Ukraine and Russia: What you need to know right now

Russia told Ukrainian forces holed up in a chemical plant in the embattled city of Sievierodonetsk to lay down their arms by early Wednesday, pressing its advantage in the battle for control of eastern Ukraine. FIGHTING * Ukrainian forces are suffering painful losses against Russian troops in both the eastern city of Sievierodonetsk and the Kharkiv region, President Zelenskiy said.

Russia told Ukrainian forces holed up in a chemical plant in the embattled city of Sievierodonetsk to lay down their arms by early Wednesday, pressing its advantage in the battle for control of eastern Ukraine. FIGHTING * Ukrainian forces are suffering painful losses against Russian troops in both the eastern city of Sievierodonetsk and the Kharkiv region, President Zelenskiy said. * The governor of the Luhansk region said about 500 civilians remain on the grounds of the Azot plant, including 40 children. * British military intelligence said Russian forces had likely taken fixed positions around Azot, while Ukrainian fighters could survive in underground parts of the plant. * Russian President Vladimir Putin likely still wants to capture much if not all of Ukraine but has had to narrow his tactical objectives in war, the U.S. Under Secretary of Defense for Policy said.

ECONOMY * Russia's invasion of Ukraine will create a global wheat shortage for at least three seasons by keeping much of the Ukrainian crop from markets, pushing prices to record levels, Kyiv's agriculture minister said. * U.S. President Biden said that temporary silos would be built along the border with Ukraine, including in Poland, in a bid to help export more grain. * The United States will allow certain energy-related transactions with Sberbank, VTB Bank, Alfa-Bank, and several other Russian entities to continue through Dec. 5, the U.S. Department of Treasury said. * Few of the global financial elite will show up for Russia's annual economic forum in St Petersburg, with the country isolated by sanctions over its actions in Ukraine. President Putin is set to deliver a major speech at the "Russian Davos" on Friday focusing on the international economic situation. NATO

* Dozens of defense ministers from NATO and other parts of the world are expected to discuss weapon deliveries to Ukraine on Wednesday in Brussels, U.S. officials said, as Kyiv calls for a significant increase in arms to help hold off Russian troops in eastern Ukraine. 

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