Ukraine Update: ‘Stand Up’ Campaign Raises $11 Billion for Aid

U.K. Prime Minister Boris Johnson made a surprise visit to Kyiv to meet with President Volodymyr Zelenskiy. Russia is pressing a land assault in the Donetsk region while attempting to complete its capture of Mariupol in the south, where air strikes are being targeted at the center of the city. 

Russia said YouTube had blocked its Duma-TV channel, which shows parliamentary debates and other political content. Russia’s first external default in a century now looks all but inevitable after another brutal week for the country’s finances. 

A global pledging campaign with some celebrity help raised 10.1 billion euros to help those displaced by the war. The EU mission in Kyiv has reopened, and at least two European countries — Italy and Austria — look set to follow suit soon. 

(See RSAN on the Bloomberg Terminal for the Russian Sanctions Dashboard.) 

Russia Bringing Back Retired Troops, U.K. Says (8:10 a.m.)

In response to mounting losses, and as it prepares for what’s expected to be a major offensive in Ukraine’s east, Russia is looking to bolster troop numbers with personnel discharged from military service since 2012, the U.K. said in an intelligence update. Moscow is also trying to recruit from Transnistria, the pro-Russian enclave in neighboring Moldova, the U.K. said. 

NATO estimated in late March that as many as 15,000 Russian soldiers had been killed since the invasion of Ukraine on Feb. 24. Wounded soldiers who can’t rapidly return to duty are typically twice the number of dead, according to a Center for Strategic and International Studies estimate. 

Celebrity-Backed Campaign Raises $11 Billion for Aid (8:05 a.m.)

A global pledging campaign, “Stand Up for Ukraine” raised 10.1 billion euros ($11 billion) on Saturday to help more the than 10 million people displaced within and outside of Ukraine since Russia invaded six weeks ago.

Backed by Europe, Canada, Gulf countries and celebrities such as Katy Perry, Madonna and Elton John, the drive concluded at an event in Warsaw with Polish President Andrzej Duda, European Commission President Ursula von der Leyenand Canadian Prime Minister Justin Trudeau, who appeared by video link.

Ukraine President Volodymyr Zelenskiy later spoke with Trudeau, he said on Twitter. 

Japan Insurers to Halt Coverage for Firms in Russia, Kyodo Says (2:46 a.m.)

Japanese non life insurers including Tokio Marine Nichido will cease acceptance of new coverage contracts for Japanese firms operating in Russia, Kyodo News said Saturday, citing people close to the matter. 

Japanese drug-maker Takeda Pharmaceutical Co. won’t conduct new clinical trials in Russia, nor make any new investments in the country, the Nikkei newspaper reported. 

NATO Seeks Stronger Eastern Flank: Telegraph (11:20 p.m.) 

NATO is working on plans for a permanent troop presence on the alliance’s eastern border, the Telegraph reported, citing an interview with NATO Secretary General Jens Stoltenberg.

The “reset” required after Russia’s invasion of Ukraine “is to move from tripwire deterrence — which is the current concept — to something that is more about deterrence by denial or defense,” the newspaper quoted Stoltenberg as saying. Decisions are expected at a summit of NATO countries in June, he said.

Italy to Shift Gas Imports Toward Algeria (11 p.m.)

Italy will boost natural-gas imports from Algeria by almost 50% under a deal to be signed on Monday during a visit by Prime Minister Mario Draghi to Algiers, according to people familiar with the matter.

Italy imported some 21 billion cubic meters of gas from Algeria in 2021 and about 29 bcm from Russia. The agreement will probably lead to Algeria replacing Russia as Italy’s biggest supplier, according to the people. 

European Embassies Start Return to Kyiv (6:10 p.m.)

European embassies that moved out of Kyiv before or during Russia’s invasion are starting to return, taking their lead from the European Union’s diplomatic mission.  

Italy indicated it will reopen its embassy shortly after Easter, ANSA reported, citing Foreign Minister Luigi Di Maio. Austria’s chancellor said embassy staff will return from a location in far western Ukraine “since the situation around Kyiv has now stabilized somewhat,” the Austria Press Agency reported. 

Russia Hits Nitric Acid Tank in Ukraine’s East, Official Says (5:02 p.m.)

Ukrainian eastern Luhansk region governor Serhiy Haiday said that Russian troops hit a tank with nitric acid near town of Rubizhne, which they have been shelling. 

