Putin over the war in Ukraine.

Zelensky addresses Cannes Film Festival (11:25 pm)

President Zelensky, a former actor and producer, called on the film world to fight for freedom and fight against a “dictator” in his speech at the Cannes Film Festival, citing the need for a new Charlie Chaplin.

“Then, there is a war for independence,” he added, “the free world needs to hear sounds like the 1940s from all screens.”

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Separately, in his video address to the Ukrainians that night, Zelensky said efforts were being made to bring more fighters out of the Azovostal steel plant and that “the most influential international mediators involved,” without elaborating.

US to block Russia from repaying bondholders (9:35 pm)

The Biden administration is prepared to prevent Russia from being able to repay US bondholders, a move that could bring Moscow closer to defaulting on its debt.

The Treasury is expected to offer a temporary waiver – which would enable Russia to stay current in its payments – after it expires next week, according to people familiar with the matter.

© 2022 Bloomberg LP



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