(Bloomberg) -- Ukrainian drones knocked out power in five western Russian towns overnight in a strike that mirrored Moscow’s tactic of relentlessly targeting its neighbor’s energy infrastructure. Kyiv’s troops have also increased attacks on Russian-occupied Crimea, destroying weapons, bases and supply lines as a four-month-old counteroffensive makes halting progress. The operations are part of a broader strategy of targeting Russia’s supply lines, logistics and ability to mount offensive operations.
US Treasury Secretary Janet Yellen said recent market prices for Russian oil suggest that the Group of Seven’s price cap is no longer working as hoped, her first such public acknowledgment of challenges with the program. “It does point to some reduction in the effectiveness of the price cap,” Yellen told reporters when asked about reports that prices for Russian crude are now closer to $100 a barrel than to the $60 set in the cap.
Russian President Vladimir Putin put a former top commander of the Wagner mercenary group in charge of volunteer units in Ukraine, the Kremlin said on its website. Putin met with Andrei Troshev and Deputy Defense Minister Yunus-Bek Yevkurov to discuss the units and social support for fighters.
- Ukraine Steps Up Strikes on Crimea as Offensive Grinds On
- Putin Tasks Ex-Wagner Commander to Lead Combat Units in Ukraine
- Yellen Suggests G-7’s Russian Oil Price Cap Is Losing Its Sting
- Ukraine Looks to Ramp Up Its Defense Industry: NYT
- Russia Plans Near Zero Diesel Exports Next Month After Ban
- Russian President Putin is expected to speak Saturday to mark one year since annexing four Ukrainian regions
Wheat prices are headed for the worst run of quarterly losses in 14 years as bumper harvests in parts of the Northern Hemisphere offset ongoing tension in the Black Sea after the collapse in July of the agreement that allowed Ukraine to safely export grains. Russia’s grain exports this season, through Sept. 21, are almost 18 million tons, or 1.6 times the year-ago comparison.
Oil prices steadied around $91 per barrel after dropping the most in eight weeks on technical resistance and speculation Saudi Arabia will start restoring output if prices get too high. It’s still on track to post the biggest quarterly gain since early 2022.
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