Ukraine Latest: Several Countries Want to Send Jets, Poland Says

(Bloomberg) – Several countries are ready to send MIG-29 fighter jets to Ukraine, Polish government spokesman Piotr Muller said without naming them. Poland received “clear explanations” from them, he added.

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Turkey supports an extension of the Black Sea Grains Agreement, which allows Ukraine to ship crops from three ports for 120 days, Defense Minister Hulusi Akar said in Ankara.

Ukraine gained a significant boost in its attempt to shelve a $3 billion bad debt after the UK Supreme Court ruled that judges had overturned the backdrop to Russia’s campaign of threatening behavior ahead of Crimea’s annexation have to take into account.

Important Developments

(All times CET)

Ukraine wins UK Supreme Court case over $3 billion bond default (11am)

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Britain’s top court said a judge should consider Russian attempts to pressure Ukraine into buying the bond and gave the green light for a full-blown trial in London.

The long-awaited decision allows Ukraine to argue that the bond, which was sold in 2013 on the eve of the Kiev revolution, was part of an unlawful political and military aggression by Moscow. Judges announced their decision Wednesday in a ruling that shuts down Russian attempts to win the case and allows Ukraine to stave off further repayments.

Russia’s oil revenues plummet as price caps work, IEA says (10:45am)

Russia’s oil export earnings fell to their lowest level in more than a year in February, according to the International Energy Agency, as buyers of the country’s barrels largely complied with price caps and sanctions.

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Cash flow into the country from international oil sales fell to $11.6 billion last month, down more than 40% from a year earlier, according to the IEA. Crude oil and product exports in February averaged 7.5 million barrels a day, the lowest since September, the agency estimated.

Poland says several countries want to transfer MiG-29 jets to Ukraine (10:25 am)

Poland has received “clear statements” from several countries ready to supply MiG-29 fighter jets to Ukraine, government spokesman Piotr Muller said, without naming them.

Prime Minister Mateusz Morawiecki said on Tuesday that Poland may start supplying Soviet-era jets to Ukraine in the coming weeks, a move that would cross a threshold between NATO member states wary of sending air forces.

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Slovakia, Poland’s NATO neighbor to the south, has also promised MiG supplies, although a decision was held up by political infighting ahead of snap elections in September. Other NATO allies with MiG jets in their arsenals are Bulgaria, Croatia and Romania.

Turkey backs 120-day extension of grain deal (10:20 a.m.)

Turkey supports the 120-day extension of the Black Sea Grains Agreement and is talking to its counterparts in Ukraine and Russia to reach an agreement, Defense Minister Hulusi Akar said in Ankara.

The deal, which ensures the safe passage of grain exports from three ports, has allowed Ukraine to ship more than 24 million tons since it was sealed in July and helped reduce the cost of food commodities, which came after the initial suspension of the Russian invasion had increased trade flows to a record high.

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Turkey is also considering allowing US forces to enter the Bosphorus Strait to recover a drone that crashed over the Black Sea on Tuesday after a reported collision with a Russian fighter jet, he said.

NATO Jets Crashed as Russian Plane Approaches Estonian Airspace (10:10 am)

British and German Typhoon fighter jets were deployed on Tuesday to intercept a Russian plane flying near Estonian airspace. The Russian Il-78 Midas plane was flying between St. Petersburg and Kaliningrad and did not respond to air traffic control in Estonia, the BBC reported.

Brief interventions in Baltic airspace are not uncommon, with several incidents occurring over the past year. German and British warplanes monitor the Baltic skies as part of an ongoing NATO defense program.

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US, Turkey Discuss Grain Deals in Washington (8:10 a.m.)

The US and Turkey discussed common concerns over the Russian invasion of Ukraine and Ankara’s efforts to ensure a renewal of the Black Sea Grains Initiative, according to a White House pick of a meeting in Washington between US National Security Advisor Jake Sullivan and his Turkish counterpart Ibrahim Kalin .

Battle for Bakhmut continues as Russia attempts to encircle the city (8am)

Russian forces are attempting to capture and encircle Bakhmut from multiple directions, but the battle for the city is not over, Ukrainian Deputy Defense Minister Hanna Malyar said on television late Tuesday. Fighting also continues around other settlements in the Donetsk and Luhansk regions, although Bakhmut is the epicenter, she said.

Attempts to reach the administrative borders of Donetsk and Luhansk regions remain the main focus of Russian forces, Ukraine’s General Staff said in its morning update on Facebook.

Secret Chip Deals Allegedly Helping US Tech Flow to Russia (7:45 am)

Despite sanctions, the US wants to extradite a Russian citizen who allegedly supplied US-made chips to defense contractors in Russia, a Bloomberg report showed.