The U.S. Defense Department has announced a new security assistance package for Ukraine to reaffirm the United States’ unwavering support for Ukrainian defenders and strengthen Ukraine’s air defense. The U.S. Defense Department press office said this on the anniversary of Russia’s full-scale invasion of Ukraine.
“This package, totaling $2 billion, is being provided by the Ukraine Security Assistance Initiative (USAI) as part of our commitment to Ukraine’s long-term security. Specifically, the United States is providing additional unmanned aerial systems (UAS) and counter UAS and electronic warfare capabilities, as well as critical ammunition stocks for artillery and high-precision firearms that will strengthen Ukraine’s ability to repel Russian aggression,” the announcement stated.
Oil prices rose on Friday for the second consecutive session, despite data from the U.S. Department of Energy on a significant increase in oil inventories in the country.
April Brent crude futures on London’s ICE Futures exchange stood at $82.91 a barrel by 7:10 a.m. Friday, up $0.7 (0.85%) from the previous session’s close. Those contracts rose $1.61 (2%) to $82.21 a barrel on Thursday.
The price of WTI futures for April oil grew by $0.66 (0.88%) to $76.05 per barrel at electronic trades of the New York Mercantile Exchange (NYMEX) by that time. At the end of previous session the cost of contracts grew by $1.44 (2%) to $75.39 per barrel.
Commercial oil inventories in the United States rose 7.65 million barrels last week to 479.04 million barrels, the highest since May 2021, the nation’s Energy Department’s weekly report showed.
Stocks at the Cushing terminal, where NYMEX traded crude oil is stored, rose for the eighth straight week to their highest since June 2021.
Distillate stocks increased by 2.7 million barrels, while gasoline reserves unexpectedly declined by 1.86 million barrels.
The oil market has remained in a narrow price range – about $11 per barrel – since the beginning of 2023. On the one hand, it is supported by expectations of increased demand in China after the lifting of quarantine restrictions and fears of supply reduction in the market due to the reduction of Russian production. On the other hand, the market fears weakening of the American economy amid tightening of the monetary policy by the Federal Reserve System (FRS), notes Bloomberg.
“A stronger increase in business activity in China is needed for a solid rebound in oil prices,” notes Saxo Capital Markets analyst Charo Chanana.
Shakhtar Donetsk have beaten Rennes on penalties to reach the last 16 of the UEFA Europa League.
The main time ended 1-0 in favour of the French team, with Shakhtar winning the first leg by the same score.
In extra time, the teams traded goals with Rennes netting on 119 minutes. And then the Pitmen’s goalkeeper Anatoliy Trubin managed to put away three penalties in the penalty shoot-out to lift the Ukrainian team into the 1/8 tournament.
Forecast of dynamics of changes in GDP in % for 2022-2024 in relation to previous period
Source: Open4Business.com.ua and experts.news
China unveiled a 12-point peace plan Friday to end the Ukraine-Russia war.
The document, posted on the Foreign Ministry’s website, lists the first point as “respect for the sovereignty of all countries.” “The universally recognized norms of international law, including the purposes and principles of the United Nations Charter, must be strictly observed. The sovereignty, independence and territorial integrity of all countries must be effectively protected,” the text reads.
“A rejection of the Cold War mentality. The security of a country should not be secured at the expense of others. The security of the region should not be ensured by the strengthening or expansion of military blocs,” the 2nd paragraph notes.
Among China’s other proposals is a cessation of hostilities. “All sides should support Russia and Ukraine to work in the same direction and resume direct dialogue as soon as possible in order to gradually de-escalate the situation and eventually reach a comprehensive ceasefire,” it says.
China also proposes resolving the humanitarian crisis, protecting civilians and prisoners of war (POWs), securing nuclear power plants, reducing strategic risks (no nuclear weapons and no nuclear wars), promoting grain exports, ending unilateral sanctions, maintaining the stability of production and supply chains, and promoting post-conflict reconstruction.
The Embassy of the People’s Republic of China in Kyiv specified to Interfax-Ukraine that the document was based on the “four necessities” proposed by President Xi Jinping; the “four common positions” to be followed by the international community; and the “Three Observations” on the crisis.
As the embassy explained, the “four necessities” are that the sovereignty and territorial integrity of all states should be respected, the purposes and principles of the UN Charter should be observed, the rational security concerns of all countries should be taken seriously, and all efforts contributing to a peaceful resolution of the crisis should be supported.”
“The four ‘common positions’ to be followed by the international community imply that the international community should support all efforts contributing to a peaceful resolution of the crisis in Ukraine and call on the parties concerned to remain prudent, exercise restraint, and establish direct contacts as soon as possible and create conditions for renewed negotiations; together oppose the use or threat of use of nuclear weapons, advocate the unacceptability of nuclear weapons and the conduct of nuclear war
“Three observations” on the crisis – “There are no winners in conflicts and wars,” “Complex problems have no simple solutions,” “Confrontations between great nations must be avoided
Meanwhile, on Thursday, the UN General Assembly voted in favor of the resolution “Principles of the United Nations Charter underlying the achievement of a comprehensive, just and lasting peace in Ukraine,” a draft of which was submitted by 57 countries, including Ukraine.
According to the resolution, the General Assembly “reiterates its demand that the Russian Federation immediately, fully and unconditionally withdraw all of its armed forces from the territory of Ukraine within its internationally recognized borders, and calls for a cessation of hostilities.
The resolution also calls for “the immediate cessation of attacks on Ukraine’s critical infrastructure and any deliberate targeting of civilian objects, including homes, schools and hospitals.
China abstained from voting for the resolution.
The United States has provided more than $46 billion in security, economic and humanitarian aid to Ukraine since the Russian invasion began and will continue to provide the economic assistance that makes Ukraine’s resistance possible by supporting the home front: funding critical public services and helping the government work, U.S. Treasury Secretary Janet Yellen said.
“In the coming months, we expect to provide about $10 billion in additional economic support to Ukraine,” she reiterated at a news conference Thursday in Bangalore, India, of earlier U.S. commitments.
The secretary recalled U.S. President Joseph Biden’s words about supporting Ukraine in its struggle for as long as it takes and thanked allies for stepping up their direct assistance.
“And we think it is critical that the IMF move quickly to a fully funded program for Ukraine, as it has promised,” Yellen said.
“We very much want the IMF to come to an agreement on lending to Ukraine. The managing director (of the Fund) has made it clear that she should agree on a full program by the end of March,” the secretary added.
She stressed that continued and reliable support for Ukraine would be a major topic of discussion during her visit to India, where she is attending the G20 finance ministers’ meeting.
Yellen recalled that since the early days of the war, the U.S. has worked with a multilateral coalition of more than 30 countries to impose serious economic costs on Russia for its brutal attack.
“Our twin goals are to degrade Russia’s military-industrial complex and reduce the revenue it can use to finance its war,” she said, pointing out that Russia’s economy has become increasingly isolated, with nearly a million Russians leaving the country last year.
Responding to questions, the U.S. Treasury chief said a joint communiqué from G20 finance ministers was still under discussion. “Of course, we would like to see a sharp condemnation of the impact that the war has had on Ukraine and on global economic prospects. It is one of the most significant factors reducing growth and causing very negative side effects, especially for low-income countries,” Yellen stressed.
As reported, Ukraine hopes that the IMF Monitoring Program will be replaced by the Extended Funding Facility program as early as the second quarter of 2023, which can partially cover the gap in covering the $38 billion deficit of the state budget-2023, which is now about $10 billion. Kiev expects that the U.S. will provide $10 billion in grant aid by September, and the EU – EUR18 billion of preferential credit support during the year.
