Ukraine Latest: Russia May Cut Oil Output After G-7 Price Cap

  • In World
  • 2022-12-09 14:50:53Z
  • By Bloomberg

(Bloomberg) -- Russia may cut its oil production in response to a ceiling introduced by the Group of Seven nations on the price of its crude, President Vladimir Putin said.

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A Moscow court sentenced an ally of opposition leader Alexey Navalny to 8 1/2 years in prison for condemning Russian killings of civilians in Ukraine, the most severe punishment to date under a "fake news" law passed to crack down on critics of the Kremlin's invasion.

The European Union is set to boost the size of a fund to finance weapons for Ukraine by at least €2 billion ($2.1 billion) as early as next week and the facility could be topped up later, according to people familiar with the discussions.

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

Key Developments

  • Putin Says Russia May Cut Oil Flows in Response to Price Cap

  • Modi to Skip Annual Putin Summit Over Ukraine Nuke Threats

  • UAE's Diplomatic Might Grows With Russian Release of WNBA Star

  • Turkey Refuses to Buckle as Sanctions Spat Keeps Oil Flow Halted

  • Oil Price Cap Is No Gamechanger for Putin's Budget Geared to Wary

On the Ground

Over the past day Ukrainian forces have repelled Russian attacks in the areas of Belogorivka in the Luhansk region and Klishchiivka, Maryinka in the Donetsk region, the General Staff of Ukraine said on Facebook.

(All times CET)

Russia May Cut Oil Output in Response to Price Cap (2:47 p.m.)

A decision on Russia's response to the price ceiling will be made within the next few days, Putin told reporters in comments broadcast on state television channel Rossiya 24.

The cap won't have any negative consequences on the nation's budget as the $60 a barrel threshold introduced by western countries is close to the current market price of Russian crude, he said. West Texas Intermediate futures climbed as much as 2%.

Baltic Premiers Say Too Early for Peace Talks (2:21 p.m.)

The prime ministers of Estonia, Latvia and Lithuania warned against calls for a peaceful resolution in Ukraine as too early, saying such a move would play into Russia's hands and potentially intensify the security threat to the region.

"A pause gives them a chance to prepare a new attack and to prepare those who have been mobilized," Estonian Prime Minister Kaja Kallas said. "I remind you, this is not only a question of Ukraine's security, but all of Europe's security."

Russia Gives Anti-War Activist Harshest 'Fake News' Sentence to Date (2:06 p.m.)

Ilya Yashin, 39, was convicted of spreading false information about the Russian military after he had questioned the official denial that its troops murdered civilians while occupying the Ukrainian town of Bucha. "I regret nothing," he told the court in a final speech on Monday.

US President Joe Biden called Putin a "war criminal" in April after gruesome evidence emerged of massacres and torture of civilians in Bucha and other towns near Kyiv that were seized by Russian forces early in the invasion before Ukraine pushed them out. The Kremlin denies its soldiers committed atrocities. Ukraine is pressing for a special international tribunal to prosecute Russia for crimes of aggression.

Ukraine Expects Power Deficit Throughout Winter (1:40 p.m.)

Ukraine is likely to experience a power deficit throughout the winter as the nation remains without access to 40% of its pre-war generating capacity, the head of the country's grid operator said.

Half of Ukraine's power is being generated by three nuclear power stations, with nothing coming from the Russia-occupied Zaporizhzhia plant, Volodymyr Kudrytskyi, chief executive officer of NPC Ukrenergo, said during an online video briefing. Ukraine hasn't been exporting any electricity since Oct. 11, he said.

Ukrainian Black Sea Ports Work at Half Capacity (1:02 p.m.)

Ukrainian Black Sea ports that are part of the grain exporting corridor are only operating at half capacity, Ukrainian President Volodymyr Zelenskiy told the TRT World Forum held in Turkey during a video address.

"Eighty vessels are waiting in line," he said. On average, vessels wait three to five weeks, slowing down exports of grain.

