
Russia Launches a Major Aerial Attack on Kyiv Hours before High-Level Talks on Support for Ukraine
The drone and missile attack on Kyiv, Ukraine's capital, killed two people and wounded 15, including a 12-year-old, Ukraine's President Volodymyr Zelenskyy said. The deadly assault underscored the urgency of Ukraine's need for further Western military aid, especially in air defense, a week after Trump said deliveries would arrive in Ukraine within days.
A drone struck the entrance to a subway station in Kyiv's Shevchenkivskyi district where people had taken cover. Videos posted on social media showed the station platform engulfed by smoke, with dozens inside. The heaviest strikes hit the city's Darnytskyi district, where a kindergarten, supermarket and warehouse facilities caught fire.
French Foreign Minister Jean-Noël Barrot, who arrived in Kyiv on Monday for talks with Zelenskyy, visited some of the damaged area.
Zelenskyy and Barrot spoke about expanding defense cooperation, including a decision by French companies to start manufacturing drones in Ukraine, and advancing Ukraine's path toward European Union membership, the Ukrainian leader said on social media.
Western defense chiefs meet on Ukraine
The virtual meeting of high-level military officials was led by British Defense Secretary John Healey and his German counterpart Boris Pistorius. U.S. Defense Secretary Pete Hegseth and NATO leader Mark Rutte, as well as NATO's Supreme Allied Commander Europe, Gen. Alexus Grynkewich, attended the so-called Ukraine Defense Contact Group meeting.
Moscow has intensified its long-range attacks on Ukrainian cities, and analysts say the barrages are likely to escalate as Russian drone production expands.
Ukraine's new Defense Minister Denys Shmyhal urged allies to speed up deliveries of American air defense systems under the plan put forward by Trump.
'I request the U.S. to make these weapons available for purchase, and our European partners to extend all the needed financing for their procurement,' Shmyhal, who until recently served as prime minister, told the meeting.
Trump's arms plan, announced a week ago, involves European nations sending American weapons, including Patriot air defense missile systems, to Ukraine via NATO — either from existing stockpiles or buying and donating new ones.
In an shift of tone toward Russia, Trump last week gave Moscow a 50-day deadline to agree to a ceasefire or face tougher sanctions.
At Monday's meeting, Healey was expected to urge Ukraine's Western partners to launch a '50-day drive' to get Kyiv the weapons it needs to fight Russia's bigger army and force Russian President Vladimir Putin to the negotiating table, the U.K. government said in a statement.
NATO's Grynkewich told The Associated Press on Thursday that 'preparations are underway' for weapons transfers to Ukraine while U.S. Ambassador to NATO Matthew Whitaker said he couldn't give a time frame.
European Commissioner for Defense and Space Andrius Kubilius visited Washington on Monday ahead of talks with U.S. officials about European defense and support for Ukraine.
Kubilius told reporters he welcomed Trump taking a harder line on Putin, calling it 'a new opening in how we can support Ukraine.'
'If you combine American economic power and European economic power we are something like 20 times Russia's power,' he said. 'We need political will.'
Kyiv wants American-made Patriot missile systems
Germany has said it offered to finance two new Patriot systems for Ukraine and raised the possibility of supplying systems it already owns and having them replaced by the U.S.
But delivery could take time, German Chancellor Friedrich Merz suggested, because 'they have to be transported, they have to be set up; that is not a question of hours, it is a question of days, perhaps weeks.'
Other Patriot systems could come thanks to Switzerland, whose defense ministry said Thursday it was informed by the U.S. Defense Department that it will 'reprioritize the delivery' of five previously ordered systems to support Ukraine.
While Ukraine waits for Patriots, a senior NATO official said the alliance is still coordinating the delivery of other military aid — such as ammunition and artillery rounds — which includes aid from the U.S. that was briefly paused. The official spoke on condition of anonymity to discuss sensitive matters.
In a video address, Zelenskyy said another round of talks between Ukrainian and Russian delegations was planned for Wednesday. He said he discussed the preparations with Rustem Umerov, who led the Ukrainian team in the previous two rounds, but didn't give further details.
The previous negotiations were held in Istanbul, and Russian media reports said it would likely remain the host city. The talks in May and June led to a series of exchanges of prisoners of war but produced no other agreements.
Ukraine fires drones at Moscow
The overnight Russian barrage of Kyiv began shortly after midnight and continued until around 6 a.m. Residents were kept awake by machine-gun fire, buzzing drone engines and multiple loud explosions.
It was the first major attack on Kyiv since Trump's special envoy to Ukraine, Keith Kellogg, arrived in the city last Monday. Russia halted strikes during his visit.
Russia's Ministry of Defense said its attack used drones and Kinzhal hypersonic missiles. It said the barrage successfully targeted airfield infrastructure and Ukraine's military-industrial complex.
