Ukraine Update: UN Council to Meet, Safety Corridors Set Up
Track the latest developments emerging from the Russian attacks on Ukraine.
(Bloomberg) -- The United Nations Security Council will meet Monday to discuss the humanitarian situation in Ukraine. The French and Mexican missions to the UN are seeking the Council’s approval of a resolution calling for unhindered humanitarian access in Ukraine.
Ukrainian President Volodymyr Zelenskiy blasted NATO as “weak” for refusing to impose a no-fly zone over Ukraine as Russia steps up its attacks. In Brussels, Secretary of State Antony Blinken said the U.S. and allies are providing “extensive” support for Ukraine, but have a responsibility to ensure the war doesn’t spread even as it’s poised to get worse.
Russia’s military said humanitarian corridors are being set up from 10 a.m. Moscow time to allow civilians to leave the towns of Mariupol and Volnovakha, Interfax reported, citing the Defense Ministry. U.S. Senator Elizabeth Warren, a vocal critic of Wall Street, said banks are “undermining” sanctions on Russia by loading up on the nation’s corporate debt and suggesting clients buy assets on the cheap.
Key Developments
- Russia Accused of Nuclear Terrorism as World Looks on Aghast
- Germany Faces Reckoning for Relying on Putin for Cheap Energy
- Russia Energy Chaos Triggers the Biggest Market Shock in Decades
- White House Considering Ban on Russian Oil Imports to U.S.
- Samsung Suspends Shipments of Phones, Chips to Russia
- NATO Won’t Risk Broader Russia War With a Ukraine No-Fly Zone
All times CET:
Russia Agrees on Safety Corridors From Two Towns (7:26 a.m.)
Russia’s military said humanitarian corridors are being set up from 10 a.m. Moscow time to allow civilians to leave the towns of Mariupol and Volnovakha, Interfax reported, citing the Defense Ministry.
Ukraine confirmed the agreement on the corridors, including a ceasefire to let people exit, said Davyd Arakhamiya, a senior member of President Volodymyr Zelenskiy’s party and part of the negotiating team from Ukraine.
Pearson Suspends Sales in Russia (6:42 a.m.)
Pearson Plc said it is suspending the sale and delivery of its products and services in Russia and Belarus as the education and training company stands with the Ukrainian people. The London-based firm will evaluate additional ways to help Ukrainians who need to continue their education during the crisis, according to a statement.
Musk’s Starlink Won’t Block Russian News Sources (6:15 a.m.)
SpaceX’s Starlink satellite service won’t block Russian news sources “unless at gunpoint,” Chief Executive Officer Elon Musk said in a tweet Saturday. Musk said that some governments had instructed Starlink to do so, specifying that it wasn’t Ukraine. Earlier this week, Ukraine’s digital transformation minister thanked Musk after his SpaceX satellite dishes arrived in the country to keep its internet communication operating amid Russia’s invasion.
Starbucks Makes Donations From Russia Business (4:01 a.m.)
Starbucks Corp. said it is donating royalties from its Russian business to humanitarian relief efforts for Ukraine, as international brands face increasing pressure to close stores and suspend operations in the wake of last week’s invasion. The Seattle-based coffee chain has 130 stores in Russia, which are owned and operated by a partner, Chief Executive Officer Kevin Johnson said in a statement Friday.
Warren Says Wall Street ‘Undermining’ Sanctions (3:57 a.m.)
Senator Elizabeth Warren, a vocal critic of Wall Street, said banks are “undermining” sanctions on Russia by loading up on the nation’s corporate debt and suggesting clients buy assets on the cheap.
In a statement released late Friday, she called out market makers JPMorgan Chase & Co. and Goldman Sachs Group Inc. following a Bloomberg report that the two banks had been purchasing beaten-down bonds. JPMorgan analysts also published a note recommending that investors boost holdings of Russian-linked debt to take advantage of a “recovery play” stemming from the selloff that has accompanied the country’s invasion of Ukraine.
Airbnb Guests Book Ukraine Rooms to Help Out (3:45 a.m.)
Airbnb Inc. said it accepted almost $2 million in bookings in Ukraine from people who have no intention of staying in the accommodation and just want to get money into the hands of the war-torn citizens there.
