UK Foreign Secretary James Cleverly announced 25 new sanctions on individuals and businesses targeting the Kremlin’s access to foreign military equipment, part of efforts by Ukraine’s western allies to weaken Russia’s arsenal and choke its defense industry’s supply chains.
Among those sanctioned are two microelectronics businesses in Turkey and a Dubai-based drone manufacturer, according to a statement from the government in London. “Alongside our G-7 partners, the UK has repeatedly called on third parties to immediately cease providing material support to Russia’s aggression or face severe costs,” Cleverly said.
Ukrainian President Volodymyr Zelenskiy warned Russia that if it continues to dominate coastal waters, hamper transit and fire missiles at its ports, Ukraine will start doing the same. Zelenskiy earlier accused Kremlin forces of deploying Iskander ballistic missiles against a residential target in Monday’s strikes on an apartment building in Pokrovsk in the eastern Donetsk region. Seven people were killed in the attack, according to Interior Minister Ihor Klymenko.
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Markets
European natural gas advanced, after fluctuating earlier, with traders weighing rising fuel stockpiles against the risk of further supply constraints.
The European Union’s fuel inventories are more than 87% full — the highest level on record for this time of year, and just shy of the block’s mandatory target to have 90% by November, which is helping to keep a lid on prices. Some member states have already exceeded that level, including Spain and the Netherlands, while Germany and Italy are closing in.