Exposure to the highly corrosive acid can cause a variety of symptoms including irritation to the eyes and skin, and later lead to conditions such as bronchitis and pulmonary edema. Haiday urged residents to stay inside, close windows and doors, and use protective masks as heavy smoke was seen on the site. 

U.K.’s Boris Johnson Makes Surprise Visit to Kyiv (4:13 p.m.)

U.K. Prime Minister Boris Johnson made a unexpected visit to Kyiv, the latest in a string of leaders traveling to Ukraine capital to meet President Volodymyr Zelenskiy. 

Johnson pledged new military assistance of 120 armored vehicles and new anti-ship missile systems. That’s on top of 100 million pounds ($130 million) in equipment announced Friday, including over 800 anti-tank missiles, Javelin anti-tank systems, Starstreak air defense systems, helmets, armor and night-vision goggles. 

The U.K. said it has also liberalized tariffs on most imports from Ukraine. 

U.S. Tightens Export Restrictions on Russia, Belarus (3:45 p.m.)

The U.S. widened export controls on Russia and Belarus to effectively cut off access to more products. The restrictions were extended “to almost any sensitive dual-use technology, software, or commodities that could be used to support Russia’s war effort,” the Department of Commerce said Saturday.  

The action also puts on notice Belarus airlines and plane owners that they can’t fly or service any aircraft without U.S. authorization if more than 25% of the machinery’s value comes from American content subject to export controls.

Google Says Complying With Sanctions Laws in Duma Site (3:39 p.m.)

Alphabet Inc.’s Google said it complied with applicable sanctions in blocking the YouTube channel of the Duma, the lower house of Russia’s parliament. 

Duma TV said on its Telegram channel earlier Saturday that its account on YouTube, a unit of Alphabet Inc.’s Google, had been blocked.   

“Google is committed to compliance with all applicable sanctions and trade compliance laws. If we find that an account violates our Terms of Service, we take appropriate action,” a Google spokesperson said in an emailed statement. “Our teams are closely monitoring the situation for any updates and changes.”

Russia Complains YouTube Blocked Duma TV (2:33 p.m.)

Russian media watchdog Roskomnadzor demanded that Google immediately restore access to the Russian parliament’s YouTube channel, Duma TV, and explain the reason for imposing restrictions. 

“The U.S. authorities are forcing American IT companies that own social networks to wage an information war against our country,” said Vyacheslav Volodin, head of the Russian State Duma, according to Tass. 

Andrei Klishas, a senior lawmaker, said on his Telegram channel that “YouTube is on its way to becoming illegal in our country.” Foreign ministry spokeswoman Maria Zakharova said YouTube “has sealed its fate.” 

Zelenskiy Says Battle for Ukraine’s East ‘Crucial’ (2:30 p.m.)

President Volodymyr Zelenskiy suggested that the coming battle for Ukraine’s east could be decisive. Speaking at a joint press conference with Austrian Chancellor Karl Nehammer, Zelenskiy said that despite evidence of atrocities, Ukraine’s government is willing to continue talks with Moscow. 

“Ukraine has always said that it is ready for negotiations and will be seeking any ways to end the war,” Zelenskiy said. “At the same time, unfortunately we see preparations for an important, what some call a crucial, battle in the east of our state.”

Ukraine to Hold Hryvnia Rate Until Martial Law Ends (1:30 p.m.)

Ukraine’s central bank will hold the official hryvnia exchange rate at the current level of 29.25 per U.S. dollar at least until martial law ends, deputy governor Serhiy Nikolaychuk said. 

Thereafter it will return “gradually” to a floating rate as the central bank eases restrictions, he said in an interview on local TV. Ukraine’s government imposed martial law on Feb. 24 when Russia invaded and has extended it at least through April 25.

EU Deplores Russian Move to Oust Amnesty, Other NGOs (1:05 p.m.)

The European Union slammed Moscow for its move overnight revoke the registration of 15 widely recognized organizations, including Human Rights Watch, Amnesty International and others. 

“With this ban, the Russian political leadership continues to deny the Russian population their freedom of expression and freedom of thought,” the EU said in a statement.  

Germany’s foreign ministry, in strongly worded comments, said Russia was “again showing the world its true colors: with targeted bans and censorship, all voices that advocate transparency and truth, justice, human rights and democracy are consistently silenced.”  

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