(Bloomberg) -- The Bank of Russia meets Thursday, having moved up its interest-rate meeting by more than two weeks. Central bankers are racing to stem a rally in the ruble and are poised to accelerate interest-rate cuts as officials increasingly view the currency’s rebound as an economic threat.

NATO Secretary General Jens Stoltenberg told allies the war in Ukraine “may last a long time” and that they “need to be prepared” to provide ongoing support and to restock equipment. Ukrainian Foreign Minister Dmytro Kuleba spoke at the World Economic Forum in Davos and said peace negotiations with Russia are going “nowhere.”  

Russia said it’s opening corridors for shipping from seven Ukrainian ports amid growing international criticism of an unfolding global food crisis triggered by its blockade. Kyiv warned that security issues could still prevent free passage.

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Key Developments

  • Rare Ship-to-Ship Transfers Keep Oil Moving From Russia to China
  • Double Crises From Ukraine to China Take Toll on Global Recovery
  • Russia Poised to Act Against Ruble Rebound That’s Gone Too Far
  • Russia Says It’s Opening Sea Corridors From Ukraine Ports 
  • Mined Ports, Polish Red Tape Among Issues Stopping Ukraine Grain
  • Klitschko Boxing Heroes Warn That Returning to Kyiv Is Dangerous

All times CET:

NATO’s Stoltenberg Says Prepare for Long War (8:14 a.m.)

“This war may last a long time and we need to be prepared,” NATO Secretary General Jens Stoltenberg said in interview with Greece’s Capital.gr, calling on allies to be prepared to provide support for a long time and to be restocked. 

He also said the aim remains a fast procedure for the accession of Finland and Sweden, and it’s attempting to iron out issues between Turkey, Sweden and Finland.

Commenting on rising tensions between NATO members Greece and Turkey, Stoltenberg said the alliance is ready to use a tension deescalation mechanism set up a year ago. He also said NATO’s next strategic concept should include China, even if the country isn’t considered as an adversary.

Oligarch’s Megayacht Reappears in Mediterranean (6:37 a.m.)

A $150-million ultra-luxurious yacht tied to Russia’s second-richest citizen Leonid Mikhelson, who is facing sanctions, reappeared after nearly two weeks without broadcasting its location. Its final destination is unclear.

The 85-meter (280 feet) Pacific, which can accommodate two helicopters, was cruising past Malta in the Mediterranean Sea after reappearing near the Canary Islands on May 20, when its location transponder was turned on again, vessel data compiled by Bloomberg News show.

Read more: Oligarch’s Megayacht Reappears in Med, Final Destination Unknown

Russia Poised to Act Against Ruble Rebound That’s Gone Too Far (3:29 a.m.)

Russia is racing to stem a rally in the ruble and is poised to accelerate interest-rate cuts as officials increasingly view the currency’s rebound as an economic threat.

An unscheduled policy meeting for Thursday has spurred expectations for a big reduction, and the possibility that capital restrictions may be loosened further. The ruble swung to a loss of as much as 6.6% versus the dollar in Moscow trading after the announcement, ending a five-day gain.

Central bank governor Elvira Nabiullina is not expected to brief after the meeting. 

Russia Says It’s Opening Sea Corridors (9:01 p.m.)

Humanitarian maritime corridors from Black Sea and Sea of Azov ports including Odesa will operate from 8 a.m. to 7 p.m. daily, Mikhail Mizintsev, a Defense Ministry official said according to an emailed statement. But shipments may not begin moving quickly because Ukraine would have to remove its mines after seeking assurances of protection from Russia’s Black Sea fleet.

The head of the UN’s World Food Programme, David Beasley, said Monday that Russia’s blockade of Ukrainian ports, preventing shipments of grain from the country, is a “declaration of war” on global food security. 

The interruption of Ukraine’s agricultural cycle risks a multi-year global food crisis, Ukraine’s Foreign Minister Dymtro Kuleba said at Davos, yet “the problem is that you cannot trust Russia even if they sign papers guaranteeing safe passage.” 

Ukraine’s Kuleba Warns Davos Russia Poses Broader Risks (8:45 p.m.)

Kuleba if the issue of security guarantees for Ukraine isn’t resolved in one way or another, “there will always be a risk of war in Europe as long as Russia remains Russia.”

He said Ukraine needs security guarantees and that while its continued aspiration to join NATO “did not fly,” it needs “something now.” Kuleba said his country is upset that a sixth round of European Union sanctions against Russia is “hanging in the air” because of Hungary’s resistance to an embargo on Russian oil purchases.

