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Russian authorities said at least two people had been killed and 13 wounded in what they said was an assault from across the border with Ukraine.
In just a year, former commerce secretary Penny Pritzker travelled to Ukraine six times, helped create war-risk insurance vital for trade through the Black Sea, and talked to more than 100 US companies about investing in the Eastern European nation.
EU agrees to disburse €4.2bn of financing for Ukraine
The European Union authorised the first regular payment from its close to €50-billion support package for Ukraine that’s aimed at keeping the beleaguered economy running during Russia’s invasion.
Ukraine will receive €4.2-billion, which Kyiv can use to support its public administration and to strengthen financial stability, according to an EU statement on Tuesday. It stressed “the importance of allocating the money as soon as possible, given the difficult fiscal situation in Ukraine”.
The payment comes after the EU already allocated almost €8-billion to Ukraine in bridge financing and pre-financing from the so-called Ukraine Facility that the 27-member bloc set up in March. On Monday, Ukraine also received $3.9-billion in US budget support, which is part of a $61-billion package the Senate approved in April.
As part of the EU aid, Ukraine has agreed to broad-based reforms, including in the areas of public finance and the fight against corruption. The funds are to be disbursed by 2027 and are also meant to support Ukraine as it goes through the EU accession process.
Russia says two dead in incursion into region bordering Ukraine
Russian authorities said at least two people had been killed and 13 wounded in what they said was an assault from across the border with Ukraine.
Russian troops and border guards were involved in repelling an incursion into the Kursk region of as many as 300 Ukrainian soldiers supported by tanks and armoured vehicles, the Defence Ministry said on Tuesday. Reserves were being called up to the area, according to the statement.
A woman died in the town of Sudzha, while a bus driver was also killed in the area, Alexey Smirnov, the acting governor of the Russian region, said on Telegram.
Ukrainian officials and the military haven’t publicly commented, while the General Staff press service didn’t return calls for comment.
As Ukraine continues to fend off Kremlin forces with the invasion in its third year, it’s targeted Russian infrastructure and industrial facilities to try to undermine the country’s war machine.
Read more: Attacks across Russia border bring home costs of Putin’s war
Russia’s Belgorod and Kursk regions have faced drone and missile attacks, while units of anti-Kremlin Russian volunteers based in Ukraine have also staged cross-border raids. Tuesday’s events in the Kursk region did not involve Ukraine-based Russian volunteers, the NV.ua news website said, citing an unidentified member of military intelligence.
Fighting in Ukraine itself has largely become deadlocked along a 1,270km frontline in the east and southeast of the country, with neither side able to achieve significant territorial gains. Sudhza has previously been subject to cross-border shelling.
Penny Pritzker wants Ukraine’s recovery to last beyond 2024
In just a year, Penny Pritzker travelled to Ukraine six times, helped create war-risk insurance vital for trade through the Black Sea, and talked to more than 100 US companies about investing in the Eastern European nation.
Now the former commerce secretary, who is preparing to step down from her role in helping President Joe Biden’s administration support Ukraine’s economic recovery, is looking for ways to keep her plans alive — no matter who wins the election in November.
“There is understanding on both sides of the aisle of what’s at stake here,” Pritzker said in an interview with Bloomberg. “This is not just about Ukraine’s own sovereignty or about Europe’s security, or about Ukraine becoming part of the EU and Nato, but this has an implication for US security.”
The US and its European Union and North Atlantic Treaty Organization allies have provided tens of billions of dollars in military and economic aid to help Ukraine defend itself since Russia’s February 2022 invasion. Leaders of the Group of Seven nations agreed to a plan in June to supply Ukraine with billions in loans that will be repaid using profits generated by roughly $280-billion of frozen Russian assets.
Former President Donald Trump, the Republican presidential nominee, has suggested the US has spent too much money on the war, while also saying he’d end the conflict quickly if he’s elected. Ukrainian President Volodymyr Zelensky challenged Trump in a Bloomberg interview last month to explain how he’d end the war.
For Pritzker, whose great-grandfather fled Kyiv for the US some 140 years ago, the task is personal. The US billionaire is leaving behind a plan for her replacement, Deputy Secretary of State for Management & Resources Richard Verma, and others that may take up the role in the future.
The five-step pathway, dubbed the “Pritzker Plan”, is aimed at helping Ukraine succeed in luring the more than $480-billion it will cost to rebuild the nation after the war.
The recommendations, presented to Biden last week, include creating a cross-ministerial reconstruction and recovery unit in Ukraine that can sit under the prime minister, as well as significantly increase the number of shovel-ready projects companies can invest in, she said.
“While Penny’s position is limited to one year by statute, the work she began will continue,” Secretary of State Antony Blinken said in a statement. Because of her work, “Ukraine is better prepared for its future integrated with Euro-Atlantic institutions and plugged into European and global markets,” he said.
Pritzker has engaged with US businesses about rebuilding Ukraine and taken the heads of six companies with her on visits to the country.
“I’ve had conversations with all kinds of Fortune 500 companies, from energy companies like Westinghouse and defence companies like Lockheed Martin and Northrop Grumman to Boeing and so many others,” she said. “Companies in the agricultural area like ADM and Cargill, I’ve had conversations with JPMorgan and BlackRock on the capital side.”
Ukraine’s economy grew by 5% last year, reversing a sharp drop in 2022. Bumper crops helped fuel grain exports and the economy also gained a boost from defence spending.
Growth is expected to slow this year, in part due to energy constraints caused by Russian attacks on Ukraine’s electricity infrastructure.
“Special Representative Pritzker has mobilised significant public and private investment to help Ukraine maintain its economy as it repels Russian forces,” Biden said in a separate statement. “Her legacy of leadership and innovation is one we will carry forward as we continue to help Ukraine forge a more secure future.” DM
