Diplomacy
France has said it is willing to provide security guarantees to Ukraine.
The President of the European Council visited Kyiv and Borodyanka. Rep. Victoria Spartz (R-IN) appeared on CNN to detail her experiences in Ukraine.
Ukraine’s Ministry for Foreign Affairs says that 16 embassies have returned to Kyiv, while Sens. Jerry Moran (R-KS) and Steve Daines (R-MT) sent Secretary of State Antony Blinken a letter urging him to reopen the U.S. embassy in Kyiv.
Japan kicked out eight Russian diplomats.
Sanctions
The Treasury Department announced sanctions on a network, including a Russian bank and oligarch, facilitating sanctions evasion.
The UK will announce sanctions this week on Russia’s defense sector, as well as its leaders.
Japan formally revoked Russia’s most favored nation status.
China’s UnionPay payment system will not cooperate with Sberbank due to concerns about potential sanctions, but Russia’s native payment system is reaping rewards.
The House of Representatives may vote on the Senate-passed “lend-lease” bill next week, but it sounds like more of a messaging move than anything.
Consequences
Russia’s weekly inflation metric slowed to pre-war levels. The Credit Derivatives Determinations Committee ruled that Russia’s payment of dollar-denominated bonds in rubles is a default, while $100 billion in Russian corporate bonds are in an investor limbo. Russian metal producers urged Russian President Vladimir Putin to cut taxes as their businesses suffer.
Germany says it will stop buying Russian oil by the end of the year and again rejected Russia’s demand to pay for gas shipments in rubles. India has been buying up cheap Russian oil. Turkey is nearing a €1 billion loan to finance the purchase of non-Russian LNG.
French automaker Renault, which has a joint venture with Russian automaker Lada, has seen shipments of Lada vehicles fall 56% in March 2022 vs. March 2021.
Anonymous senior Kremlin insiders told Bloomberg that the invasion is a “catastrophic mistake.”
Ukraine Sitrep
There’s some confusion about what exactly has been sent to Ukraine vis-à-vis aircraft. Ukraine’s air force said it has not received new aircraft, just parts that allowed them to put about 20 aircraft back into service, while the Pentagon said it sent “platforms and parts.” The U.S. has also begun training Ukrainians on howitzers at an undisclosed location in Europe.
Norway announced it would send 100 air defense systems. Israel will send helmets and bulletproof vests for medics and first responders.
The mayor of Mariupol said about 100,000 civilians are still in the city, but another planned humanitarian corridor failed.