Some 61,000 nights were booked in Ukraine on March 2-3, according to a tweet by Airbnb Chief Executive Officer Brian Chesky. Users in the U.S., U.K. and Canada accounted for nearly three-quarters of total reservations, the company said, adding that it has temporarily waived guest and host fees on bookings in Ukraine.
Warning on Second Nuclear Plant (2:43 a.m.)
Russian troops were close to a second nuclear plant, U.S. Ambassador to the UN Linda Thomas-Greenfield told the Security Council Friday, without naming the facility. “Putin must stop this madness and he must stop it now. Cooler heads must prevail,” she said. “Russian forces are now 20 miles, and closing, from Ukraine’s second-largest nuclear facility. So, this imminent danger continues.” The South Ukraine facility near Yuzhnoukrainsk is the country’s second largest plant, according to BloombergNEF.
UN Security Council to Meet Monday (2:18 a.m.)
The United Nations Security Council will meet Monday to discuss the humanitarian situation in Ukraine. The French and Mexican missions to the UN are seeking the Council’s approval of a resolution calling for unhindered humanitarian access in Ukraine.
“The world demands that Russia abide by international humanitarian law, which prohibits intentionally targeting civilians and civilian infrastructure, and allow humanitarian agencies full and secure access to people in need of aid,” U.S. Ambassador Linda Thomas-Greenfield told the Security Council during a meeting on Friday.
“We support the urgent work by humanitarian organizations on a humanitarian pause to allow for safe passage and the delivery of humanitarian supplies,” she said.
Belarus Likely to Default Over Next 12 Months: S&P (2:07 a.m.)
Belarus is likely to default over the next 12 months without an unforeseen positive development, S&P said after downgrading the nation’s long-term foreign currency debt rating to CCC from B. International sanctions will significantly disrupt the Belarusian economy and create significant financial stability risk, S&P said.
Singapore to Impose Sanctions Against Russia (1:25 a.m.)
Singapore’s government will impose unilateral sanctions against Russia, a move which a former diplomat said was the first time in decades that the city-state was censuring a foreign nation without backing from the United Nations Security Council.
Sanctions include imposition of export controls on items that can be used as weapons, targeted financial measures on designated Russian banks and restrictions on cryptocurrency transactions that may be used to circumvent financial sanctions, according to a statement from the Ministry of Foreign Affairs on Saturday.
Samsung Halts Shipments of Phones, Chips to Russia (12:22 a.m.)
Samsung Electronics Co. said it had suspended product shipments to Russia, joining a growing list of companies from Apple Inc. to Microsoft Corp. that are halting sales and services in the country following its invasion of Ukraine last week.
The South Korean technology giant is actively monitoring the complex situation, the company said in an emailed statement to Bloomberg. Exports of all Samsung products ranging from chips to smartphones and consumer electronics have been suspended, according to a person familiar with the matter.
U.S. Senators Set to Speak With Zelenskiy on Saturday (11:33 p.m.)
Members of the U.S. Senate have been invited to take part in a call Saturday morning with Zelenskiy, according to a person familiar with the plan. The call comes as Congress prepares to debate a support package next week, and as some lawmakers push for further sanctions against Russia that could include a ban on U.S. imports of Russian crude oil.
Bloomberg News and BBC Suspend Reporting in Russia (11:24 p.m.)
Bloomberg News will temporarily suspend the work of its journalists inside Russia after President Vladimir Putin signed legislation that criminalizes independent reporting in the country.
“We have with great regret decided to temporarily suspend our news gathering inside Russia,” Bloomberg Editor-in-Chief John Micklethwait said Friday. “The change to the criminal code, which seems designed to turn any independent reporter into a criminal purely by association, makes it impossible to continue any semblance of normal journalism inside the country.”
Britain’s national broadcaster, the BBC, has announced a similar measure.
Stocks Fall on Flight to Safety, Commodities Soar (11:00 p.m.)
Stocks dropped around the globe as investors sought the safety of haven assets on concern that war risks are intensifying.
Commodities soared as Russia’s growing isolation chokes off a major source of energy, metals and crops -- sparking fears of prolonged shortages and accelerating global inflation. Oil topped $115 a barrel on news the U.S. is considering a ban on imports of Russian crude.
