More than $1 billion will go to ease the suffering of the people affected by Russia’s invasion, aimed at provisions of food, water, shelter, medical supplies and more. said it would send further humanitarian assistance to Ukraine. The Institute International Finance estimates that the shock to Russia’s GDP this year will wipe out the past 15 years of economic gains,” the official told reporters. To put that into perspective, that would be three times as much as the GDP declined after Russia’s debt default in 1998. “Russia is now looking at a contraction in its economy of 15 percent this year, according to private sector estimates. The EU and G-7 separately started an initiative to coordinate on evasive maneuvers by targets trying to avoid Western-imposed sanctions, as well as a scheme to prevent Russia from propping up its economy with international reserves.Īnother senior administration official said the West’s collective financial actions are sinking the Russian economy. The U.S, in coordination with those two bodies, announced full blocking sanctions on more than 400 individuals and entities, including 328 Duma members, the head of Sberbank and 48 large Russian state-owned defense companies (more on this in “Situation Report”). More actions came out of the G-7 and European Union sessions. and its allies are “committed to identifying additional equipment, including air defense systems, to help Ukraine.” In a statement following the summit, Biden praised the establishment for four new battlegroups in Eastern Europe - stationed in Slovakia, Romania, Bulgaria, and Hungary - and asserted the U.S. is consulting with allies on providing Ukraine with anti-ship missiles, noting “there may be some technical challenges with making that happen.” The official additionally disclosed that the U.S. There was also not a request for NATO membership in his remarks.” A senior administration official didn’t dive into specifics of the speech on a background call with reporters except to say “there was not a request for a no-fly zone. Ukrainian President VOLODYMYR ZELENSKYY addressed the closed-door session of leaders. The widely popular Norwegian was set to leave his post in the fall to become head of the country’s central bank, but NATO members didn’t want to search for a new leader in the middle of the alliance’s greatest test in decades. HERSZENHORN’s scoop that the alliance’s secretary general, JENS STOLTENBERG, would be asked to stay on for another year. The extraordinary NATO summit kicked off by confirming our own DAVID M. Reuters’ IDREES ALI gets it: Russian President VLADIMIR “ PUTIN’s invasion of Ukraine has done something I did not think was possible: Made a NATO meeting so interesting that it's getting 24 hour coverage.”Ī lot happened in those 24 hours - including gatherings of the G-7 and European Council also attended by President JOE BIDEN - so let’s use this moment to recap all the major news. Send tips | Subscribe here | Email Alex | Email Quint President Joe Biden speaks as he arrives for an EU summit in Brussels on March 24, 2022.
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