"If they speak to each other in Russian, he doesn't know what they are saying," one Western official told NBC News. Michael McFaul, former U.S. ambassador to Russia, called Witkoff's approach "a very bad idea."
Tougher sanctions "should be applied to (Russia's) banking and energy sectors, targeting fossil fuels, oil, and the shadow fleet," the leaders of Ukraine, the U.K., France, Germany, and Poland said in a joint statement.
"Russia is ready for negotiations without any preconditions," Putin claimed in an address marking the end of the three-day Victory Day ceasefire. He invited Ukraine to begin talks in Istanbul on May 15.
While serving as a bishop in Peru, Robert Prevost, now Pope Leo XIV, called the full-scale war "a true invasion, imperialist in nature, where Russia seeks to conquer territory for reasons of power."
Speaking to CNN on May 10, Peskov commented on the latest ceasefire proposal from Ukraine and Europe, responding that Russia needs to "think about" it, but is "resistant" to pressure.
Speaking at a press conference in Kyiv on May 10, President Volodymyr Zelensky rebuked the idea of a demilitarized zone in the war and emphasized the importance of first securing a ceasefire.
"We agreed that a full and unconditional ceasefire must begin on Monday, May 12, for at least 30 days. We jointly demand this from Russia, and we know we are supported in this by the United States," Zelensky said.
Ukrainian media outlet ZN.UA reported on May 10 that their law enforcement sources confirmed an ongoing probe by the National Anti-Corruption Bureau into suspected embezzlement, money laundering and bribery.
Iran is preparing to send Russia Fath-360 short-range ballistic missile launchers, Reuters reported on May 9, citing Western security and regional officials familiar with the matter.
"Ukraine and all allies are ready for a complete unconditional ceasefire on land, in the air, and at sea for at least 30 days, starting as early as Monday," Ukraine's Foreign Minister Andrii Sybiha wrote.
Ukraine's Finance Minister Serhii Marchenko at the Ukraine Recovery Conference in London, UK, on Wednesday, June 21, 2023. (Photo credit: Chris J. Ratcliffe/Bloomberg via Getty Images)
Kyiv has reached an agreement in principle with some of its creditors to restructure the country's external debt, amounting to around $23 billion, the authorities said on July 22.
Ukraine struck a deal with its creditors at the onset of the Russian full-scale invasion to postpone the payments due to the war's pressure on the country's economy. The deal to freeze payments of around $23 billion was about to expire on Aug. 1.
"Today, we reached an agreement in principle with the committee of Eurobond holders," Prime Minister Denys Shmyhal said. Based on the deal, Ukraine stands to save $11.4 billion over the next three years and $22.75 billion by 2033, he explained.
"The government reached an agreement in principle with a group of investors holding c. 25% of bonds," Olena Bilan, the chief economist at Kyiv-based investment bank Dragon Capital, told the Kyiv Independent.
These investors included Amundi SA, BlackRock Inc, and Amia Capital LLP, according to Bloomberg.
"To finalize the restructuring process, (the government) needs to get consent from the majority of bondholders. For this, the government will launch a formal voting process soon," Bilan added.
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"Freed funds will support the macro-financial stability of Ukraine, allowing us to finance the most urgent needs in the face of full-scale Russian invasion," Finance Minister Serhii Marchenko commented.
The restructuring agreement will see the existing Eurobonds in circulation exchanged for a package of new Eurobonds with a 37% nominal reduction in the value of the debt at the initial stage and a reduction in the net present value of the debt of around 60%, the Finance Ministry said in a statement.
While the first round of negotiations with private creditors in June ended without an agreement, Marchenko voiced confidence last week that a deal could be reached before the deadline.
Without the deal, Ukraine would have to begin payments within a 10-day period of Aug. 1 or officially default.
The Ukrainian parliament approved a bill on July 18 granting the government the right to suspend payments on external public debt until Oct. 1.
"Once completed, this restructuring will also pave the way for Ukraine's market re-entry as soon as possible when the security situation stabilizes to fund our country's swift recovery and reconstruction," Marchenko commented.
Martin Fornusek is a news editor at the Kyiv Independent. He has previously worked as a news content editor at the media company Newsmatics and is a contributor to Euromaidan Press. He was also volunteering as an editor and translator at the Czech-language version of Ukraïner. Martin studied at Masaryk University in Brno, Czechia, holding a bachelor's degree in security studies and history and a master's degree in conflict and democracy studies.
Arseniy Yatsenyuk
