VulcanForms was founded in 2015 by Dr. Hart and one of his graduate students, Martin Feldmann. They pursued a fresh approach for 3-D printing that uses an array of many more laser beams than existing systems. It would require innovations in laser optics, sensors and software to choreograph the intricate dance of laser beams.

By 2017, they had made enough progress to think they could build a machine, but would need money to do it. The pair, joined by Anupam Ghildyal, a serial start-up veteran who had become part of the VulcanForms team, went to Silicon Valley. They secured a seed round of $2 million from Eclipse Ventures.

The VulcanForms technology, recalled Greg Reichow, a partner at Eclipse, was trying to address the three shortcomings of 3-D printing: too slow, too expensive and too ridden with defects.

Arwood Machine this year.

Arwood is a modern machine shop that mostly does work for the Pentagon, making parts for fighter jets, underwater drones and missiles. Under VulcanForms, the plan over the next few years is for Arwood to triple its investment and work force, currently 90 people.

VulcanForms, a private company, does not disclose its revenue. But it said sales were climbing rapidly, while orders were rising tenfold quarter by quarter.

Cerebras, which makes specialized semiconductor systems for artificial intelligence applications. Cerebras sought out VulcanForms last year for help making a complex part for water-cooling its powerful computer processors.

The semiconductor company sent VulcanForms a computer-design drawing of the concept, an intricate web of tiny titanium tubes. Within 48 hours VulcanForms had come back with a part, recalled Andrew Feldman, chief executive of Cerebras. Engineers for both companies worked on further refinements, and the cooling system is now in use.

Accelerating the pace of experimentation and innovation is one promise of additive manufacturing. But modern 3-D printing, Mr. Feldman said, also allows engineers to make new, complex designs that improve performance. “We couldn’t have made that water-cooling part any other way,” Mr. Feldman said.

“Additive manufacturing lets us rethink how we build things,” he said. “That’s where we are now, and that’s a big change.”

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Gas Prices Around the World Threaten Livelihoods and Stability

“NO ES SUFICIENTE” — It’s not enough. That was the message protest leaders in Ecuador delivered to the country’s president this past week after he said he would lower the price of both regular gas and diesel by 10 cents in response to riotous demonstrations over soaring fuel and food prices.

The fury and fear over energy prices that have exploded in Ecuador are playing out the world over. In the United States, average gasoline prices, which have jumped to $5 per gallon, are burdening consumers and forcing an excruciating political calculus on President Biden ahead of the midterm congressional elections this fall.

But in many places, the leap in fuel costs has been much more dramatic, and the ensuing misery much more acute.

Britain, it costs $125 to fill the tank of an average family-size car. Hungary is prohibiting motorists from buying more than 50 liters of gas a day at most service stations. Last Tuesday, police in Ghana fired tear gas and rubber bullets at demonstrators protesting against the economic hardship caused by gas price increases, inflation and a new tax on electronic payments.

largest exporter of oil and gas to global markets, and the retaliatory sanctions that followed have caused gas and oil prices to gallop with an astounding ferocity. The unfolding calamity comes on top of two years of upheaval caused by the Covid-19 pandemic, off-and-on shutdowns and supply chain snarls.

World Bank revised its economic forecast last month, estimating that global growth will slow even more than expected, to 2.9 percent this year, roughly half of what it was in 2021. The bank’s president, David Malpass, warned that “for many countries, recession will be hard to avoid.”

ratcheting down gas deliveries to several European countries.

Across the continent, countries are preparing blueprints for emergency rationing that involve caps on sales, reduced speed limits and lowered thermostats.

As is usually the case with crises, the poorest and most vulnerable will feel the harshest effects. The International Energy Agency warned last month that higher energy prices have meant an additional 90 million people in Asia and Africa do not have access to electricity.

Expensive energy radiates pain, contributing to high food prices, lowering standards of living and exposing millions to hunger. Steeper transportation costs increase the price of every item that is trucked, shipped or flown — whether it’s a shoe, cellphone, soccer ball or prescription drug.

“The simultaneous rise in energy and food prices is a double punch in the gut for the poor in practically every country,” said Eswar Prasad, an economist at Cornell University, “and could have devastating consequences in some corners of the world if it persists for an extended period.”

Group of 7 this past week discussed a price cap on exported Russian oil, a move that is intended to ease the burden of painful inflation on consumers and reduce the export revenue that President Vladimir V. Putin is using to wage war.