Zelenskiy Slams ‘Weak’ NATO Over No-Fly Zone (10:59 p.m.)
In a video address to the nation, Zelenskiy laid into NATO for declining to impose a no-fly zone over the country to counter Russian air power, as Ukraine’s leaders have urged. He accused the alliance of failing to make use of its powerful weapons, and said that “all the people who die after this day will die because of you.”
NATO chief Jens Stoltenberg said earlier Friday that the “painful decision” not to comply with Ukraine’s request has been taken because doing so would risk drawing more countries into a wider war.
Italy Says It Seized Yacht Belonging to Severstal Chairman (10:06 p.m.)
Italy on Friday said it seized a yacht belonging to Severstal chairman and main shareholder Alexey Mordashov.
The 65-million-euro ($71 million) “Lady M Yacht” was located in the northern port of Imperia. Italian police acted in compliance with EU sanctions, a government spokesman said on Twitter.
Italian police are seizing assets owned by sanctioned Russians totaling 140 million euros, according to sources cited by news agency Ansa.
White House Says Biden Has ‘No Intention’ of Chat With Putin (9:20 p.m.)
U.S. President Joe Biden has “no intention at this moment” of speaking directly with Russian President Vladimir Putin, White House Press Secretary Jen Psaki said Friday.
Putin “is in the middle of an escalatory war in a sovereign foreign country,” Psaki told reporters in response to a question about Ukrainian President Volodymyr Zelenskiy’s requests for the two leaders to speak.
Though Biden has no plans to speak to Putin, the U.S. remains open to diplomatic engagement with Russia. Biden “leaves the door open to diplomacy -- that has never closed shut,” Psaki said.
Blinken Warns Situation in Ukraine Will Worsen (9:03 p.m.)
Secretary of State Antony Blinken said the humanitarian situation in Ukraine will likely continue to deteriorate, an assessment “unfortunately based on everything we know about President Putin’s methods when it comes to seeking to subjugate another country.”
Blinken, speaking to journalists in Brussels after meetings with his NATO and G-7 counterparts, cited previous Russian wars in Chechnya, Georgia and Ukraine as evidence.
Blinken also said the strength of the global pushback against Russian President Vladimir Putin’s invasion demonstrated that “we see the tide of democracy rising to the moment” after years of democratic recession, driven in part by Kremlin policies.
Biden Weighs Global Affect of Banning Russian Oil (8:59 p.m.)
White House Press Secretary Jen Psaki said administration officials are still talking to members of Congress about a potential U.S. ban on Russian crude oil as they also weigh the effect of higher gas prices on American consumers, she said.
“If you reduce supply in the global marketplace, you are going to raise gas prices, you’re going to raise the price of oil -- and that is something that the president is very mindful of and focused on,” she said.
Also asked about Bloomberg News’s reporting that the White House was considering such a ban, Cecilia Rouse, the chair of Biden’s Council of Economic Advisers, said: “What’s really essential is that we maintain a steady supply of global energy.”
Biden and Duda Discuss Ukraine, European Security (8:41 p.m.)
Biden spoke with Polish President Andrzej Duda for 53 minutes Friday to discuss efforts to impose severe punishments on Russia, as well as humanitarian efforts in Ukraine and the U.S. commitment to NATO security.
Biden “welcomed Poland’s partnership in hosting 9,000 U.S. forces, including 4,700 additional service members deployed there in recent weeks, to reassure Eastern flank Allies, deter Russian aggression against NATO, and stand shoulder to shoulder with their Polish counterparts to maintain security and stability in Europe,” the White House said in a statement.
The call came as General Mark Milley, the chairman of the Joint Chiefs of Staff, met with his Polish counterpart, General Rajmund Andrzejczak during a visit to Warsaw.
White House Considering Ban on Russian Oil Imports to U.S. (8:27 p.m.)
The Biden administration is weighing a ban on U.S. imports of Russian crude oil as Congress races toward passing such a restriction to punish the Kremlin for its invasion of Ukraine.
Conversations are taking place within the administration and with the U.S. oil and gas industry on the impact such a move would have on American consumers and the global supply, according to people familiar with the matter.
