(Bloomberg) — A massive fire has been extinguished at a fuel depot in Sevastopol on the Crimean peninsula, hours after it was hit by suspected drones, said the region’s Kremlin-appointed governor. Social media images earlier showed black smoke billowing high into the sky.
This advertisement has not loaded yet, but your article continues below.
Ukraine’s defense chief said final preparations are underway for a counteroffensive that’s expected as an attempt to dislodge Russian forces from parts of Ukraine’s southeast. The comments followed a fresh wave of aerial assaults across Ukraine that killed at least 25 people.
A top aide to President Volodymyr Zelenskiy slammed Poland for its leading role in an effort by five Eastern European members of the EU to temporarily restrict Ukrainian grain shipments.
Key Developments
- Russia Strikes Across Ukraine as Kyiv Says New Offensive Nears
- Bank of Russia Sees Economy Growing as Sanctions Shock Fades
- Russian Oil Still Powering Europe’s Cars With Help of India
- EU Allows Some Eastern Members to Ban Ukraine Grain
- Russia Seeks to Reduce Fuel Subsidy for Refiners by $4.5 Billion
This advertisement has not loaded yet, but your article continues below.
(All times CET)
Medvedev Suggests Ending Diplomatic Relations With Poland (5 p.m.)
Dmitry Medvedev, deputy chairman of Russia’s nation’s security council, said on Twitter that he sees no sense in maintaining diplomatic relations with Poland while what he termed as “Russophobes” remain in power.
A former president and prime minister, Medvedev is known for provocative comments against the US and its allies on social media and elsewhere.
Russia’s foreign ministry earlier on Saturday condemned what it called the “seizure” in Warsaw of a school attached to the Russian embassy, saying it violated the Vienna Convention on Diplomatic Relations. A “harsh reaction” will follow, with consequences for the Polish authorities and Warsaw’s interests in Russia, the ministry said in a statement.
This advertisement has not loaded yet, but your article continues below.
Ukraine Slams Poland for Role in Food Import Ban (3:30 p.m.)
While five EU countries sought to impose bans on Ukrainian farm products, Poland was the ringleader, said Ihor Zhovkva, Volodymyr Zelenskiy’s deputy chief of staff. Warsaw had “the toughest position and didn’t show any readiness for compromise until the very last moment,” he said. “Poland’s arguments were changing all the time, while their demands were growing.”
Zhovkva spoke a day after the EU allowed Poland and four other nations to restrict flows of Ukrainian grain and oilseed products through June 5, and potentially longer.
“It should not be like that as Poland is our biggest trade partner and our biggest transit flow is going via Poland to other EU countries,” Zhovkva told Bloomberg News by phone. On questions of foreign trade, “access of Ukrainian products to its market and any restrictions should be coordinated at the Brussels level.”
This advertisement has not loaded yet, but your article continues below.
Zelenskiy Meets with Private Equity Investors (3 p.m.)
Ukraine’s president met Friday with Lenna Koszarny, CEO of the private equity firm Horizon Capital, along with investors from eight countries, including the US and Germany, and representatives of international development organizations.
Horizon has raised $254 million to invest in Ukrainian companies, according to an emailed statement from the president’s office. Zelenskiy praised the “trust” the firm had shown in the war-torn nation. “It very important to believe in our joint victory,” he said.
Koszarny said that first investment will be done in 30 days as Ukrainian businesses urgently need capital, according to the statement.
Zelenskiy Optimistic on Counteroffensive Prospects (2:30 p.m.)
This advertisement has not loaded yet, but your article continues below.
Zelenskiy said he hopes his country’s offensive will be successful though “it will be difficult” as Russians dug in. The weather will have an impact on when the much-discussed counterattack begins, he said.
“We are getting ready,” Zelenskiy told journalists from Sweden, Finland, Denmark and Norway on Saturday, adding that Ukraine is “on the way to having enough” weapons for the counteroffensive. He again urged speed in the delivery of promised weapons, saying that delays will mean more casualties among Ukrainian troops.”
Official Says Crimean Drone-Linked Fuel Blaze Now Extinguished (2 p.m.)
A large blaze at a fuel depot in Sevastopol has been extinguished after several hours, Tass reported, citing the Kremlin-installed governor, Mikhail Razvozhaev.
This advertisement has not loaded yet, but your article continues below.
Fuel tanks caught fire in the Crimean city on Saturday morning in what Razvozhaev said was a strike by “two enemy drones.” Russia’s Black Sea fleet was part of the effort to bring the fire under control.
Andriy Yusov, a representative from Ukraine’s military intelligence, said in a TV interview that it appeared the fire had destroyed ten large reservoirs full of fuel that would typically be used for Russia’s fleet.
Italy Says EU Rules Shouldn’t Penalize Countries Helping Ukraine (1:10 p.m.)
An ongoing review of EU fiscal rules should exempt defense spending, especially if aimed at supporting Ukraine, from the bloc’s budget limits, Italy’s government said on Saturday.
“You shouldn’t be faced with the choice of either helping Ukraine or breaching the stability pact,” finance minister Giancarlo Giorgetti said after a meeting with EU counterparts in Stockholm.
This advertisement has not loaded yet, but your article continues below.
EU Considers More Ammunition-Spending Leeway in New Fiscal Rules (12:50 p.m.)
