Diplomacy
A Turkish delegation is visiting Russia this week to discuss a Ukrainian grain corridor to avert a global hunger crisis. The meeting could tee up a follow-up meeting between Ukraine, Russia, Turkey, and the UN. A Russian propagandist told the Petersburg Economic Forum that an ensuing global famine could provide leverage to get rid of sanctions.
Attorney General Merrick Garland visited Ukraine to discuss investigations into war crimes. The EU’s Special Representative for Human Rights also visited Kyiv yesterday and called Russia’s blockade of Ukraine a “war crime.”
Sanctions
The EU is eyeing Russia’s gold exports in the next round of sanctions.
Daleep Singh, who had led the U.S. sanctions effort at the National Security Council and taken a leave of absence, joined PGIM Fixed Income as its Chief Global Economist.
Consequences
Credit default swap markets are in turmoil as the Credit Derivatives Determinations Committee navigates Russia’s apparent bond default.
Ukraine Sitrep
Russia has reportedly made a breakthrough in eastern Ukraine near Lysychansk.
Germany promised additional military equipment to Ukraine.