S&P to Remove All Stocks Listed, Domiciled in Russia (7:31 p.m.)
S&P Dow Jones Indices said it will remove all stocks listed and/or domiciled in Russia including ADRs/GDRs from its standard equity indices at a price of zero, effective prior to the open on March 9.
The company will also reclassify Russia to a standalone category from emerging markets effective the same day, the latest move in efforts to isolate the country from global finance over the war.
Russian Watchdog Blocks Facebook (7:17 p.m.)
Facebook was blocked in Russia by the country’s communications regulator, Interfax reported, the latest sign of Moscow’s pushback on news sources not sanctioned by the government.
Facebook was banned in retaliation for its freezing of accounts of RT, Sputnik and RIA Novosti and other media, communications regulator Roskomnadzor said in a statement.
Two liberal broadcasters, Ekho Moskvy and TV Rain, went off air Thursday under pressure from prosecutors, while the websites of the BBC, Deutsche Welle and Meduza, an independent news group, weren’t accessible Friday.
Russia Condemned Over Actions at Nuclear Plant (6:49 p.m.)
Russia’s actions at the Zaporizhzhia nuclear plant came under heavy criticism from a range of countries during an emergency session of the United Nations Security Council in New York.
‘It was incredibly reckless and dangerous. And it threatened the safety of civilians across Russia, Ukraine and Europe,” U.S. Ambassador to the UN Linda Thomas-Greenfield said.
Russia’s UN envoy, Vassily Nebenzia, said Western countries and Ukraine are exaggerating the incident. He insisted that Russian forces “negotiated” control of the facility and emphasized what he called the shared experience of the Chernobyl nuclear disaster in the 1980s.
Russia to Punish Sanctions Appeals and ‘Fake News’ on Military (5:18 p.m.)
People convicted of spreading what the authorities deem to be false information concerning the military’s activities face fines and imprisonment for as long as 15 years under the legislation, which now goes to Putin to sign.
The law will allow “those who lied and made statements discrediting our Armed Forces to be punished, and very severely,” as soon as it comes into force, Speaker Vyacheslav Volodin said Friday, when lawmakers in the State Duma unanimously endorsed the measure.
While there have been only scattered protests so far in Russia against the war, the government has throttled access to social media and ordered Russian news outlets only to publish information from official sources.
Microsoft to Suspend Sales, Services in Russia (5:01 p.m.)
Microsoft Corp. is suspending sales of products and services in Russia, and says it’s working closely with the U.S., European Union and U.K. to comply with a range of coordinated sanctions levied against Moscow.
The tech giant vowed to continue its efforts to help Ukraine stave off Russian cyberattacks, such as a recent one against a major broadcaster. Several other U.S. tech companies, including Apple Inc. and Intel Corp., have also pulled the plug on Russia since the invasion of Ukraine.
U.S. Aims New Measures at Russian Oil Refiners (4:22 p.m.)
The U.S. will target Russia’s oil refining sector with new export controls, and has identified 91 entities it says support the Kremlin’s military activities. The actions will further restrict Russia’s access to U.S. commodities, software, and technology, the Commerce Department said.
European Natural Gas Prices Rise to Records (4:00 p.m.)
European gas prices jumped as much as 33% on Friday on growing fears the war will end up severing supplies. Natural gas prices are now the equivalent of about $350 a barrel of oil, posing a massive risk to inflation and output. Oil rose another 5% in volatile trading, while grains surged as the key Black Sea region is cut off from global trade.
Scholz Expresses ‘Deep Concern’ in Call With Putin (3:30 p.m.)
German Chancellor Olaf Scholz spoke for an hour on the phone with the Russian president, according to Scholz’s spokesman.
Putin told Scholz that Russia and Ukraine plan a third round of talks this weekend and the two leaders agreed to speak again “in the near future,” Scholz’s spokesman said by email. Ukrainian officials have not confirmed a date for further talks aside from saying they might happen sometime soon.
More Than 1,000 Civilian Casualties in Ukraine, UN Says (3:15 p.m.)
Most of the casualties were caused by the use of weapons with a wide impact area, including heavy artillery, multi-launch rocket systems, missiles and air strikes, the Office of the UN High Commissioner for Human Rights said.