The EU is considering giving more time to member states to balance their budgets if they invest in ramping up ammunition production, a priority following Russia’s invasion of Ukraine.
Military spending, including on bullets and shells, would be viewed as supporting one of the key strategic goals of the bloc and would extend the time national governments have to adjust their public accounts to as much as seven years, according to EU officials.
The idea is part of the review of the EU’s Stability and Growth Pact, the rules controlling public spending, and would come in addition to the European Commission’s plans to bolster the defense industry due next week.
This advertisement has not loaded yet, but your article continues below.
Read more: EU Considers More Ammunition-Spending Leeway in New Fiscal Rules
EU May Buy Ukrainian Grain to Ease Border Glut (11:20 a.m.)
The European Union is considering buying Ukrainian grain stuck in bordering countries to ease a glut that’s raised tensions within the bloc, according to an European Commission official.
The EU on Friday reached a deal with Poland, Hungary, Slovakia, Bulgaria and Romania that will replace those countries’ ban on Ukrainian products with temporary restrictions. The Eastern European nations claimed excess grain piling up in their warehouses hurt local farmers by pushing down prices.
A direct grain purchase, which would be a first for the EU, could be expensive and needs to be carefully discussed within the commission, said the official, who declined to be identified because discussions are private and ongoing.
This advertisement has not loaded yet, but your article continues below.
Read more: EU Allows Some Eastern Members to Ban Ukraine Grain Imports
Finance Minister Says Ukraine’s Needs Won’t Decline in 2024 (8:40 a.m.)
Ukraine’s financing needs for 2024 will again be “huge,” finance minister Serhiy Marchenko said on the sidelines of an informal meeting of EU finance ministers and central bank governors outside Stockholm.
“Of course it depends on the military campaign but I think it could be no less than the existing amount of €18 billion” that the EU is providing this year, Marchenko said. At the same gathering, European Commission Vice President Valdis Dombrovskis said it was too soon to discuss 2024 but repeated a view that the EU should seize sanctioned Russian assets to help fund Ukraine’s reconstruction.
This advertisement has not loaded yet, but your article continues below.
EU finance chiefs on Saturday are scheduled to discuss how to coordinate financial support to Ukraine in the longer-term, as well as considering Kyiv’s path toward closer integration with the EU economy and internal market.
Huge Crimean Fire Said to Follow Drone Hit on Fuel Depot (8:30 a.m.)
Fuel tanks caught fire in Sevastopol, Crimea, after a possible drone strike early Saturday morning, Tass reported, citing Moscow-installed governor Mikhail Razvozhaev. No injuries were reported and there is no danger to local population, he said.
Images posted on social media massive cloud of black smoke rising from the annexed peninsula’s largest city.
Erdogan, UN’s Guterres Spoke About Black Sea Grain Deal (8 a.m.)
This advertisement has not loaded yet, but your article continues below.
Turkish President Recep Tayyip Erdogan and UN Secretary-General Antonio Guterres spoke by phone on Friday about the future of the Black Sea initiative, according to a readout from the UN.
The safe transit deal brokered by Turkey and the UN has allowed Ukraine to export millions of tons of grain from Black Sea ports since last summer. The initiative runs through mid-May but its future is imperiled by repeated Russian threats to pull out.
The pair “exchanged views on how to guarantee the improvement, expansion and extension of the Black Sea initiative” as well as how to better promote Russian “food and fertilizer” to the world market, according to the readout.
Attacks Hint at Change in Russian Tactics, UK Says (7 a.m.)
This advertisement has not loaded yet, but your article continues below.
Friday’s widespread missile attacks, the first by Kremlin forces since early March “suggest a departure in Russia’s use of long-range strikes,” the UK defense ministry said. Fewer missiles were involved than over the winter, and it was unlikely that Russia was targeting Ukraine’s energy infrastructure.
“There is a realistic possibility that Russia was attempting to intercept Ukrainian reserve units and military supplies recently provided to Ukraine,” the UK said, adding that Russia “prioritizes perceived military necessity over preventing collateral damage, including civilian deaths.”
Most of the cruise missiles were shot down by Ukraine’s air defense but at least 25 civilians were killed, mostly after a multi-storey apartment building in Uman, south of Kyiv, was destroyed.
This advertisement has not loaded yet, but your article continues below.
Friday’s Death Toll From Russian Missile Strikes Over Two Dozen (6:45 p.m.)
Russia unleashed a fresh wave of aerial strikes early Friday, killing at least 25 people and destroying several buildings. Explosions were heard in the capital, Kyiv, for the first time in more than a month.
In Uman, south of Kyiv, a missile slammed into apartment blocks, killing at least 23 people, including four children, and wounding at least 18. The toll may rise as rescue efforts continue. Separately, a woman and a child were killed in Dnipro.
The attacks involved Tu-95 strategic aircraft coming from the Caspian Sea region as well as drones, Ukrainian Commander-in-Chief Valeriy Zaluzhnyi said on Telegram. Ukraine’s air defenses destroyed 21 out of 23 Kh-101/Kh-555 cruise missiles as well as two drones, he said. Explosions were also heard in a number of regions including Kremenchuk, Dnipro, Mykolayiv, Poltava and Cherkasy, according to Ukrainian TV channel TSN.
Read more: Russia Launches Deadly Aerial Assault on Ukraine, Hits Kyiv
