– Russia resumes Ukraine grain-export deal in abrupt reversal
Russia agreed to resume a deal allowing safe passage of Ukrainian crop exports, abruptly reversing course after Turkey and the United Nations pushed ahead with the shipments over Moscow's objections. Wheat prices dropped on the news.
The Kremlin's pullout from the agreement on Saturday and Russian warnings over the safety of ships in the corridor had sowed chaos through agricultural markets and sent prices soaring. But as the shipments continued this week - with a one-day interruption Wednesday - despite Russian warnings they could be in danger, Moscow's leverage appeared limited.
Russia's Defense Ministry said it was resuming participation in the deal because it had received "written guarantees" from Ukraine that the safe-passage corridor wouldn't be used for military purposes. Ukraine has long said it wouldn't use it for such operations. - Bloomberg
– JUST IN: Ukraine energy company says the schedule of hourly outages on Wednesday is not enough to maintain the power system's stable operation
“Unfortunately, the schedule of hourly outages today is not enough to maintain the power system's stable operation. The Dispatch Center NEK "Ukrenergo" is forced to provide from 11:00 operators of distribution networks (oblenergo) volumes to limit the electricity supply of all categories of consumers in Sumy, Kharkiv and Poltava regions. The power of hourly outages in these areas has been temporarily suspended,” the country's energy utility Ukrenergo said.
– Ukraine braces for load shedding as energy utility introduces hourly power outage schedules
The power company on Wednesday afternoon said that the schedule of hourly outages was not enough to maintain the power system's stable operation.
“The Dispatch Centre NEK "Ukrenergo" is forced to provide from 11am operators of distribution networks (oblenergo) volumes to limit the electricity supply of all categories of consumers in Sumy, Kharkiv and Poltava regions. The power of hourly outages in these areas has been temporarily suspended.
“Temporary controlled restrictions of all categories of consumers are needed to reduce grid load, maintain stable balance of energy systems, and avoid recurrent accidents after power grids have been damaged by rocket shelling,” it said.
Read more here.
– Rouble drifts lower, Russian stocks retreat from over 5-week high
The Russian rouble weakened against the dollar ahead of three treasury bond auctions by the finance ministry on Wednesday, hurt by reduced FX supply after the passing of a favourable month-end tax period, but supported by higher oil prices.
At 0738 GMT, the rouble was 0.4% weaker against the dollar at 61.50 and had gained 0.1% to trade at 60.69 versus the euro. It had shed 0.2% against the yuan to 8.42.
The rouble has now lost the support of month-end tax payments, that usually see exporters convert foreign currency revenues to pay local liabilities.
"Today in the course of trading we expect attempts by the rouble to recover its morning losses," said Banki.ru chief analyst Bogdan Zvarich.
Brent crude oil, a global benchmark for Russia's main export, was up 0.7% at $95.3 a barrel.
The finance ministry, which has already exceeded it fourth-quarter borrowing plan, intends to hold another three OFZ treasury bond auctions later on Wednesday. - Reuters.
– Ukraine Introduces Hourly Power Outage Schedules - Ukrenergo
Schedules of hourly power outages were introduced on Wednesday in the central and northern parts of Ukraine, the country's energy utility Ukrenergo said.
"Today, November 2, hourly outage schedules were put into effect from 6 a.m. [04:00 GMT]," the company wrote on Telegram.
Ukraine Introduces Hourly Power Outage Schedules
— 🌎 Sarwar 🌐 (@ferozwala) November 2, 2022
Schedules of hourly power outages were introduced on Wednesday in the central & northern parts of Ukraine, the country's electricity operator Ukrenergo said.#Sputnik #Russia #Ukraine #Breaking pic.twitter.com/M6HmxpZ6nb
According to Ukrenergo, its dispatch centre provided distribution network operators with volumes to limit power supply in the format of hourly outages for consumers in Kiev and Kiev region, as well as in Chernihiv, Cherkasy, Zhytomyr, Sumy, Kharkiv and Poltava regions.
According to Ukrainian President Volodymyr Zelensky’s website, nearly 40% of the country's energy infrastructure was seriously damaged as of November 1. Authorities have urged people to reduce their use of electricity and resorted to rolling blackouts. - Sputnik
⚡️Zelensky: Up to 40% of Ukraine’s energy system destroyed by Russian attacks.
— The Kyiv Independent (@KyivIndependent) November 1, 2022
President Volodymyr Zelensky said on Nov. 1 that Ukraine had to stop exporting electricity to European countries “due to Russian missile and drone attacks which destroyed 30-40% of its energy system.”
