May 23, 2022Newsletter

Russia Update: May 23, 2022


Ukraine again ruled out any ceasefire or territorial concessions to Russia.

The Presidents of Finland and Turkey spoke on Sunday as Turkey continues to block Finland’s NATO accession.

Poland’s President visited Kyiv and became the first foreign leader to address Ukraine’s parliament since the invasion. Lithuania will withdraw its Ambassador to Russia on June 1 and will not appoint a new one.


The U.S. is weighing a six-month pause on sanctions against Belarusian potash fertilizer firms in order to open a rail corridor for Ukrainian grain shipments. Investors are pressing the U.S. to continue the waiver on Russian debt payments to avoid defaults.

President Joe Biden signed the $40 billion Ukraine aid package into law after it was flown to South Korea, where Biden was for a presidential visit.

The EU is unlikely to impose a Russian oil import ban as Hungary continues to block the move.

Ukrainian President Volodymyr Zelenskyy spoke virtually at Davos, urging “maximum” sanctions.


Russia may loosen currency controls as the ruble has rebounded to pre-invasion levels. Moody’s downgraded Ukraine’s foreign currency sovereign rating.

Germany and Italy told companies they could open ruble accounts to keep buying Russian gas without breaching sanctions, with some diplomats saying the EU’s advice has been intentionally vague so that countries can interpret to suit their needs. The Prime Minister of the Netherlands criticized that vagueness, though, arguing the confusion has thrown markets into disarray.

A report estimates that Russian airlines have three months worth of parts left before they have to start cannibalizing for parts.

Starbucks will exit Russia, closing 130 licensed coffee shops. Zurich Insurance Group agreed to sell off its Russian operations.

A Russian diplomat to the UN in Geneva resigned over the war in Ukraine. Russia banned almost 1,000 Americans from entering the country. A Russian soldier was sentenced to life in prison for war crimes.

Ukraine Sitrep

Russia is reportedly making advances on Lyman in eastern Ukraine and controls parts of the city.

Moldova Sitrep

The UK is weighing supplying Moldova with weapons to defend itself.

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