Russia is paying a heavy price for the attack on Ukraine, which violates international law – at least on the stock market, because Gazprom is making heavy losses. More information in the news blog.
The most important things at a glance
Putin’s war leaves Gazprom deeply in the red
8:31 p.m.: With the attack on Ukraine, Vladimir Putin not only brought immense suffering to the neighboring country, but also more than halved the gas sales revenues of the Russian energy company Gazprom. This is now taking its toll on the balance sheets. Gazprom suffered its biggest loss in a quarter of a century in 2023. With a loss of 629 billion rubles (6.9 billion dollars), the balance sheet for the past year is deeply red; the state-owned natural gas monopoly is virtually in ruins because Europe has all but disappeared as a market.
Gazprom’s revenue fell by almost 30 percent compared to the previous year to 8.5 trillion rubles. Gas revenues halved from 8.4 trillion to just over 4.1 trillion rubles. The company’s Moscow-listed shares fell more than 4.4 percent following the news. Analysts had expected at least a small profit.
Macron does not rule out the use of ground troops
4:57 p.m.: Despite criticism, French head of state Emmanuel Macron is sticking to the possibility of supporting Ukraine with Western ground troops. “If the Russians were to break through the front lines, if there was a Ukrainian request – which is not the case today – then we should legitimately ask ourselves the question,” Macron said in an interview with The Economist. This is a lesson from the past two years of war, Macron continued.
“As I have already said, I am not excluding anything because we are facing someone who is not excluding anything,” says Macron – obviously with a reference to Kremlin chief Vladimir Putin. “We were undoubtedly too hesitant in formulating the limits of our actions towards someone who no longer has any and who is the aggressor.” Macron emphasizes that it is also about not revealing everything that will or will not be done. Otherwise the Western states will only weaken themselves.
Macron had already hinted at the deployment of ground troops in Ukraine at the end of February. Chancellor Olaf Scholz (SPD) vehemently contradicted this. Now Macron adds: “If Russia wins in Ukraine, we will no longer have security in Europe.” Who can guarantee that Russia will stop there, he asks. “What security would there be for other neighboring countries, Moldova, Romania, Poland, Lithuania and so many others?”
Switzerland officially invites people to the Ukraine conference
1:37 p.m.: Switzerland has officially invited more than 160 delegations to the planned Ukraine conference. It will take place on June 15th and 16th in a posh hotel on Lake Lucerne, the Bürgenstock, and was organized at the request of Ukraine. The Foreign Ministry in Bern said the meeting would take place at the level of heads of state and government.
The aim is to develop a common understanding of a possible path to a just and lasting peace in Ukraine. This should be the basis for a peace process. “Russia has not been invited at this time,” the statement said. The Swiss Foreign Ministry pointed out that Moscow had publicly refused to take part on several occasions. The conference should initiate a peace process. “Switzerland is convinced that Russia must be included in this process. A peace process without Russia is unthinkable.”
The basis for the discussions is the peace formula that Ukrainian President Volodymyr Zelenskyj presented at the United Nations in autumn 2022. Kiev demands that aggression be punished, lives protected, security and territorial integrity restored, and security guaranteed.
Zelensky: “Only strength can stop this terror”
1:11 p.m.: According to Ukrainian President Volodymyr Zelensky, Russia used over 300 missiles, around 300 Shahed drones and more than 3,200 guided bombs in attacks on Ukraine in April. “Only strength can stop this terror,” he writes on the messaging app Telegram. In the spring, Russia ramped up attacks on Ukraine’s infrastructure as Ukraine waited for additional help from its allies and its air defenses were stretched to the limit. Russia says it only targets legitimate military targets.
