Ukraine Latest: Biden Says Putin Won’t Find Victory in His War

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(Bloomberg) -- President Joe Biden said Vladimir Putin would never win his war in Ukraine in a speech marking the one-year point of the invasion.

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Earlier in the day, the Russian leader had struck a defiant tone in his first state-of-the-nation address in nearly two years, reiterating that Moscow would continue to fight for its “historic lands” in Ukraine.

Putin also said Russia would suspend its observation of the New START nuclear weapons treaty with the US, a decision Secretary of State Antony Blinken called “irresponsible.”

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

Key Developments

  • Biden Says Putin Will Never Find Victory in His War on Ukraine

  • Ukrainians Are Crowdfunding Their Defense From Drones to Mortar

  • Putin Halts Nuke Pact With US, Vows to Push War in Ukraine

  • Pentagon Dysfunction Reveals Cracks in US War Machine

  • How Europe Ditched Russian Fossil Fuels With Spectacular Speed

  • Why US-Russia ‘New START’ Nuclear Treaty Is in Peril: QuickTake

On the Ground

Russia shelled the city of Kherson in southern Ukraine, killing five people and wounding 16, the city council said on its website. Russian forces fired more than 30 salvos with multiple launch rocket systems, including at Kherson, causing fatalities among the civilian population, the Ukrainian General Staff said on Facebook.

(All times CET)

China Calls Russia Ties ‘Solid as Rock’ (4:10 a.m.)

China’s top diplomat Wang Yi said relations with Russia were “solid as rock” even as Beijing moves to portray itself as a neutral actor that can broker peace in Ukraine.

In a meeting on Tuesday with Russian Security Council Secretary Nikolai Patrushev, Wang said China sought to “promote mutually beneficial cooperation in all areas” as the two nations defend national interests. He is set to meet with Russian Foreign Minister Sergei Lavrov on Wednesday.

Relations between China and Russia are “solid as rock and will stand the trials of the changing international situation,” Wang said in comments broadcast on Russian state television.

Biden Says Putin Will Never Find Victory in His War on Ukraine (6:05 p.m.)

Biden dismissed a claim made by Putin blaming the US and Ukraine’s allies for the war, saying that the Russian leader could end the conflict with a word.

“Ukraine will never be a victory for Russia,” Biden said during a visit to Warsaw, adding that the US and its allies would announce new sanctions against Moscow this week.

“The United States and the nations of Europe do not seek to control or destroy Russia,” the president said. “The West was not planning to attack Russia, as Putin said today. And millions of Russian citizens only want to live in peace with their neighbors are not the enemy.”

Polish President Says Hopes Russia Will Be ‘Crushed’ in Ukraine (5:32 p.m.)

Addressing the crowds ahead of Biden’s speech, Andrzej Duda appealed to leaders of other European countries and NATO member states to support Ukraine with additional military equipment and to stop trading with Russia.

“Where blood is being spilled, there is no room for honest people to do business,” the Polish president said.

Zelenskiy Meets US Congress Delegation in Kyiv (5:13 p.m.)

Ukrainian President Volodymyr Zelenskiy told a delegation of US Republican congressmen, led by Chairman of the House Foreign Affairs Committee Michael McCaul, about Ukraine’s military needs and the situation on the frontline.

“It’s a very powerful signal,” Zelenskiy said in a statement on his website. “Yesterday, President Biden’s visit, today — a meeting with you.”

IMF Chief Sees ‘Sizable’ Full-Fledged Loan Possible for Ukraine (5 p.m.)

The International Monetary Fund is prepared to provide sizable economic support for Ukraine under a new full-fledged loan program, according to the organization’s managing director.

Kristalina Georgieva praised Ukraine’s efforts to transform its economy, which contracted more than 30% last year in the aftermath of Russia’s invasion.

“Based on the performance of the Ukrainian authorities, we are confident that it could be sizable support from us,” she said after a visit to Kyiv on Monday.

China’s Top Envoy Says Relations with Russia Solid (4:56 p.m.)

Relations between China and Russia are “solid as rock and will stand the trials of the changing international situation,” State Councilor Wang Yi said at a meeting with Russian Security Council Secretary Nikolai Patrushev broadcast on Russian state television.

The envoy, who is due to meet Russian Foreign Minister Sergei Lavrov on Wednesday, said China is ready with Russia to defend national interests and “promote mutually beneficial cooperation in all areas.”

Germany Stresses Need for Nuclear Agreements (4:09 p.m.)

