Ukraine Hits Russian Oil Rigs; EU Freezes Assets for Kyiv Loan

• The Russia-Ukraine conflict has intensified with two major developments impacting investor sentiment.
• Ukraine reportedly used drones to attack two Russian oil rigs in the Caspian Sea, over 700 km from its border, aiming to disrupt oil and gas production.
• The European Union has agreed to indefinitely freeze 210 billion euros of Russian central bank assets, removing the need for periodic renewals.
• This indefinite freeze aims to facilitate a loan of up to 165 billion euros for Ukraine, secured by the frozen Russian assets, to cover its military and civilian budget needs.

Why It Matters: Escalating Ukraine war and EU asset freeze will impact markets and Ukraine's war funding.