Price increases are everywhere. In Laos, gas is now more than $7 per gallon, according to GlobalPetrolPrices.com; in New Zealand, it’s more than $8; in Denmark, it’s more than $9; and in Hong Kong, it’s more than $10 for every gallon.

Leaders of three French energy companies have called for an “immediate, collective and massive” effort to reduce the country’s energy consumption, saying that the combination of shortages and spiking prices could threaten “social cohesion” next winter.

increased coal production to avoid power outages during a blistering heat wave in the northern and central parts of the country and a subsequent rise in demand for air conditioning.

Germany, coal plants that were slated for retirement are being refired to divert gas into storage supplies for the winter.

There is little relief in sight. “We will still see high and volatile energy prices in the years to come,” said Fatih Birol, the executive director of the International Energy Agency.

At this point, the only scenario in which fuel prices go down, Mr. Birol said, is a worldwide recession.

Reporting was contributed by José María León Cabrera from Ecuador, Lynsey Chutel from South Africa, Ben Ezeamalu from Nigeria, Jason Gutierrez from the Philippines, Oscar Lopez from Mexico and Ruth Maclean from Senegal.

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KB Home Announces the Grand Opening of Alder Brook, a New-Home Community in Highly Desirable Enumclaw, Washington

ENUMCLAW, Wash.–(BUSINESS WIRE)–KB Home (NYSE: KBH) today announced the grand opening of Alder Brook, a new single-family home community in the quaint and highly desirable city of Enumclaw, Washington. Alder Brook is located on 244th Avenue SW between Highways 164 and 410, providing easy access to the Seattle area’s major employment centers. The new homes offer breathtaking views of the Cascade Mountains and are just over a mile from popular shopping, dining and entertainment in downtown Enumclaw. The community is also close to several public parks and a short drive to Mount Rainier and Crystal Mountain Resort, which offer year-round outdoor recreation opportunities.

Alder Brook showcases a wide selection of one- and two-story homes that are situated on large homesites. The new homes blend attractive design features like beautiful kitchens overlooking large great rooms, expansive bedroom suites with walk-in closets and generous loft and den spaces. The community’s floor plans feature up to six bedrooms and three-and-a-half baths, and range in size from approximately 1,600 to 2,900 square feet.

“Our new homes at Alder Brook are situated within the highly desirable city of Enumclaw and offer breathtaking views of the Cascade Mountains. The new community is convenient to Highways 164 and 410 and close to popular shopping, dining and entertainment as well as area parks and abundant outdoor recreation,” said Ryan Kemp, President of KB Home’s Seattle division. “As with other KB Home communities, Alder Brook provides home shoppers with the opportunity to purchase a new KB home that can be personalized to reflect their lifestyle and needs.”

KB Home stands out from other homebuilders as the company gives homebuyers exceptional choice and control. KB Home starts by offering a wide variety of homes at an affordable price. From there, the builder gives buyers the ability to personalize their homes from floor plans to exterior elevations, from design options to where they live in the community. The KB Home team works hand in hand with homeowners every step of the way, so they have a real partner in the process.

Every KB home is designed to be ENERGY STAR® certified thanks to the quality construction techniques and materials utilized that ultimately deliver significant savings on utility bills compared to used homes. Additionally, all new KB homes are designed to deliver an enhanced indoor environment and include high performance ventilation systems, low- or zero-VOC products and other features guided by the Environmental Protection Agency’s (EPA) Indoor airPLUS standards.

The Alder Brook sales offices and model home are open for walk-in visits and private in-person tours by appointment. Homebuyers also have the flexibility to arrange a live video tour with a sales counselor. Pricing begins from the low $600,000s.

For more information on KB Home, call 888-KB-HOMES or visit kbhome.com.

About KB Home

KB Home is one of the largest and most recognized homebuilders in the United States and has built over 655,000 quality homes in our more than 65-year history. Today, KB Home operates in 47 markets from coast to coast. What sets KB Home apart is the exceptional personalization we offer our homebuyers — from those buying their first home to experienced buyers — allowing them to make their home uniquely their own, at a price that fits their budget. As the leader in energy-efficient homebuilding, KB Home was the first builder to make every home it builds ENERGY STAR® certified, a standard of energy performance achieved by fewer than 10% of new homes in America and has built more ENERGY STAR certified homes than any other builder. An energy-efficient KB home helps lower the cost of ownership and is designed to be healthier, more comfortable and better for the environment than new homes without certification. We build strong, personal relationships with our customers, so they have a real partner in the homebuying process. As a result, we have the distinction of being the #1 customer-ranked national homebuilder in third-party buyer satisfaction surveys. Learn more about how we build homes built on relationships by visiting kbhome.com.