– Poland begins erecting a fence on the border with Russia's Kaliningrad region
Poland has started erecting a fence on the border with Russia's Kaliningrad region, Polish Defence Minister Mariusz Blaszczak said on Wednesday.
"Due to the fact that the Kaliningrad airport has become open to flights from the Middle East and Africa, I decided to take measures to strengthen the border security. Today, sappers will begin work on the construction of a temporary barrier on the border of Poland and the Kaliningrad region," Blaszczak told reporters. - Sputnik
– No moral conflict in India buying Russian oil, says Hardeep Puri
Petroleum Minister Hardeep Puri has said that India doesn't have any moral conflict on purchasing oil from Russia, which has faced criticism internationally due to its war with Ukraine.
In an interview with CNN in Abu Dhabi, Puri while responding to a question on whether India felt any moral conflict while seeking oil supplies from Russia, replied: "Absolutely none."
"Absolutely none, absolutely none. There is no moral conflict. We don't buy from X or Y. We buy whatever is available. I don't do the buying. The government does not do it. Oil companies do. We owe a moral duty to our consumers," he said.
"We don't feel any pressure. Modi's government doesn't feel the pressure. We are the fifth largest economy in the world. India will respond according to its supreme national interest," he added. - IANS
– Zelensky demands firmer defence of Ukraine grains export corridor
A long-term defence is needed for Ukraine's grain export corridor and the world must respond firmly to any Russian attempts to disrupt it, President Volodymyr Zelensky said, as more ships were loading despite Moscow suspending its participation in a U.N.-brokered deal. - Reuters
Latest Defence Intelligence update on the situation in Ukraine - 02 November 2022
Find out more about the UK government's response: https://t.co/hqAH81WAjr
🇺🇦 #StandWithUkraine 🇺🇦 pic.twitter.com/u0xrrTCTpm
– 1,000 'heating points' set up in Kyiv as winter looms – while Russia is accused of 'covert' mobilisation - Sky News.
– Banking tycoon renounces citizenship of 'fascist' Russia over Ukraine war
Russian banking tycoon Oleg Tinkov renounced his Russian citizenship in a public rebuke of Moscow's invasion of Ukraine, saying he "can't and won't be associated with a fascist country."
He added Tuesday that he plans to revoke his name from Tinkoff Bank, the Russian commercial bank he founded in 2006, writing: "I hate when my brand/name is associated with the bank that collaborates with killers and blood."
The businessman announced that he had ended his citizenship in an Instagram post on Monday, sharing an image of the official document certifying his renunciation, which was dated Oct. 26. "I hope more prominent Russian businessmen will follow me, so it weakens Putin's regime and his economy," he said, referring to Russian President Vladimir Putin. He added: "I hate Putin's Russia, but love all Russians, who are clearly against this crazy war!"
That post was later deleted, with Tinkov saying Tuesday that it had "mysteriously disappeared" and speculating that it could have been the work of "Kremlin trolls." - The Washington Post
Billionaire Oleg Tinkov renounces Russian citizenship over war against Ukraine: “I can’t and won’t be associated with a fascist country that started a war with their peaceful neighbor and killing innocent people daily”
— Iuliia Mendel (@IuliiaMendel) November 1, 2022
I know many Russians were looking at this war with his eyes.
– Grain exports must not be disrupted, Kyiv says
A long-term defence is needed for Ukraine's grain export corridor and the world must respond firmly to any Russian attempts to disrupt it, President Volodymyr Zelenskiy said, as more ships were loading despite Moscow suspending its participation in a U.N.-brokered deal. - Reuters
– Putin, Erdogan discuss grain export deal over phone
Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan held a phone conversation on Tuesday to discuss the implementation of a deal on the export of grain from the Black Sea ports.
A Kremlin statement said that Putin repeated Russia's accusation that Ukraine used the humanitarian corridor to carry out strikes on the infrastructure and vessels of the Russian Black Sea Fleet in Sevastopol, which ensured the safe operation of the shipping route.
Putin called for a detailed investigation into the incident and demanded Ukraine's guarantee of not using the humanitarian corridor for military purposes, before discussing the issue of resuming work within the deal or the Black Sea Grain Initiative.
According to Putin, part of the Black Sea Grain Initiative has failed as restrictions on the export of Russian agricultural products and fertilizers to world markets are not removed.
He also noted that during three months of the deal, the task of ensuring the delivery of food as a priority to the most needy countries was not fulfilled.
In this regard, Putin voiced Russia's readiness to supply "significant volumes" of grain and fertilizers to Africa for free. - Xinhua