Ukraine Latest: PM visits Brussels to discuss aid

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Denys Shmyhal will travel to Brussels for the EU-Ukraine Association Council, where the Ukrainian Prime Minister is expected to address the subject of financial aid as well as the country’s accession to the European Union.

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(Bloomberg) — Denys Shmyhal will visit Brussels for the EU-Ukrainian Association Council, where the Ukrainian prime minister is expected to bring up the topic of financial aid as well as the country’s membership in the European Union.  

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President Volodymyr Zelenskiy met with his top military commanders over the weekend to discuss the situation on the front line, saying then that “Ukrainian flags are returning to places where they should be rightfully”. Ukrainian forces attempt to advance into the Kherson region, which Russia occupied shortly after their invasion began.

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Natural gas prices jumped after Gazprom PJSC took a last-minute decision on Friday night not to turn on the crucial Nord Stream pipeline again after three days of maintenance. Benchmark futures jumped 35%.

(See RSAN on the Bloomberg Terminal for the Russian sanctions dashboard.)

Key developments

  • Russian gas supply via Ukraine stable with Nord Stream shut down
  • EU to discuss petrol price cap and end to derivatives amid crisis
  • European gas jumps as Moscow tightens screws on supply
  • Nordic utilities receive $33 billion in aid as electricity markets unravel

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On the ground

Ukrainian forces repelled Russian assaults in areas near Bakhmut and Avdiivka in eastern Donetsk region, Ukraine’s General Staff said in its morning Facebook update. Russian troops were carrying out defensive operations on the southern axis of Boh, while in the north they continued to shell parts of Chernihiv, Sumy and Kharkiv regions, the statement said. Separately, the Institute for the Study of War said over the weekend that there was “verifiable progress” in eastern and southern Ukraine as Ukrainian forces advance in several directions and secure the territory.

(every hour CET)

French Official Says Sanctions Take Effect (8:59 a.m.)

French Foreign Minister Catherine Colonna said Russia’s drop in production shows sanctions are working and said further action against individuals was possible.

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France is also being vigilant in trying to ensure that countries that have not put in place sanctions against Russia, such as Turkey, are not used to avoid those put in place by the EU, said she said in an interview with RTL radio.

EU to Debate Tools for Radical Energy Intervention (8:59 a.m.)

EU governments are considering unorthodox measures to curb soaring electricity and gas prices, including gas price caps and a temporary suspension of electricity derivatives trading.

The Czech Republic, which holds the EU presidency until December, should include such tools on a list of potential emergency response options, according to a draft document seen by Bloomberg News. The document will be a starting point for talks when energy ministers gather for an extraordinary meeting on Friday to address soaring electricity prices and Russia’s moves to limit natural gas supplies to Europe.

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