Ukraine Latest: IMF to Begin Talks With Kyiv on Loan Package
(Bloomberg) — An International Monetary Fund mission will hold talks with Ukrainian officials starting Monday as the fund weighs a multi-year aid package worth up to $16 billion to provide a catalyst for more financial aid.
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The Kiev government is seeking a full loan package from the Washington-based lender after inking a deal in December for a tentative four-month monitoring program called PMB, which if successful will pave the way for support.
NATO defense ministers are due to meet in Brussels on Tuesday to discuss military support for Ukraine ahead of an expected intensification of fighting. Russia launched its biggest spate of missile attacks this year on Friday as President Volodymyr Zelenskyy searches for more weapons to repel the invasion.
(See RSAN on the Bloomberg Terminal for the Russian Sanctions Dashboard.)
Important Developments
- Out of fear or money, consumer giants remain in Russia
- European gas stalls after prices plummet from peak
- Oil falls as risk shift drowns out Russian cut
- Wheat highest in more than two months on Black Sea supply concerns
- Moody’s downgraded Ukraine’s credit rating over “probable” restructuring
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On the floor
According to the Ukrainian General Staff, Russian troops continued to attack mainly in the eastern areas around Kupyansk, Lyman, Bakhmut, Avdiyivka and Nowopavlivka, despite suffering huge casualties. Ukrainian troops repelled attacks near 11 settlements in the Kharkiv, Donetsk, Luhansk and Zaporizhia regions, a statement on Facebook said. Russia remains concerned about guarding the extreme ends of its extended front line, despite the current operational focus on the heart of the Donbass, according to the latest intelligence update from the UK MoD.
(All times CET)
Italy sees end of Russian gas dependency (8:30 a.m.)
Italy could end its dependence on Russian gas by the end of this year, Industry Minister Adolfo Urso said in an interview with Il Messaggero newspaper.
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Italy could start supplying other countries next year and soon become a European gas hub, also thanks to a doubling of flows via the Trans-Adriatic Pipeline from Azerbaijan, Urso told the newspaper.
Further work to restore the power supply: Zelenskiy (8 a.m.)
Zelenskyy praised those working to repair energy infrastructure damaged by Russian attacks and said the majority of Ukrainians spent the weekend “without many shutdowns”.
“Of course, consumption will increase with the beginning of the new week, and therefore there will be contingency plans,” Zelenskyy said in his daily address late Sunday, warning that Ukraine still has “a decisive victory on the energy front.” ”