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Ukraine Latest: EU Falls Short on Delivering Aid Package to Kyiv

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The European Union is falling behind on its high-profile promises to deliver a substantial aid package to Ukraine as the bloc faces up to the prospect of severe economic pain at home.

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(Bloomberg) — The European Union is falling behind on its high-profile promises to deliver a substantial aid package to Ukraine as the bloc faces up to the prospect of severe economic pain at home.

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Still, EU member states are set to agree on 500 million euros ($500 million) more in military aid to Ukraine when the bloc’s foreign ministers meet Monday, taking the total to 2.5 billion euros.

Russian forces continue to hit civilian targets far from the front lines and with little apparent military significance. Following a weekend strike in Chasiv Yar that killed at least 48, missiles on Thursday hit the central Ukrainian city of Vinnytsia. At least 23 people were killed, including children.

(See RSAN on the Bloomberg Terminal for the Russian Sanctions Dashboard.)

Key Developments

  • EU Stalls on Ukraine Aid as Fears Spike of Gas Crisis at Home
  • Yellen Slams Russians as War Hangs Over G-20 Finance Meeting
  • Divided Over Russia, G-20 Aims at Food Security, Debt Crises  
  • Europe Becomes Top Market for US Crude as War Upends Trade
  • EU Set to Boost Ukraine Weapons Financing to 2.5 Billion Euros

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On the Ground

Almost five months into the war, Moscow’s forces have repeatedly hit civilian targets in the past week. At least 23 people, including children, were reported dead and dozens are injured or unaccounted for after three missiles hit Vinnytsia, about 250 kilometers (155 miles) southwest of Kyiv, Governor Serhiy Borzov said. Russian forces continued shelling the Chernihiv and Sumy regions. The city of Kharkiv and the Dnipropetrovsk region in central Ukraine suffered missile attacks, Ukrainian officials said. 

(All times CET)

EU Stalls on Ukraine Aid as Fears of Gas Crisis Spike at Home (6: 01 a.m.)

The EU is falling behind on its high-profile promises to deliver a substantial aid package to Ukraine at the same time the bloc is confronting the prospect of severe economic pain at home.

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It was nearly two months ago when European Commission President Ursula von der Leyen proposed sending 9 billion euros in emergency loans to Ukraine. So far, the bloc has only managed to agree on an initial tranche that covers a ninth of that target.

For Ukraine, the needs are urgent. The war-torn nation faces a budgetary gap of $5 billion per month to cover expenses and other urgent bills as it tries to fend off Russia’s attacks. Ukraine’s central bank remains the biggest source for financing the government’s budget and increasingly is raising alarms about the limits of its ability to provide cash through sovereign debt.

EU Stalls on Ukraine Aid as Fears Spike of Gas Crisis at Home

Europe Becomes Top Market for US Crude (6 a.m.) 

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Europe has surpassed Asia to become the top consumer of American oil for the first time in six years. 

This shift in oil flows underscores how significantly Russia’s invasion of Ukraine has redirected energy supplies. In an effort to cut off funding for Vladimir Putin’s war, the US and other nations have imposed sanctions on Russian oil. As a result, more European nations have turned to the US, while Russia offers its crude at steep discounts to countries like India and China, which have not imposed any bans. 

Yellen Slams Russians at G-20 Meeting (3:25 a.m.)

US Treasury Secretary Janet Yellen called Russia “solely responsible” for negative economic spillover that’s driven up global commodity prices, fueling inflation around the world, a Treasury official said. She also offered words of assurance to Ukraine and called on the global community to increase and accelerate the delivery of aid to the embattled country.

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Russia’s presence at the Group of 20 gathering of global finance officials, five months after its invasion of Ukraine, is expected to hamper the group’s ability to address pressing global topics, which also include mounting developing-country debt, a food security crisis, and climate change.

Read more: Yellen Slams Russians as War Hangs Over G-20 Finance Meeting

UN Boss ‘Appalled’ by Civilian Toll in Vinnytsia (7:31 p.m.)

United Nations Secretary General Antonio Guterres “is appalled by today’s missile attack against the city of Vinnytsia in central Ukraine,” his spokesman said in a statement. “The secretary-general condemns any attacks against civilians or civilian infrastructure and reiterates his call for accountability for such violations.”

EU Set to Boost Ukraine Weapons Financing Again (5:21 p.m.)

EU member states are set to agree on 500 million euros more in military aid to Ukraine when the bloc’s foreign ministers meet Monday, said people familiar with the matter.

That would bring the total arms financing to 2.5 billion euros. The bloc in recent months has agreed to several rounds of arms financing for Ukraine under the so-called European Peace Facility, which reimburses governments for military deliveries to Ukraine. 

Read more: EU Set to Boost Ukraine Weapons Financing to 2.5 Billion Euros

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