Ukraine Recap: GOP Senators Urge Biden to Give Ukraine Missiles

Bloomberg News, Bloomberg News

, Source: IGC forecast as of August 2023

(Bloomberg) -- Four top Senate Republicans prodded President Joe Biden to provide Ukraine with long-range missiles to help its counteroffensive against Russia, saying only a small part of US stockpiles would be needed.

The plea to the president, who is due to host Ukraine’s Volodymyr Zelenskiy at the White House this week, puts a renewed focus on the Army Tactical Missile Systems, or ATACMS, that Kyiv has long requested. Ukraine said Sunday it shot down six of 10 cruise missiles that Russia launched against the Odesa region and also downed six drones.

In the wake of the first summit in four years between North Korean leader Kim Jong Un and Russian President Vladimir Putin, South Korean President Yoon Suk Yeol warned of “illegal and unjust” military cooperation between Pyongyang and Moscow.

Turkish President Recep Tayyip Erdogan is traveling to New York to attend the UN General Assembly amid heightened tensions with Washington over Syria and Russia. Turkey is coming under increasing pressure from the EU and the US to join their campaign to punish Russia for its invasion of Ukraine.

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Markets

Oil rose for a third straight week — and a 10th out of the past 12 weeks — as the market continued to tighten on the back of supply curbs from Saudi Arabia and Russia.

Wheat futures rose above $6 a bushel but remains near multi-month lose as traders balance the impact of dry weather on crops in key exporters against bumper harvests in parts of the Northern Hemisphere, including Russia.

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