Russia-Ukraine conflicts: UK agrees to join US in oil reserves release

The UK will join the US in releasing more oil from its reserves as part of a joint effort to lower prices and reduce reliance on Russian supplies, two people familiar with the matter said.

US President Joe Biden on Thursday said his plans to release a million barrels of oil a day for six months would lay the foundations for the US to achieve energy independence from foreign suppliers. 

Member countries of the International Energy Agency committed to another coordinated oil release in an extraordinary meeting on Friday, according to Japan's industry ministry. For comparison, a month ago, IEA members agreed on a 61.7-million barrel release, with 30 million coming from the US and 2.2 million from the UK. REUTERS

EU warns China on stance while peace talks resume 

Talks between Ukraine and Russia resumed Friday via video link, even as previous negotiations failed to agree even a temporary cease-fire. Russian Foreign Minister Sergei Lavrov said Moscow is preparing a response to Ukraine’s proposals on ending hostilities. President Xi Jinping said China finds the situation in Ukraine “deeply regrettable.” Xi held a virtual summit Friday with European Union leaders, who said they expect Beijing at the very least not to interfere with sanctions imposed. BLOOMBERG

IAEA monitors set to return

International nuclear monitors are preparing to return to the stricken nuclear power plant – site of the deadly 1986 meltdown – as soon as Russian troops complete their withdrawal and Ukrainian operators resume control. BLOOMBERG

Russia working on response

Foreign Minister Sergei Lavrov said Russia is preparing a response to Ukraine’s proposals on security guarantees and ending the war. Lavrov made televised comments during a press briefing in New Delhi. BLOOMBERG