The Evening: EU Russian Oil Ban, Fed Raises Rate, Yankee Hotel Foxtrot, and More

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Good Evening,

It's Tuesday, May 3rd.

EU aims for Russian oil ban as Ukraine says battlefield assault intensifies

The EU proposed its toughest sanctions yet against Russia on Wednesday, including a phased oil embargo, as Kyiv said Moscow was intensifying an offensive in eastern Ukraine and close Russian ally Belarus announced large-scale army drills, as Reuters reports

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Russian Forces Prepare for Mariupol Parade

Russian forces in Mariupol are making preparations for a Russian Victory Day parade on May 9 in the shattered port city by clearing debris from the bombed theater that had been sheltering hundreds of civilians, as the Washington Post reports

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Fed Raises Rate

The Federal Reserve approved a rare half-percentage-point interest rate increase and announced plans to shrink its $9 trillion asset portfolio starting next month in a double-barreled effort to reduce inflation that is running at a four-decade high, as the WSJ reports

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Executive Education

Dive deep on policy issues and trends, learn to spot drivers of change and model future scenarios with renowned foresight experts, and put your skills to the test in a dynamic crisis simulation in Global Foresight: Preparing for Future Trends

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, a CSIS Executive Education course.

Video Shorts

Check out CSIS's YouTube Channel

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for the latest releases in our “Crisis Crossroads: Ukraine” video series.

In That Number

85,000

Russian missiles struck power stations in Lviv, Ukraine, knocking out power in 85,000 homes on Tuesday night.

Source: NYT

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Critical Quote

“Let us be clear, it will not be easy. Some member states are strongly dependent on Russian oil. But we simply have to work on it.”

— Ursula von der Leyen, president of the European Commission

iDeas Lab

According to analysis from CSIS

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, U.S. liquified natural gas (LNG) has an important role to play in strengthening Europe's energy security in the context of Russia's war in Ukraine. Yet, given the substantial carbon footprint of the LNG supply chain and in LNG cargo, it remains a challenge to balance the need for LNG with U.S. and European goals to decarbonize.

The Andreas C. Dracopoulos iDeas Lab at CSIS enhances our research with the latest in cutting-edge web technologies, design, and multimedia.

Optics

(Photo credit: Chung Sung-Jun/Getty Images.) People watch a television broadcast showing a file image of a North Korean missile launch at the Seoul Railway Station on May 04, 2022 in Seoul, South Korea.

Recommended Reading

“Can Russia Execute a Gas Pivot to Asia?

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” by CSIS's Nikos Tsafos.

This Town Tomorrow

At 9:30 a.m.

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, the CSIS Korea Chair holds a discussion on the war in Ukraine and its implications on Asia.

Then, at 10:00 a.m.

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, the CSIS Project on Fragility and Mobility hosts a book event on Jennifer Sciubba's 8 Billion and Counting, which argues that growth in the 21st century is not about population growth, but differential growth between rich and poor.

And, at 4:00 p.m.

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, the Wilson Center welcomes the Norwegian and Danish ambassadors to the United States to discuss how these two countries can work together with the U.S. to achieve their security objectives.

Video

Earlier today, the CSIS International Security Program and the U.S. Naval Institute held a Maritime Security Dialogue with Marine Corps Lieutenant General Karsten Heckl on the status of Force Design 2030 and modernization efforts within the Marine Corps. Watch the event here

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Podcasts

“International pressure on all sides, including from within the region...are important factors as to why we've gotten to a relatively positive place today,” Tim Lenderking, U.S. Special Envoy to Yemen on the recent UN-brokered ceasefire in the country. Listen to these insights and more in the latest episode of Babel.

Listen on Spotify

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& Apple Podcasts

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Smiles

Wilco is about to release a new album at the end of May, but a few weeks ago they hit Stephen Colbert’s show to perform “Poor Places

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” from their seminal and groundbreaking album, “Yankee Hotel Foxtrot.” Why would they do this when they have new material to promote? Because next fall they will be issuing 20th anniversary edition of “Foxtrot.” Can't wait for that! ​​​​​​

I invite you to email me at [email protected]

mailto:[email protected]

and follow me on Twitter @handrewschwartz

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The Evening is my daily guide to key insights CSIS brings to the events of the day. It is composed with the External Relations team: Kendal Gee, Paige Montfort, and Christopher Healey.

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