Your Evening Briefing: Zelenskiy Slams Putin Over Parade Speech

The European Union’s top executive flew to Budapest in a bid to break a deadlock on the bloc’s proposed oil embargo against Russia. Currently, Hungarian Prime Minister Viktor Orban, who has remained friendly with the Kremlin despite its war on Ukraine, stands in the way. The EU seems set to soften its sanctions package on Russian oil exports, though it aims to keep a key shipping provision that will hinder Moscow’s ability to sell its crude. In Moscow, Vladimir Putin defied speculation that he might use an annual military parade to announce an escalation of his faltering offensive in Donbas. As Putin marked the 77th anniversary of the allied defeat of Nazi Germany, Ukrainian President Volodymyr Zelenskiy slammed his attempt to use that war to defend Russian aggression that’s killed thousands of civilians through the bombing of residential areas and alleged mass executions. France’s Emmanuel Macron drew a different historical parallel, warning against humiliating Russia with a reference to Germany’s defeat in World War I—and the aftermath. Meanwhile, a Russian government forecast shows the nation faces its deepest economic contraction in almost three decades.

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.