(Bloomberg) -- Ukrainian President Volodymyr Zelenskiy, who ordered his military commanders on Monday to summon more forces to defend Bakhmut, said in an interview that giving up the besieged city would give Russia an “open road” to capture cities in eastern Ukraine.
Russian Defense Minister Sergei Shoigu said as much: that taking the city would let Kremlin forces push farther into Ukraine’s defenses, as he vowed to continue a months-long attack that’s shown limited results so far. Fewer than 4,000 civilians remain in Bakhmut, including 38 children, compared with a population of about 70,000 before the invasion, according to Deputy Prime Minister Iryna Vereshchuk.
Key Developments
- Georgia Targets Foreign Agents as Critics See Tilt to Putin
- Hungary Moves Toward NATO Expansion With Sweden, Finland Visits
- Swiss Arms Exports Jump 29% as Industry Laments Neutrality
- Georgia Targets ‘Foreign Agents’ as Critics Allege Tilt to Putin
- Wealthy Russians Hit by Travel Curbs Go Hunting in Zimbabwe
- Cyberattacks Are Just One Part of Hybrid Warfare: QuickTake
(All times CET)
European Bank Eyes Loan to Ukraine’s Railway (8:41 p.m.)
The European Bank for Reconstruction and Development will consider a loan of as much as €200 million ($211 million) to Ukraine’s state-run JSC Ukrainian Railway, as the nation’s first lady Olena Zelenska discussed the war human’s cost with the lender’s President Odile Renaud-Basso in a video talk.
The bank is to approve on March 10 a sovereign-guaranteed loan to the railway consisting of €100 million for emergency capital expense financing and €100 million for supporting capital structure, it said in a statement on its website. The loan, which is expected to be supported by G-7 and European Union guarantees of as much as 50% is intended to facilitate an expansion of cross-border capacity and improve railway connectivity corridors with the EU.
Zelenskiy Says Abandoning Bakhmut Would Give Russia ‘Open Road’ (6:54 p.m.)
Russian troops would have an “open road” to capture cities in eastern Ukraine if they took control of Bakhmut, Zelenskiy said in an interview with CNN. “This is tactical for us,” he said.
“We understand that after Bakhmut they could go further,” Zelenskiy said. “They could go to Kramatorsk, they could go to Sloviansk. It would be open road for the Russians after Bakhmut to other towns in Ukraine, in the Donetsk direction. That’s why our guys are standing there.”
Ukraine to Enforce Evacuating Children from War Zone (5:50 p.m)
Ukraine’s government approved a mechanism to allow local authorities begin the compulsory evacuation of children from areas of active fighting.
Children must be accompanied by at least one parent or legal representative. Parents won’t be allowed to prevent children from being moved out once evacuation officially begins, the ministry in charge of reintegrating occupied territories said.
Kazakhstan Struggles to Find Crude to Pipe to Europe (4:12 p.m.)
Germany is supposed to take delivery of a total of 40,000 tons of piped Kazakh oil this quarter, according to KazTransOil, the state oil pipeline operator. That’s down by almost 90% from what was originally planned.
Kazakhstan’s producers are struggling to find spare barrels that would help European firms to wean themselves off Russian supply, people with knowledge of the matter said. On top of that, they are also wary of using the Druzhba link because they can earn better returns by using other export routes from the landlocked central Asian nation, they said.
Ukraine, Russia Swap Hundreds of Prisoners (4:03 p.m.)
Ukraine and Russia conducted a prisoner swap in which Kyiv brought home 130 of its troops and Russian 90.
Zelenskiy’s Chief of Staff Andriy Yermak said the Ukrainian contingent included soldiers captured in the battles of Mariupol, Bakhmut and Soledar, and that most had “serious injuries.” Russia’s Defense Ministry said the 90 prisoners were returned on Wednesday, the Interfax news service reported.
Hungary Is Training Ukrainians Despite Opposition to War (1:33 p.m.)
The Defense Ministry said it was training Ukrainian “military medical specialists for humanitarian purposes” in Hungary, according to news site 24.hu.
The EU and NATO member has stood alone among the blocs’ eastern states in refusing to give military aid to Ukraine, and it barred the direct transfer of weapon shipments to its eastern neighbor.
Poland Ready to Set Up Leopard Maintenance Hub (1:19 p.m.)
Poland is ready to set up a maintenance hub for Leopard tanks transferred to Ukraine, Defense Minister Mariusz Blaszczak said on Tuesday.
Blaszczak expects his German counterpart Boris Pistorius to convince the country’s industry to deliver spare parts for older-type Leopard tanks that Poland has committed to deliver to Ukraine.
“The main problem is the lack of spare parts,” Blaszczak said. “I hope for a breakthrough.” He added that Poland will deliver 10 more Leopard 2A4 tanks to Ukraine this week after handing over four last month.
EU to ask EIB to Help Boost Europe’s Defense Industry (1:08 p.m.)
The EU will ask its lending arm, the European Investment Bank, to help finance the ramp-up of Europe’s defense industry as it seeks to ensure sufficient stocks of weapons for Ukraine and its member states.
‘’We must mobilize private funds, in particular from the EIB and the banks,” Internal Market Commissioner Thierry Breton told reporters. “It is essential that the financial system contribute to the effort needed to prepare our industry to meet the challenges of our security.”
Putin Praises Bank Chief Gref (12:30 p.m.)
Russian President Vladimir Putin hailed Sberbank Chief Executive Officer Herman Gref in their first publicly disclosed meeting since the invasion of Ukraine. “Sber has not only gotten through this difficult period, but practically fully restored its operations and is making a profit,” Putin said in a televised meeting.
Gref touted the bank’s home-grown software developers, who were able to replace imported products cut off by sanctions, and what he called an “unprecedented cost-cutting program” since the start of the war. A Putin ally since the 1990s, Gref has long been thought of as one of the relative liberals among his entourage, many of whom were privately skeptical of his decision to go to war.
©2023 Bloomberg L.P.
Advertisement