With newsflow out of Ukraine having become a firehose, with market moving headlines firing every minute, traders can be forgiven if they have just given up following the narrative. To help out, here is a snapshot of all the latest market-moving news out of Ukraine from the last few hours courtesy of Newsquawk:
- Russian and Ukrainian officials on Sunday gave their most upbeat assessments so far on the progress of talks and suggested there could be positive results within days. The Ukrainian negotiator reiterated they will not concede in principle on any positions and that Russia now understands this, while he added that Russia is already beginning to talk constructively. Furthermore, the Russian delegate said talks with Ukraine may soon produce draft agreements and US Deputy Secretary of State Sherman commented that Russia showed signs of willingness to engage in substantive negotiations about ending the conflict.
- Ukraine Presidential adviser says the next round of discussions with Russia will be on peace, ceasefire, immediate withdrawal of troops and security guarantees. Note, talks began around 08:30GMT/04:30EDT
- Ukrainian President Zelensky said some small towns in Ukraine do not exist anymore due to the war and that negotiations must start with a ceasefire, while he added that the west is not involved enough in peace negotiations and he doesn’t see a common consensus to accept Ukraine in NATO. Furthermore, Zelensky called for software giants to stop supporting their products in Russia.
- Ukrainian Foreign Minister Kuleba said on Saturday that they are ready to negotiate but won’t surrender and that more needs to be done to hit the Russian economy, while he added that they have to remain open to diplomacy and that they are talking, but Russia continues to put forward demands that are unacceptable to Ukraine.
- Russian Foreign Ministry official said the EU faces soaring energy prices in the wake of sanctions imposed against Moscow and the situation on global energy markets will lead to the EU paying at least three times more for oil, gas and electricity, while the official added Russia is prepared for a tough confrontation with the EU in the energy sector if necessary, according to Interfax.
- Ukraine’s atomic energy ministry said power was restored at the Chernobyl nuclear power plant and that cooling systems for spent nuclear assemblies at the plant will operate normally without using backup power.
- EU ambassadors met in Brussels on Sunday to discuss a proposed list of individuals being targeted in the latest round of sanctions with Roman Abramovich one of the 15 individuals being considered, according to FT.
- Australia announced new sanctions affecting 33 Russian oligarchs and family members.
- Russian Finance Minister Siluanov said Russia will fulfil its state debt obligations and pay in RUB until state reserves are unfrozen. Siluanov said sanctions have frozen around USD 300bln in Russian gold and forex reserves, while he added that western countries are pressuring China to limit Russian access to its Yuan reserves, according to Reuters and Ria. Furthermore, Reuters noted that Russia is due to pay USD 117mln on two dollar-denominated bonds on Wednesday and is signalling it may default or pay it in RUB.
- Russia’s central bank decided to not resume trading of the stock market on the Moscow Exchange between March 14th-18th.
- UK Chancellor Sunak said he is urging firms to think carefully about investments in Russia and how they may aid President Putin’s regime, while Sunak added that he is clear that there is no case for new investment in Russia.
- India is considering a Russian offer to sell oil and other commodities at discount amid sanctions, according to officials.
- US officials said Russia requested military equipment from China to support its invasion of Ukraine, which the White House fears is a sign of increasingly close ties between Beijing and Moscow. However, the Chinese Embassy in the US said that the high priority now is to prevent the tense situation from escalating or getting out of control and a spokesperson said they “never heard of that” when asked about the report of Russian request for military assistance.
- Subsequently, Chinese Foreign Minister is to arrive in Moscow on March 15th, according to Russian media citing Iranian sources via Sky News Arabia.
- US President Biden spoke with French President Macron on Ukraine in which they underscored their commitment to hold Russia accountable for its actions and support the government and people of Ukraine, according to the White House
- Ukraine’s International Peacekeeping and Security Centre in Yavoriv, near the Polish border was bombed and the Russian Defence Ministry said it attacked the training facility in Yavoriv in western Ukraine, which was being used to store military equipment that had been delivered from foreign nations, according to Interfax and Ria. Furthermore, Ukrainian Defence Minister Reznikov said that foreign military instructors worked at the facility, but it was not clear if any were present at the time of the strike. NATO thereafter confirmed that no personnel were hit by the attack.
- US Secretary of State Blinken condemned Russia’s attack on the International Centre of Peacekeeping and Security in Yavoriv.
- US National Security Adviser Sullivan said Russian attacks near the Polish border show President Putin is expanding targets and reflects frustration about a lack of progress, while US and allies will continue to escalate pressure on President Putin. Sullivan also said the US is consulting with allies and communicating directly with Russia to warn against the use of chemical weapons and said if Russia takes a shot at NATO territory, it would trigger Article 5 and would bring the full force of NATO in response. Furthermore,
- Sullivan has communicated to Beijing that US will not allow any country to compensate Russia for losses from sanctions and is to meet with Chinese top diplomat Yang Jie in Rome on Monday.
- UK Cabinet Minister Gove said the attack on the military centre is a significant escalation, while he added that he wants to explore the option that would allow the use of homes and property of sanctioned individuals for humanitarian and other purposes.
- UK PM Johnson spoke to Ukrainian President Zelensky in which he outlined support the UK continues to deliver to Ukraine and said that President Putin’s actions were testing not just Ukraine but all of humanity, while he added the UK would continue to pursue more options for bolstering Ukraine’s self-defence.
- UK Ministry of Defense said Russian naval forces established a distant blockade of Ukraine’s Black Sea, isolating Ukraine from international maritime trade, adds Russian naval forces are also continuing missile strikes against targets throughout Ukraine.
- Ukraine said its troops were launching counterattacks against Russian soldiers in Ukraine’s Mykolaiv region and the eastern Kharkiv region.
- Ukraine NSDC Secretary Danilov said Russia is developing a special operation to disguise Belarusian soldiers in Russian uniform and send them to Ukraine, according to NEXTA.
- Air raid alerts were reported in at least 19 out of 24 Ukrainian regions, according to Kyiv Independent.
- Russian prosecutors reportedly warned companies they may seize assets and trademarks of companies that pull back from Russia and may arrest company leaders that criticise the government, according to WSJ. However, the Russian Embassy in the US refuted media claims that western companies are being threatened, according to Sputnik.
- Iranian Foreign Minister will travel to Russia on Tuesday to meet with Foreign Minister Lavrov, according to a spokesperson cited by journalist Aslani; separately, Iranian Foreign Ministry spokesperson says the US needs to make a decision before a nuclear deal is possible.
- Iranian Top Security Official says Iran will remain in nuclear discussions until Tehran’s “legal and logical” demands are met and a strong deal is reached.
- Turkey and Greece agreed on talks to improve ties amid the Ukraine conflict.
Source: Zero Hedge