Ukraine's air force said Russia launched 426 Shahed and decoy drones overnight and on Monday, as well as 24 missiles of various types. It said 200 drones were intercepted with 203 more jammed or lost from radars.
Ukraine, meanwhile, continued to deploy its domestically produced long-range drones. Russia's Ministry of Defense said its forces shot down 74 Ukrainian drones overnight, almost a third of them destroyed close to the Russian capital. Twenty-three drones were shot down in the Moscow region, the ministry said, 15 of which were intercepted over the city itself.
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The Wall Street Consensus aims to make infrastructure projects 'bankable' or attractive to private investors by shifting the risk of unprofitability to the state. If successful, private money is pooled with public funding through blended financing models such as syndicated bond issues. In this 'development as derisking' model, private capital is 'escorted' into the process of financing infrastructure through the creation of new asset classes freed of investor risk. In 2018, the G-20 declared support for a Roadmap to Infrastructure as an Asset Class. Two types of risks must be minimized for private investors: regulatory risk and financial risk. Reducing regulatory risk includes lower environmental and safety standards, guaranteed grid access, legal protections against nationalization, and liability limits. Financial risk is managed through guaranteed toll revenues, preferential credit, loan guarantees, tax relief, or subsidies. Multilateral Development Banks (MDBs) or DAC donors help build state capacity in project identification and development, provide expertise in securitizing infrastructure assets for the market, and offer partial financing or loan guarantees. The necessity for subsidies and other forms of state support arises from the fact that more than half of infrastructure projects in emerging economies do not promise sufficient cash flow to attract private investors. Even projects with dedicated revenue streams often carry demand risks, meaning they turn unprofitable if demand for the service declines. Governments may be compelled to include contract provisions that promise to cover revenue shortfalls with public funds when demand falls below certain thresholds. Seth Schindler, Ilias Alami, and Nicholas Jepson noted that what Gabor referred to as the 'derisking state' becomes both more dependent upon global finance and increasingly interventionist in shaping market outcomes. This contrasts with the Washington Consensus, which counseled state neutrality vis-à-vis the market, but also differs from the East Asian development model, where state intervention sought to shape the behavior of national capital rather than global capital. By relieving private investors of risk, states aim to amplify the capital that can be mobilized toward critical development needs beyond national savings or the resources of MDBs and bilateral donors. The trade-off is the acceptance of risk by the developing state, a danger highlighted when the COVID-19 pandemic and rising interest rates threatened the solvency of many highly indebted countries. The U.S. International Development Finance Corporation fits this model. The BUILD Act described its purpose as to 'provide countries a robust alternative to state-directed investments by authoritarian governments and United States strategic competitors.' With a financing authority of $60 billion, the IDFC seeks to 'crowd-in' private capital with a flexible toolkit that includes nonconcessional loans, loan guarantees, export credits, political risk insurance, equity investments, and technical assistance. Largely due to IDFC activity, nonconcessional development finance flows jumped from 4 percent of overall U.S. aid spending in 2020 to 36 percent in 2021. Among the major projects funded by the IDFC are investments related to the Lobito Corridor in Southern Africa, which aims to create transportation links allowing Western firms to access critical minerals that are presently monopolized by China. Ironically, this growing Western emphasis on nonconcessional, commercialized development finance with an emphasis on infrastructure development comes at a time when China has scaled back the BRI (largely due to growing evidence that many recipient countries have exceeded their borrowing capacities) and begun allocating more resources to 'soft' aid through the Global Development Initiative. An obvious drawback of the blended finance model is that it diverts attention and resources from traditional concessional aid and the investment in health, education, and disaster assistance that remain essential. But even on its own terms, the effectiveness of the Wall Street Consensus remains in doubt. A 2020 report by the Center for Global Development concluded that the overall flow of blended finance had been disappointing and that the great bulk of MDB-mobilized private financing was directed to middle-income rather than low-income countries. A 2019 study by ODI Global reached similar conclusions. In low-income countries, on average, each $1 in public development financing mobilized only $0.37 in private finance. Blended finance was constrained by the low risk tolerance of both public and private actors in the face of environments hampered by poor governance and few profitable investment opportunities. Since most blended finance flowed to middle-income countries and to 'hard' sectors, such as transport and energy, as opposed to social sectors, the report suggested that the increased priority given such investments came at the expense of programs that more directly targeted poverty in low-income countries. Indeed, the proposed doubling in the funding cap for the IDFC cannot substitute for the human costs that follow from the cuts to U.S. Official Development Assistance, which one study suggests will lead to 14 million deaths over the next five years. Traditional aid may have drawbacks, whether evaluated as a tool of U.S. foreign policy or in terms of development effectiveness, but abandoning it in favor of the privatization of development finance is neither wise nor humane.