The UN offered to co-sponsor an insurance facility for Russian fertilizer exports with Lloyd’s of London and a lead underwriter, Reuters reported, citing a recent letter from UN Secretary General Antonio Guterres to Russia’s foreign minister. The measure would be one of several aimed at persuading Russia to rejoin the Black Sea grain agreement it abandoned in July. A UN spokesperson didn’t respond to a request for comment. Ukraine’s foreign ministry warned against giving in to Russian “food blac
(Bloomberg) — The UN offered to co-sponsor an insurance facility for Russian fertilizer exports with Lloyd’s of London and a lead underwriter, Reuters reported, citing a recent letter from UN Secretary General Antonio Guterres to Russia’s foreign minister. The measure would be one of several aimed at persuading Russia to rejoin the Black Sea grain agreement it abandoned in July. A UN spokesperson didn’t respond to a request for comment. Ukraine’s foreign ministry warned against giving in to Russian “food blackmail.”
Russia is preparing a diplomatic offensive with countries it considers sympathetic to fend off a push by Ukraine and its allies to further isolate Moscow from the global financial system, according to documents seen by Bloomberg. Ukraine President Volodmyr Zelenskiy warned that Moscow will increasingly use threats of nuclear warfare in a bid to divide Ukraine’s allies.
One person was killed and 59 injured in an overnight missile strike on the center of Kryvyi Rih, Ukraine’s interior minister said. US Secretary of State Antony Blinken condemned what he called “sham elections” being held by Russia this weekend in occupied areas of Ukraine, a year after Moscow staged similarly fake referenda “and purported to annex” Ukraine’s Kherson, Zaporizhzhia, Donetsk, and Luhansk regions. The UN Security Council meets Friday to discuss the war.
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Markets
Brent oil held near $90 a barrel and is on track for a weekly gain after supply curbs from OPEC+ leaders Saudi Arabia and Russia were extended. Russia also plans to reduce diesel exports from its key western ports by a quarter this month and keep more supplies at home.
Wheat prices fell in Chicago for a second day as Russia continued to ship massive quantities of the grain, even as it stymies Ukraine’s exports. Expectations for record Russian exports this season are keeping prices near the lowest since May.
Coming Up
- G-20 heads of state and government in New Delhi this weekend
- Russian Foreign Minister Sergei Lavrov on a two-day visit to Bangladesh
- Russia-China business forum in Kazan
- Putin summit with Kim Jong Un likely in Vladivostok next week
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