War Crimes Advisory Group Created to Aid Ukraine (6:55 p.m.)

The EU, UK and US announced the creation of the Atrocity Crimes Advisory group will aim to ensure “efficient coordination of their respective support to accountability efforts on the ground,” according to a joint statement. 

“The overarching mission of the ACA is to support the War Crimes Units of the Office of the Prosecutor General of Ukraine in its investigation and prosecution of conflict-related crimes,” according to the statement. 

Dutch May Join Naval Escorts if Russia Commits (6:41 p.m.)

The Netherlands would consider joining an alliance to send warships to escort grain supplies stuck in Ukrainian ports but would need assurances from Russia and, ideally, involvement by Turkey, according to the Dutch defense minister. 

“If there is any way to make it happen, and if the Netherlands were asked to play a part, of course I would be very happy to be part of such an alliance,” Dutch Defense Minister Kajsa Ollongren told Bloomberg on the sidelines of the World Economic Forum. “But we’re not there yet unfortunately.”

Putin Says Economy Doing Better Than Some Expected (5:15 p.m.)

Russia’s economy is doing better than some forecasters expected, Putin told officials, although he added this year remains “not easy.”

“Our economy’s trend is significantly better than some experts forecast,” he told a televised Kremlin meeting, saying inflation this year won’t exceed 15%. He didn’t mention the government’s prediction that output will contract by 8% this year under pressure from Western sanctions imposed over his attack on Ukraine.

Putin Visits Military Hospital for First Time During War (5:11 p.m.)

Putin met doctors and wounded soldiers at a Moscow military hospital in his first such visit since he ordered the invasion of Ukraine three months ago. The wounded soldiers he met were dressed in matching pajamas and had no visible injuries in photographs on the Kremlin website and broadcast on state TV.

Russia hasn’t announced casualty figures since March 25, when it said 1,351 soldiers died and 3,825 were wounded in fighting in Ukraine. The UK Defence Ministry estimated this week that about as many Russians have been killed as in the Soviet Union’s 9-year war in Afghanistan, when about 15,000 soldiers died.

Russia Offers Fast-Track Citizenship in Occupied Ukraine (4:51 p.m.)

Putin signed a decree on offering fast-track citizenship to residents of two occupied southern Ukrainian regions -- Kherson and Zaporizhzhia. Ukraine condemned the move, with the Foreign Ministry saying that “illegal” distribution of Russian passports violates its sovereignty, territorial integrity and international laws. 

Russia offered a similar path to citizenship in the breakaway eastern Donetsk and Luhansk regions, which about 860,000 people received before the Feb. 24 invasion of Ukraine. Russia is moving to annex Ukrainian territory it controls, according to occupation authorities and people in Moscow familiar with the matter.

Mined Ports, Red Tape Stopping Ukraine Grain (3:22 p.m.)

Resuming Ukrainian gain shipments will be time consuming given challenges that include mine-clearing in Black Sea ports and the need for cooperation from the very country that kicked off the war, Lithuanian President Gitanas Nauseda said.

“It could take weeks, not months, but if there will be no will of the Russians to open this window, it will be impossible,” Nauseda said in an interview Wednesday. “The Russians could use this instrument as yet another leverage to destabilize the situation in the world. They are highly interested to do as much harm as possible.”

Ukraine Seeks More Rocket Launchers as Donbas Front Deteriorates (2:41 p.m.)

Ukraine needs multiple rocket launch systems as soon as possible, Foreign Minister Kuleba said on the sidelines of World Economic Forum. Delay will worsen an “extremely bad” situation in Donbas and prevent Ukraine from liberating the region around Kherson in the south, he said.

“We cannot allow Russia to stay in Kherson because if they do, they will have a strategic position to pose a threat to central Ukraine but also to southwestern Ukraine in the direction of Odesa, and they will keep stealing our grain.”

Russia Welcomes Tribunal for Azovstal Defenders (1:20 p.m.)

Russia said it backs the establishment of a tribunal by its separatist allies to try Ukrainian defenders for war crimes after they surrendered at the Azovstal steel plant.

Russia said that 2,439 Ukrainian fighters surrendered last week at the final bastion of resistance in the port city of Mariupol. Moscow has said it is willing to consider swapping the detainees for captured Russians only after they are tried and convicted, a stance that may complicate Kyiv’s hopes of freeing its soldiers. 

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