"This is not just about trade," he said. "This means that hundreds of thousands of people have less food on their tables."

Finland Decides on Missile Procurement (1 p.m.)

Finland decided to buy about €224 million worth of long- and short-range missile systems from Rafael Advanced Defense Systems, including munitions, training and spare parts.

The missiles are being procured to complement the army's anti-tank capabilities and for the navy's medium-to-long-range system suitable for coastal troops, the Defense Ministry in Helsinki said in an emailed statement.

India's Modi to Skip Annual Putin Meeting (12:39 p.m.)

Indian Prime Minister Narendra Modi won't be holding an annual in-person summit with Putin after the Russian president threatened to use nuclear weapons in the war in Ukraine.

It would mark only the second time the leaders of India and Russia haven't met face to face since 2000, with the state-run news service citing Kremlin spokesman Dmitry Peskov as saying the event won't happen this year.

Modi to Skip Annual Putin Summit Over Ukraine Nuke Threats

IMF to Discuss Ukraine Monitoring Program (11:40 a.m.)

The International Monetary Fund's executive board will discuss the Ukraine monitoring program Dec. 19, the Washington-based lender said on its website.

Ukraine is seeking a non-cash monitoring program from the IMF as a bridge to a full-fledged multi-billion financial lifeline to help shore up its reserves and budget needs.

France's TotalEnergies Flags $3.7 Billion Hit on Novatek (11:31 a.m.)

TotalEnergies will write down the $3.7 billion value of its 19.4% stake in natural gas producer Novatek PJSC, becoming the latest western company to distance itself from Russian energy assets after the invasion of Ukraine.

The French energy company is unable to sell its holding in Novatek due to a combination of shareholder agreements and international sanctions, TotalEnergies said in a statement.

Erdogan Says Will Talk With Putin on Grain Corridor (10:25 a.m.)

Turkish President Recep Tayyip Erdogan said he will talk with Putin on Sunday. The Turkish leader also said he will speak with Zelenskiy after that on the grains shipment corridor.

Russia Likely Got Iranian Drones Resupplied, UK Says (10:17 a.m.)

Russia has likely received a resupply of Iranian drones after exhausting its previous stock, according to an intelligence update from the UK defense ministry.

Ukraine's military reported that Russia launched single-attack drones on Dec. 6 and 7, three weeks after the previous drone attack, the ministry said on Twitter.

Region of Kherson Under Russian Attacks (9:28 a.m.)

Russia hit Kherson region with mortars, artillery and salvo systems almost 70 times over the past day, according to Kyrylo Tymoshenko, Zelenskiy's deputy chief of staff. Eight people were injured and residences, a hospital and other civilian infrastructure were damaged, Tymoshenko said on Telegram.

Kremlin Says Griner-Bout Swap Doesn't Signal Better Ties (9:20 a.m.)

The Kremlin said the talks that led to the swap of imprisoned US basketball star Brittney Griner for Russian arms dealer Viktor Bout focused exclusively on that deal and aren't likely to lead to any broader improvement in ties.

"It would be wrong to make any hypothetical conclusions that this could be a step out of the crisis that we face in bilateral relations," Kremlin spokesman Peskov told Izvestiya in a video interview. Those ties "remain in a sad state."

The US and its allies have cut off most links with Moscow over the Kremlin's invasion of Ukraine.

US Readies Sanctions Against Russia, China Over Human Rights (4:42 a.m.)

Fresh sanctions against Russia were expected to focus on the nation's efforts to procure weapons - especially drones - from countries including Iran, which is also under heavy US sanctions. The penalties against Chinese entities will focus on that country's fishing industry, the official said, who asked not to be named to discuss actions that haven't yet been announced.

A majority of the sanctions to be unveiled Friday will be levied under the Global Magnitsky Act, a law that expanded the use of economic sanctions to cases of human rights violations. The measure is named for Sergei Magnitsky, a lawyer who died in Russian custody after accusing officials in that country of corruption.

US Readies Sanctions Against Russia, China Over Human Rights

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