Ukraine Briefly
May 27, 2022Ukraine, Briefly
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- Russia reduced interest rates on Thursday as the rising ruble, supported by high oil and gas profits, and government assistance, is relieving some of the strain on the country’s shaky economy, CNN reported. At an extraordinary meeting, the Russian central bank reduced interest rates from 14 percent to 11 percent, with future cuts possible. Rates were raised by as much as 20 percent in the wake of Russia’s invasion of Ukraine in February, as the bank attempted to avoid a financial catastrophe caused by Western sanctions.
- As Moscow increased its attacks in Ukraine’s east, Ukrainian President Volodymyr Zelenskyy denounced suggestions that his country relinquish land to Russia in exchange for peace, comparing such proposals to attempts to placate Nazi Germany, according to the Wall Street Journal. Western officials are debating various scenarios leading to a cease-fire and mulling over what concessions such a deal would require.
- The Kremlin blamed Western nations for a looming international food crisis caused by difficulties delivering Ukrainian grain to global markets, and demanded that the US and its allies end what it called unlawful sanctions, Reuters noted.
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