KYIV BLOG: A financial crisis has begun in Ukraine

Ben Aris in Berlin August 2, 2022

A financial crisis has begun in Ukraine. The hryvnia is in free fall. The national bank has ordered exchange kiosks not to display the exchange rate. The government is running a deficit it can’t cover and companies are defaulting on their bonds.

One of Ukraine's richest tycoons killed after Russian missiles hit his bedroom

Dominic Culverwell in Berlin August 2, 2022

One of Ukraine’s wealthiest men, Oleksiy Vadaturskyi, and his wife, Rayisa Vadaturska, were killed after a Russian strike hit their bedroom in the southern port city Mykolaiv on July 31.

First ship leaves Odesa carrying Ukrainian grain as Russian blockade finally lifts

Dominic Culverwell in Berlin August 2, 2022

Ukrainian grain has finally left the port of Odesa for the first time since Russia’s full-scale invasion, NV Ukraine reported on August 1.

bneGREEN: Zero-carbon housing a key battleground for climate change

Richard Lockhart in Edinburgh August 2, 2022

Zero-carbon housing is a key battleground in combating climate change and global warming, as the residential building sector across Europe has the potential to cut fossil fuel dependency and reduce emissions.

MOSCOW BLOG: West moving towards a “back to normal strategy”

Ben Aris in Berlin August 1, 2022

Important day today. There are 17 ships in three Ukrainian ports cleared for grain shipments, of which 10 are ready to go, and it was just reported that the first one has set sail on its way to Turkey and then the rest of the world.

Fleeing Belarusians struggle to stay in Ukraine

bne IntelliNews August 1, 2022

Many Belarusians who fled to Ukraine in 2020 and 2021 are now finding it hard to renew their visas, and many receive deportation notices to leave the country at short notice.

Over 50 Ukrainian POWs killed in explosion at Russian-controlled prison in Donetsk

Dominic Culverwell in Berlin July 31, 2022

An attack on a Russian-controlled prison in the town of Olenivka, Donetsk Oblast, killed at least 53 Ukrainian POWs and injured 75 on July 29.

Mongolian ministers under fire for failing to quickly explain appearance of Russian armed forces on city streets

Anand Tumurtogoo in Ulaanbaatar July 28, 2022

Former Mongolian PM criticises own party for lack of transparency about upcoming joint military exercise.

Drought damage to European grain harvest piles on top of Ukraine war impact

bne IntelliNews July 28, 2022

Extreme heat and droughts across several European countries have led to forecasts for this year’s harvests being reduced.

COMMENT: War as a sign of weakness: failure of reforms and of branding of a Russian nation.

Dr Leila Alieva of the Robert Bosch Academy in Berlin July 28, 2022

Putin’s war has so far achieved the opposite to all the declared goals: Nato has come even closer to its borders; Ukraine has become more militarised; long-time neutral Sweden and Finland have applied for Nato membership; and the West is united.

What’s in Istanbul grain deal for Russia?

Ben Aris in Berlin July 28, 2022

Millions of tonnes of grain trapped in Ukraine can now be exported thanks to the Istanbul grain deal that was signed on July 22 by Russia, Ukraine, Turkey and the UN. But what does Russia get out of the agreement?

European gas exceeds $2,200/1,000 cubic metres for the first time since March

bne IntelliNews July 28, 2022

Dutch TTF hub gas prices rose to €202/MWh, or c$2,200 per 1,000 cubic metres, on July 26, as flows from Russia’s Nord Stream pipeline were curtailed from 67 mcm per day at the beginning of the week towards a stated target of 33 mcm per day.

HESS: Putin doesn’t fit with China’s plans for an alternative global financial order

Maximilian Hess in London July 27, 2022

For Russian President Vladimir Putin, his invasion of Ukraine is not only an attempt to subdue, and possibly destroy, the Ukrainian nation; It is also the key front in his long-standing desire to upend the global order.

Putin suggested Turkey’s Baykar set up attack drone factory in Russia, Erdogan reported as saying

bne IntelIiNews July 26, 2022

In same week, producer’s CEO said the company would never supply the Russian armed forces.

Kazakhstan reportedly boosting defence spending amid ‘Russian ambition’ jitters

bne IntelIiNews July 26, 2022

Ex-Soviet state also said to be strengthening ties with China and Nato nations.

Ukraine’s Naftogaz faces default on $335mn bond payment

bne IntelliNews July 26, 2022

Naftogaz failed to persuade enough of its bondholders to accept a two-year freeze on payments at the eleventh hour and the government refused the company permission to make good on its obligations.

MOSCOW BLOG: Putin inflicts more pain as Ukraine teeters on edge of default

Ben Aris in Berlin July 26, 2022

Didn’t I say this would happen? That Russian President Vladimir Putin would play silly buggers with the gas flow and that newswires would be buzzing with alerts for months to come.

Gas flows in Nord Stream 1 at 20% are insufficient to fill gas storage ahead of winter

Ben Aris in Berlin July 26, 2022

Gazprom’s announcement that it was cutting gas flows in the Nord Stream 1 pipeline to 20% of capacity on July 25 means the EU will miss its deadline to fill storage tanks to 80% full by October 1.

Naftogaz fails to change terms of eurobonds

Dominic Culverwell in Berlin July 25, 2022

Naftogaz, Ukraine’s largest state-run oil and gas company, has failed to convince Kondor Finance to agree to change the credit terms of its eurobonds.

Ukraine has received $12.7bn from international partners since war with Russia started five months ago

bne IntelliNews July 25, 2022

Ukraine has received $12.7bn from international partners since the start of the war with Russia in late February, according to the National Bank of Ukraine.