Diplomacy
A Black Sea shipping truce may be close to get grain out of Ukraine.
Secretary of State Antony Blinken and his Chinese counterpart held a five-hour meeting, with Ukraine high on the agenda.
Sanctions
The EU is expected to unveil its next round of sanctions in the coming weeks.
Consequences
Russia’s current account surplus hit a record in Q2 amid surging energy prices.
After initially refusing, Canada agreed to send six turbines that had been stranded there for repairs to Germany, much to the chagrin of Ukraine. A major gas pipeline in Europe will shut down for annual maintenance, but Europe is worried flows may not resume. Gazprom will cut gas shipments to Italy by another third.
India announced a rupee settlement plan to avoid sanctions.
Ukraine Sitrep
No news of note