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West Seeks a More Effective Way to Tighten Sanctions on Russia

Credit…Maxim Shemetov/Reuters

Russia missed a deadline for making bond payments on Sunday, a move signaling its first default on international debt in more than a century, after Western sanctions thwarted the government’s efforts to pay foreign investors. The lapse adds to efforts to seal Moscow off from global capital markets for years.

About $100 million in dollar- and euro-denominated interest payments failed to reach investors within a 30-day grace period after a missed May 27 deadline. The grace period expired Sunday night.

A formal declaration of default would need to come from bondholders because ratings agencies, which normally declare when borrowers have defaulted, have been barred by sanctions from reporting on Russia. The Credit Derivatives Determinations Committee, a panel of investors that rules on whether to pay out securities linked to defaults, hasn’t been asked to make a decision on these bond payments yet.

But it appeared that the payments had not reached bondholders’ accounts as of Sunday night, as required by the bonds’ contracts. On Monday, Russia’s finance ministry said that it had made the payments in May and that they had been transferred to Euroclear, a Brussels-based clearinghouse, but subsequently blocked from reaching bondholders.

Russia is rejecting the default declaration, on the grounds that it has made efforts to pay. Dmitri S. Peskov, the Kremlin’s spokesman, told reporters on Monday that the statements about default were “absolutely illegal.”

“The fact that Euroclear withheld this money, did not transfer it to the recipients, it is not our problem,” Mr. Peskov said. “In other words, there are no grounds to call this situation a default.”

The finance ministry added that the actions of foreign financial institutions were beyond its control and that “it seems advisable for investors to contact the relevant financial institutions directly” over the payments.

Euroclear declined to comment.

“We can expect Russia to stick to its alternative narrative: The default isn’t a default, we tried and it isn’t our fault,” said Tim Samples, a legal studies professor at the University of Georgia’s Terry College of Business and an expert on sovereign debt, adding that Russia also hasn’t submitted to jurisdiction in foreign courts. Still, “that has to be a bit humiliating, even for a country that can survive and maintain a war on its hydrocarbon revenues,” he said.

The risk of default emerged in late February after Russia invaded Ukraine and sanctions were imposed to sever the country from international financial markets. In late May, Russia tried to navigate tightening sanctions that cut off its access to American banks and bondholders by sending the payments to a Moscow-based institution. But ultimately, the funds didn’t make it all the way to bondholders’ accounts because of far-reaching American and European sanctions.

News of Monday’s apparent default showed “just how strong” international sanctions against Russia have been, a senior U.S. administration official said in a background briefing for reporters at the Group of 7 summit in Germany, highlighting the “dramatic” effect on Russia’s economy.

This default is unusual because it’s a result of economic sanctions blocking transactions, not because the Russian government has run out of money. Moscow’s finances remain resilient after months of war, with nearly $600 billion in foreign currency and gold reserves, though about half of that is frozen overseas. And Russia continues to receive a steady influx of cash from sales of oil and gas. Still, a default would be a stain on the country’s reputation that will linger in investors’ memories and probably push up its borrowing costs if it is able to tap international capital markets.

Unlike other major defaults in recent history, such as in Greece and Argentina, this default is expected to have a relatively small impact on international markets and Russia’s budget. For one thing, Russia has already lost access to international investors, traditionally the worst consequence of default.

“The only clear negative outcome of the default is that the external market will be effectively closed for the ministry of finance,” said Sofya Donets, an economist at Renaissance Capital in Moscow. “But it’s already closed.”

The head of Russia’s central bank, Elvira Nabiullina, said this month that there wouldn’t be any immediate consequences of a default because there had already been an outflow of investors and a drop in the value of Russia’s assets. The central bank is more concerned about inflation, most recently at about 17 percent, and supporting the economy through a “large-scale structural transformation” after an exodus of foreign companies and imports.

