Breaking news in Ukraine: Russian missile barrage; German Fossil Fuel Plan

Russia began the fifth month of its invasion with a widespread bombardment of Ukrainian military targets and infrastructure, including in far western regions about 800 miles from the main fighting in Donbass. Airstrikes were launched from Belarusian territory for the first time, Ukrainian officials said.

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(Bloomberg) – Russia began the fifth month of its invasion with widespread bombardment of Ukrainian military targets and infrastructure, including in far western areas about 800 miles from the main fighting in Donbass. Airstrikes were launched from Belarusian territory for the first time, Ukrainian officials said.

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At the Group of Seven summit starting in Bavaria on Sunday, Germany is expected to offer to backtrack on its pledge to end some fossil fuel funding in response to the energy crisis sparked by war in Ukraine.

Ukrainian troops began a controlled withdrawal from Sievierodonetsk to the east. US Secretary of State Antony Blinken said on Friday that Russia was taking control of “towns and villages that its own artillery has turned to rubble”.

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

Key developments

  • Italy’s divided loyalties exposed by war in Ukraine
  • Germany pushes for G-7 reversal on fossil fuels in climate coup
  • Ukraine to withdraw from key city as Russian push gains ground
  • Ukraine’s fiscal lifeline in jeopardy as biggest bond buyer fumes
  • Crop prices recover as traders rise from crash to pre-war levels
  • Putin pushes German economy to breaking point

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On the ground

Missile attacks on northern and western Ukraine overnight were the heaviest in months, including airstrikes launched from Belarus for the first time since the four-month conflict, officials say Ukrainian intelligence services. Russia used six planes to fire a dozen X-22 cruise missiles near the town of Mozyr, about 60 kilometers (37 miles) from the Ukrainian border, targeting Kyiv, Chernihiv and Sumy regions. Ukrainian troops are withdrawing from Sievierodonetsk, while Russian forces have made progress in their push towards Lysychansk, the last major resistance in the Lugansk region, local governor Serhiy Haiday said. Ukraine “is probably reconfiguring its defense” of the Sievierodonetsk-Lysychansk sector, the UK Ministry of Defense said.

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(every hour CET)

Germany Wants G-7 Fossil Fuel Reversal (10:20 a.m.)

Berlin is pushing for G-7 countries to back out of a pledge that would end funding for fossil fuel projects overseas by the end of the year.

A draft text shared with Bloomberg would see the G-7 “recognize that state-backed investments in the gas sector are needed as a temporary response to the current energy crisis.”

Read more: Putin pushes German economy to breaking point

Russia Launches Widespread Missile Attacks (8:42 a.m.)

Nighttime missile attacks from Russia increased noticeably as the invasion of Moscow entered its fifth month.

Among the sites targeted was the huge combat training center in Yavoriv, ​​northwest of Lviv and near the Polish border, the head of the Lviv region said.

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Zhytomyr, a major railway hub west of Kyiv, and Chernihiv in northern Ukraine were hit by missiles launched from Belarusian territory, the Ukrainian military said. Around 30 missiles were fired at military infrastructure around Zhytomyr, killing at least one soldier and wounding another; 20 missiles were fired at the Chernihiv region, regional leader Vitaliy Bunechnko said on his Telegram channel.

Zelenskiy pledges solidarity at pro-EU Georgian rally (8:30 a.m.)

Ukraine’s president addressed a pro-EU rally in Tbilisi on Friday, a day after Ukraine was granted EU candidate status. Tens of thousands of people gathered in the Georgian capital.

“We will never give up, because Donbass and Crimea are our land, just like Abkhazia and South Ossetia are your land,” Zelenskiy said in reference to breakaway areas in Georgia also occupied by Russia. “And even if someone wants to forget it, if someone wants to erase it, we will certainly remind them. We will be on your side!”

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Georgia has been offered a roadmap to achieve EU candidate status, subject to the implementation of a series of reforms aimed at tackling corruption and strengthening judicial independence.

Wimbledon CEO says ban on Russian players only valid for this year (7 a.m.)

Wimbledon’s decision to ban players from Russia and Belarus may not last beyond this year, according to All England Lawns Tennis Club CEO Sally Bolton. In April, Wimbledon announced the ban, citing “unjustified and unprecedented military aggression” by Russia.

The ban extends to several highly ranked players, including world number one Daniil Medvedev.

“The decision we’ve made is only for this year’s championships,” Bolton told Bloomberg. “But we still think it was the right decision to make. It’s impossible to call where we will be by this time next year.

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Zelenskiy tells NBC he will fight for the release of American veterans (0h30)

Zelenskiy said the two Americans who were captured fighting in Ukraine are heroes and he will fight for their release, according to an interview with NBC News.

The families of veterans Alexander Drueke and Andy Huynh reported them missing this month. Some 20,000 people from around the world answered Kyiv’s call to join the International Legion of Ukraine’s effort against Russian forces, the Ukrainian government announced in March.

Russian President Vladimir Putin’s spokesman said this week that both men could face the death penalty, adding that the Geneva Conventions probably do not apply because Moscow does not consider them part of the national army. from Kyiv.

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US hits three more Russian airlines with sanctions (7:53 p.m.)

The United States has issued orders suspending three Russian airlines – including the discount arm of state-owned Aeroflot – from receiving US parts and services for their planes.

Aeroflot’s Pobeda unit, Nordwind Airlines and S7 Airlines – the largest carrier after Aeroflot – are the latest companies to receive enforcement action from the Commerce Department for violating imposed US export controls during the Russian invasion of Ukraine.

Friday’s actions bring to eight the number of Russian airlines that are now cut off from the parts, components and maintenance services they need to maintain operations, the assistant secretary of commerce for export control said, Matthew Axelrod, in a statement.

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Poland secures €450 million loan to fund refugee aid (5:20 p.m.)

A loan from the Council of Europe Development Bank will be used to finance aid to Ukrainian refugees, the Polish finance ministry said in a statement.

It is the largest loan ever approved by the lending arm of the Council of Europe, a multinational human rights organization, the bank said in a separate statement.

Ukraine’s biggest bond buyer gets angry (3:43 p.m.)

Ukraine’s war-battered budget is coming under increasing strain as the central bank raises alarm bells over the limits of its ability to provide liquidity through purchases of sovereign debt.

The economic fallout from the Russian invasion, which has just reached the four-month mark, has provided budget funding for everything from pensions to military operations to breaking point.

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