Group Says Russian Cluster Bombs May Constitute War Crime (2:45 p.m.)
Russia’s firing of cluster munitions into residential areas of Ukraine’s second largest city on Feb. 28 may rise to the level of a war crime, the group Human Rights Watch said in a report Friday.
Video analysis and interviews with witnesses reveal submunitions were deployed via Russian-made cluster munition rockets in Kharkiv, the group said. The attacks killed at least three civilians.
Cluster munitions open in the air and disperse dozens or hundreds of small, lethal bomblets across a wide area. Their use in populated areas is prohibited under international humanitarian law, although Russia isn’t a party to that protocol. The US also hasn’t signed on.
Swedes, Finns Favor NATO Entry in Shift After Ukraine War (1:40 p.m.)
Swedes and Finns are increasingly in favor of joining the NATO defense bloc after Russia’s invasion of Ukraine, adding pressure on the countries’ leaders to change long-standing policies of military non-alignment.
Polls released in the two Nordic countries on Friday showed 51% of Swedes and 48% of Finns now back joining the North Atlantic Treaty Organization. It’s the first time a Swedish majority favored entry.
Ukraine’s Nuclear Regulator Comments on Seized Plant (12:30 p.m.)
Around 100 Russian military vehicles broke through a roadblock near the Zaporizhzhia nuclear power plant overnight, entering the city of Energodar and began to fire on the plant, Petro Kotin, the head of the Energoatom regulator said in a statement.
A shell hit the plant’s first production unit, which was under maintenance. The second and third units were put into safe “cold mode” and the fourth remains in operation, as it’s at the most distant from the shelling zone, Kotin said. He added that radioactivity level at the plant was within norm during last measurement, although currently no monitoring is taking place.
Ukraine Nuclear Talks Pitched After Plant Fire (12:11 p.m.)
International Atomic Energy Agency Director General Rafael Mariano Grossi reiterated his grave concern following overnight shelling of Zaporizhzhia, Europe’s biggest atomic generator, in southeastern Ukraine.
Gross said he’s offered to meet Russian and Ukrainian representatives in a bid to dial down safety risks caused by the Kremlin’s invasion.
“We are fortunate that there was not a release of radiation and that the integrity of the reactors themselves were not compromised,” Grossi said.
Russia Weighs Law Punishing Protesters With Conscription (11:10 a.m.)
Russia’s lower house of parliament will consider a proposal Friday to punish people convicted of joining unsanctioned protests against the actions of the Russian military abroad.
Under the plan, protesters would be drafted into the Russian military and required to serve in the Donetsk and Luhansk People’s Republics, the two breakaway regions of eastern Ukraine that President Vladimir Putin last month recognized as independent.
Czechs, Poles Intervene to Shield Their Currencies (11:04 a.m.)
The Czech and the Polish central banks stepped in to protect their currencies, which are among the hardest hit by the market impact of Russia’s invasion of Ukraine.
In Poland, the central bank’s third intervention this week let the zloty recoup some of the losses that pushed it to the weakest against the euro since 2009. The Czech move helped the koruna rebound and made it the best performing emerging market currency on Friday.
Ukraine Sinks Navy Flagship to Avoid Its Capture (9:35 a.m.)
The commander of Ukraine’s Navy complied with an order to sink the flagship frigate Hetman Sagaidachny, which was under repair, to avoid it falling into Russian hands, Defense Minister Alexei Reznikov said in a statement.
Images of the vessel at dock in the port city of Mykolaiv, lying half-submerged on its side, appeared on social media Thursday. It comes as Russian troops advance closer to key Black Sea targets.
Russia Passes Law Criminalizing Fake News on Military (8:46 a.m.)
Russia’s State Duma unanimously passed a law making it a crime to distribute false information about the country’s armed forces, punishable by up to 15 years in prison.
The government has throttled access to social media and ordered local news outlets to only publish information from official sources, which describe the invasion of Ukraine as a special operation.
Two liberal broadcasters, Ekho Moskvy and TV Rain, announced they were going off air Thursday after the Russian Prosecutor General ordered that access to them be restricted because of their coverage of the attack.
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