In Summary:
1) Ukraine targets Crimea with major drone attack.
2) Ukrainian Foreign Minister Dmytro Kuleba visits China.
3) Ukraine restructures $20bn debt to bolster war efforts.
Ukraine has launched a significant aerial assault on Russian-occupied Crimea for the second consecutive night, involving at least 21 drones targeting the port city of Sevastopol.
This follows a massive attack the previous night where up to 75 drones targeted various Russian regions, causing a fire at an oil refinery in Tuapse. Russia claimed the fire was caused by debris from a downed drone, though this could not be verified.
Smoke and flames rise after a fire broke out at a large oil refinery in Tuapse, Russia in this screengrab obtained from a social media video released on January 25, 2024. IMAGE FILE:Reuters
The timing of these assaults coincides with Ukrainian Foreign Minister Dmytro Kuleba’s visit to China, where he aims to present Ukraine’s case to Russia’s key ally.
Kuleba stated he would be discussing “the restoration of peace, deepening our bilateral dialogue, expanding trade and economic cooperation” during his visit with Chinese counterpart Wang Yi.
Dmytro Kuleba, Ukraine’s Foreign Minister, visits China. IMAGE: Reuters
In a significant financial move, Ukraine has announced a deal with international creditors to restructure approximately $20bn of debt.
This agreement, which reduces the debt by over a third, is expected to bolster Kyiv’s efforts in financing its defense against Russia.
Ukrainian Finance Minister Serhiy Marchenko stated, “After months of engagement and hard work with our private bondholders, the IMF and our bilateral partners, we have reached an agreement in principle with the Ad Hoc Creditor Committee on the comprehensive restructuring of our public external debt.”
He emphasized that this was “an important step to ensure Ukraine maintained the budget stability and cash resources needed to continue financing its defence.”
Ukrainian Prime Minister Denys Shmyhal added that the deal would “free up resources for urgent needs, including defence, social protection, and recovery.”
Meanwhile, the Russian defense ministry reported that its systems destroyed 25 Ukrainian drones overnight, including 21 over Crimea and the Black Sea, and two each over Russia’s Bryansk and Belgorod regions.
This marks the second major drone assault on Russian forces within two nights.