German Chancellor Olaf Scholz responded to Putin’s decision to suspend the New START treaty by saying all efforts should be made to prevent the use of nuclear weapons.

“We have to do everything to make sure that the safety of our planet is guaranteed,” he told reporters in the city of Duisburg.

Foreign Minister Annalena Baerbock had said earlier during a trip to Turkey that “at this moment we realize how important nuclear disarmament agreements are, and we stress this point at a moment when Putin wants to suspend it.”

Biden Pledges Continued Cooperation in Warsaw Meeting (2:48 p.m.)

Biden thanked Polish President Andrzej Duda for welcoming displaced Ukrainians and pledged continued cooperation in countering Russian aggression.

“The United States needs Poland and NATO as much as NATO needs the United States,” Biden told Duda during a meeting in Warsaw. “I would argue that NATO is stronger than it’s ever been.”

The Polish leader praised Biden’s trip to Kyiv for boosting morale, saying it was a gesture not only to NATO allies but also people standing on the side of the free world.

Ukraine Eyes at Least $5 Billion From IMF (2:18 p.m.)

Ukraine hopes to seal a new deal with the IMF and get at least $5 billion during the first year of a program that may be endorsed as soon as next month, a person familiar with the matter said.

Ukraine needs $38 billion in external financing in 2023 and should get $28 billion in grants and loans from the European Union and the US, according to its Finance Ministry.

Ukraine Eyes at Least $5 Billion From IMF in New Deal’s Year One

Blinken Says Suspension of New START Treaty Irresponsible (1:37 p.m)

Blinken called Russia’s decision to suspend participation in the treaty “deeply unfortunate and irresponsible.”

The Biden administration, he said, will “be watching carefully to see what Russia actually does” and ensure the US is “postured appropriately for the security of our own country and that of our allies.”

The extension of New START in 2021 was in the security interests of both countries, Blinken told reporters in Athens, adding that the administration remained ready to talk about strategic arms limitations with Russia.

Stoltenberg Urges Russia to Reconsider on Arms Pact (1:17 p.m.)

NATO Secretary General Jens Stoltenberg called on Russia to reconsider its position on the New START treaty, saying walking away from the pact “makes the world more dangerous.”

“This is just another example that we’re moving away from the arms control architecture,” he said in Brussels. “We used decades to build this.”

Stoltenberg rebutted Putin’s address, during which the Russian leader said the US and its European allies were to blame for the war in Ukraine, with the alliance chief saying “Russia is the aggressor. Ukraine is the victim of aggression.”

China May Provide Lethal Aid to Russia, NATO Chief Says (12:58 p.m.)

Stoltenberg also warned that China may provide Moscow with weapons. Earlier, Secretary of State Blinken accused China of privately weighing whether to give Russia weapons even while saying “they haven’t crossed that line yet.”

“We are also increasingly concerned that China may be planning to provide lethal support for Russia’s war,” Stoltenberg said on Tuesday.

Russia will Suspend Participation in START Nuclear Pact (12:28 p.m.)

Putin said Russia will suspend its observation of the New START treaty, dealing a blow to the last accord with the US limiting their strategic arsenals.

Russia won’t allow the US and NATO to inspect its nuclear facilities, though it won’t be the first to resume testing of its atomic weapons, Putin said in his state-of-the-nation address. The treaty that was extended in 2021 is due to expire in 2026.

Suspending the treaty means the US could lose access to inspections and monitoring data about the number of deployed Russian nuclear warheads, as well as the land- and sea-based vehicles used to launch them. About 200 inspectors drawn from the Department of Defense, the intelligence community and the State Department are assigned to carry out verification under new START, according to Steven Pifer, the former US ambassador to Ukraine who conducted arms-control negotiations with Russia.

Putin Remains Defiant on Russian Invasion (11:30 a.m.)

Putin vowed to press on with his faltering invasion of Ukraine until Russia’s goals are achieved and threatened a backlash if the US and its allies supply the government in Kyiv with long-range missiles.

“We will fulfill the tasks set step-by-step, carefully and consistently,” Putin told the Russian parliament and top officials in Moscow on Tuesday, to repeat applause. “One thing should be clear to everyone — the more long-range Western systems arrive in Ukraine, the further we will be forced to move the threat away from our borders. It’s obvious.”

As Russia’s war in Ukraine nears the 12-month mark on Feb. 24, Putin focused his first state-of-the-nation address in nearly two years on efforts to shift the blame for the conflict to the US and its allies, where he claimed godlessness and pedophilia have become “the norm.”

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