Ukrainian economy plunges amid Russian invasion – live updates | Taiwan News

  • World Bank announces Ukraine’s economy will shrink by almost half
  • The UN Security Council will meet on Monday
  • Zelenskyy expected to address South Korean lawmakers
  • Austrian Chancellor to meet Putin
  • EU foreign ministers to discuss new sanctions in Luxembourg

This article was last updated at 03:25 UTC/GMT

EU foreign ministers to discuss aid and sanctions in Luxembourg

EU foreign ministers will meet in Luxembourg on Monday to discuss allocating 500 million euros ($544 million) to fund arms purchases for Ukraine.

They will also discuss a sixth round of sanctions against Russia and the possibility of banning the import of Russian oil. Member states previously agreed to ban imports of Russian coal.

Local media: air raid sirens activated across the country

Air raid sirens were activated across Ukraine early Monday, including in Lviv and kyiv regions, The Kyiv Independent reported.

Think tank: Russian forces win in Mariupol, but don’t advance in Donbass

The Washington DC-based Institute for the Study of War (ISW) said Russian forces had made territorial gains in Mariupol over the past day.

At the same time, the US think tank said Russian forces had failed to advance in the eastern Donbass region.

The ISW reported that the Russian Defense Ministry is apparently offering cash bonuses to withdrawn troops as an incentive to return to combat.

The ISW also claimed that Russia is “now enlisting previously ineligible categories of people, including those with childhood disabilities and workers in sheltered industries.”

Zelenskyy says the week ahead is crucial

Ukrainian President Volodymyr Zelenskyy said Sunday night that the coming week was crucial as Russia steps up its offensive in the east.

“Russian troops will move to even greater operations in the east of our state,” the Ukrainian leader said.

He said Russia was trying to evade responsibility for war crimes and added that Moscow could not admit its mistakes towards Ukraine.

“They have been afraid to admit for decades that they have taken wrong positions and spent colossal resources to support the human zeros they wanted to build as future heroes of Ukrainian-Russian friendship,” Zelenskyy said. .

He said Russian attempts to build his puppet figures in Ukraine had failed, as these individuals “were only trained to put Russia’s money into their own pockets”.

World Bank: Ukrainian economy will plunge by nearly half

Ukraine’s economic output will likely contract by 45.1% this year, the World Bank said in a new report.

He said Russia’s invasion has closed businesses, reduced exports and made economic activity impossible in many parts of the country.

In its “War in the Region” update, the bank estimated that more than half of the country’s businesses are closed, while others are operating well below normal capacity.

The closure of Black Sea shipping from Ukraine has cut off about 90% of the country’s grain exports and half of its total exports.

The bank also predicts that Russia’s GDP output in 2022 will fall by 11.2% due to punitive financial sanctions imposed by the West.

Economists said GDP in the Eastern Europe region, comprising Ukraine, Belarus and Moldova, is expected to contract by 30.7% this year, due to shocks from war and trade disruption.

Summary of the events of the Ukraine-Russia crisis on Sunday

Ukrainian President Volodymyr Zelenskyy tweeted that he had spoken with German Chancellor Olaf Scholz.

“We stressed that all perpetrators of war crimes must be identified and punished,” Zelenskyy said of the conversation. “We also discussed anti-Russian sanctions, defense and support for Ukraine.”

In Germany, several hundred pro-war protesters gathered in support of Russia outside the Frankfurt Opera House.

The UN said there were now 4.5 million Ukrainian refugees due to the Russian invasion.

Pope Francis called for an Easter truce in Ukraine during his Palm Sunday address.

US National Security Advisor Jake Sullivan told CNN that Russia has appointed a new commander to fight its war in Ukraine, General Alexander Dvornikov.

Ukrainian officials said Russian rockets destroyed Dnipro airport.

Kyiv Mayor Vitali Klitschko and his brother Wladimir have warned that Russian forces could target the capital again. The brothers called on the world to economically isolate Russia.

Austrian Chancellor Karl Nehammer will be the first European leader to meet Russian President Vladimir Putin on Monday since the start of the invasion.

mm, wd/kb (AP, AFP, Reuters, dpa)

Christi C. Elwood