June 13, 2024

(Bloomberg) — Ukraine’s President Volodymyr Zelenskiy punctuated his address Tuesday to the United Nations General Assembly with a warning that Russia was committing “genocide” by abducting children from his nation. “Those children in Russia are taught to hate Ukraine and all ties with their families are broken,” he said.

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Earlier, President Joe Biden urged world leaders gathered at the UN to back Ukraine for the long haul. “If we allow Ukraine to be carved up, is the independence of any nation secure?” Biden asked. But questions are growing about support in the US Congress, and officials from other nations are confiding there’s a darkening mood over the prospect of war that one senior official from a Group of Seven nation said may drag on for six or seven more years.

Meanwhile, Russian President Vladimir Putin urged increased production of air-defense systems in a message broadcast on Russian television. He said Russia has already doubled output of its main armored vehicles this year and tripled that of some weapons.

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Markets

Wheat extended losses after a first grain-laden vessel left Ukraine’s port of Chornomorsk, as Kyiv seeks to defy Russia’s effective blockade of its Black Sea facilities since the collapse of a safe-passage deal in July.

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