VICTORY CHRONICLES - DAY 124 - Ukrainian World Congress

Above: Kyiv first responders battle for civilian safety. The capital was hit Sunday. Photo via BBC

Ukrainian forces have retreated from Severodonetsk and are trying to inflict maximum damage on Russian assets from Lysychansk. The Russian horde is slowly advancing from Lysychansk’s southern flack. Most analysts agree that it is only a matter of time before Ukrainian forces withdraw to the west giving Russia a propaganda milestone of taking all of Luhansk Oblast.

The enemy shelled residential areas in Kyiv, Sumy, Kharkiv, Donetsk, Dnipropetrovsk, Zaporizhzhya, Kherson and Odesa overnight, wounding dozens of civilians.

Above: Smiling G7 leaders meet in Germany to discuss the red hot threat of Russia among other global issues. Photo via NEXTA

The agenda of the latest meeting of the seven largest industrial nations this week is full of items on Ukraine. US President Joe Biden urged unity against bald-faced Russian depravity in its war against Ukraine, nuclear saber-rattling with EU neighbors, purposeful implementation of global food and energy crises and incessant fabricated propaganda. Discussions on strengthening sanctions focused on banning Russian gold imports and capping the price of oil commodities in light of decreasing world supplies due to bans on Russian oil.

President Zelensky will address the G7 as well as the NATO Summit this week to bring home two imperatives: Supply of Ukraine with heavy weapons now and financial isolation of Russia to prevent it from financing its aggression.

Above: SAMS surface-to-air missile systems are badly needed by Ukraine to close the gap in aerial superiority. Photo via Falcon Lounge

As G7 gathers in Germany and NATO prepares for a summit this week in Madrid, the US is expected to announce a new drawdown on the USD 40 billion appropriation to supply weapons to Ukraine. The new package is expected to include a medium to long range surface-to-air missile defense system. Some high tech equipment has been put on hold due to potential security risks if systems were captured by Russians.

According to the rules, Russia defaulted on its foreign currency sovereign debt for the first time since 1918. Russia missed interest payments of USD 100 million on Eurobonds by the extended deadline on Sunday. Analysts widely agree that the default is a result of Russia’s inability to pay as opposed to unwillingness.

Default is a sign that sanctions are biting deeply. Historically, sanctions are considered long-term interventions that take years to produce significant effects. But the global speed and unity on imposition of financial and economic sanctions on key Russian assets has brought dramatic results in only four months of war.