Latest news about Russia and the war in Ukraine

Several economists said that Russia faces “economic forgetfulness” in the long run due to international sanctions and corporate flight.

Many see long-term costs to the Russian economy from the exit of foreign firms – which will damage productive capacity and capital and lead to a “brain drain” – along with the long-term loss of oil and gas markets and diminished access to critical imports for technology and inputs.

Read the full story over here.

– Elliot Smith

Mid-Two-Quarter Earnings Update TuesdayBP CEO Bernard Looney said the company’s refinery in Gelsenkirchen, Germany, no longer uses Russian crude, down from 50%.

The oil majors were one of several sectors that significantly reduced or reduced their exposure to Russia after its invasion of Ukraine.

Back in late February, BP announce It was offloading its 19.75% stake in the Russian-controlled oil company Rosneft.

– Matt Clinch

Secretary of State Anthony Blinken said the United States is “deeply concerned” about reports that Russian forces have seized nuclear facilities in Ukraine.

“There are credible reports, including in the media today, that Russia is using this plant as the equivalent of a human shield, but it is a nuclear shield in the sense that it is firing at Ukrainians around the plant,” Blinken told reporters at United. He added that this was “the height of irresponsibility.”

“Of course, the Ukrainians cannot and will not respond, for fear of a terrible accident involving a nuclear plant,” he said.

Blinken said it was important to give the IAEA access to nuclear facilities in order to protect against an accident.

– Amanda Macias

Growing concern about the impact of a possible Russian gas moratorium is fueling debate in Germany over whether the country should shut down the last three nuclear power plants as planned at the end of this year.

The door to some kind of extension appeared to have opened a fissure after the Economy Ministry announced in mid-July a new “stress test” on the security of the electricity supply. It is supposed to take into account a more stringent scenario than the previous test, completed in May, which found supplies to be guaranteed.

Since then, Russia has reduced natural gas supplies through the Nord Stream 1 pipeline to Germany to 20% of capacity amid tensions over the war in Ukraine. She cited technical problems that Germany says are just an excuse to play on political power. Russia recently took in about a third of Germany’s gas supply, and there are fears that it may turn off the tap completely.

The main opposition bloc has increasingly made repeated demands to extend the life of nuclear plants. Similar calls were made by the smallest party in Chancellor Olaf Schultz’s coalition government, the pro-business Liberal Democrats.

– News agency

French President Emmanuel Macron told Ukrainian President Volodymyr Zelensky in a phone call that war crimes committed by Russian forces “will not go unpunished.”

A source in the French presidential office wrote in a statement: “While war crimes are multiplying, the President of the Republic affirmed his support and resistance to the Ukrainian people, and announced his determination to ensure that these crimes do not go unpunished.”

During the call, Macron, the 36th exchange between the two leaders since the start of the Russian war in Ukraine, said France would send a team of forensic experts and a mobile DNA analysis laboratory to Ukraine.

– Amanda Macias