The Western sanctions alone are expected to block Russia from large parts of international capital markets for a long time. Regardless, Russia has been reluctant to give up its reputation as a reliable borrower, which was hard won after its economic collapse in 1998, when the government defaulted on ruble-denominated bonds amid a currency crisis.

Last month, Russia insisted that it had fulfilled its debt obligations by sending funds to its payment agent in Moscow, the National Settlement Depository. Since then, the depository has fallen under European sanctions, further restricting Russia’s ability to pay bondholders. The finance minister, Anton Siluanov, has accused the West of artificially manufacturing a default and has threatened legal action against U.S. authorities.

This is Russia’s first major default on foreign debt since 1918, soon after the Bolshevik Revolution.

On Wednesday, President Vladimir V. Putin signed a decree saying that future payments to holders of debt denominated in dollars or euros would be made through Russian financial institutions and that the obligations would be considered met if paid in rubles and converted. Most of the bond contracts don’t allow for payment in rubles.

Over the following two days, nearly $400 million in dollar-denominated debt payments were due from bonds that had 30-day and 15-day grace periods. The finance ministry said it had sent the payments, in rubles, using the new procedure laid out by the presidential decree. But it remains unclear how foreign investors will gain access to the funds.

Overseas investors held about half of Russia’s $40 billion in outstanding foreign-currency debt at the end of last year. As the risk of default grew this year, PIMCO, the investment management firm, saw the value of its Russian bond holdings decline by more than $1 billion, and pension funds and mutual funds with exposure to emerging market debt have also experienced declines.

But exposure to Russian assets is limited in the United States and Europe because sanctions imposed since Russia’s annexation of Crimea in 2014 have discouraged investors who didn’t want the geopolitical risk.

By international standards, Russia doesn’t have that much debt. Its public debt was only about 17 percent of gross domestic product last year, according to the International Monetary Fund, one of just a handful of countries with debt ratios under 25 percent. The United States, whose assets are in demand among global investors and deemed low risk, has a debt ratio of 125 percent of G.D.P.

Russia’s low debt levels are partly a result of “this new geopolitical era” since the annexation of Crimea, Ms. Donets said. “But it’s also a product of the default of 1998,” she added, when “the ministry of finance was burned badly.” Since then, the ministry has not been that active in issuing new foreign-currency debt, she said.

Russia hasn’t relied on borrowing from international investors for its budget. The finance ministry hasn’t issued dollar-denominated debt since 2019, when U.S. sanctions barred American banks from buying the debt directly. It last issued euro-denominated debt in May 2021.

Instead, Russia has depended on its oil and gas exports, and those dollar revenues that went into reserves and grew the national wealth fund.

“Why would you borrow and pay additional rates when you are a country that is accumulating oil funds, accumulating in hard currency, a country which has $600 billion in reserves?” Ms. Donets said.

The war hasn’t changed that calculation. Russia’s current account surplus, a broad measure of trade and investment, has soared as revenues from energy exports jumped, capital controls stopped investments fleeing and sanctions slashed imports. It has helped push the ruble to its highest level in seven years.

If Russia does issue more debt, it will lean on local banks and residents in the short term to buy ruble-denominated bonds.

Russia “will have no access to the capital markets until the war stops and the sanctions are lifted,” said Richard Portes, an economics professor at the London School of Business.

The long-term consequences of a default are unclear because of the unusual nature of the financial breach. But it’s possible to envision a future where Russia is able to sell debt on international markets again, analysts say, if the war ends and Russia’s geopolitical ambitions change. Without Mr. Putin and with hundreds of billions of dollars in international reserves unfrozen, it could return to markets.

“Capital market access can be restored very quickly,” Mr. Portes said. “Once Russia is back in good political graces and sanctions are lifted.”

“If it’s not a political pariah, it won’t be an economic pariah,” he added.

Reporting was contributed by Ivan Nechepurenko, Andrés R. Martínez, Jim Tankersley and Alan Rappeport.

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Ecuador cuts gasoline prices in latest concession to protesters

QUITO, June 26 (Reuters) – Ecuadorean President Guillermo Lasso said on Sunday he would cut prices for gasoline and diesel by 10 cents a gallon, the latest concession to try to end nearly two weeks of anti-government protests in which at least six people have died.

The sometimes-violent demonstrations by largely indigenous protesters demanding lower fuel and food prices, among other things, began on June 13 and have slashed Ecuador’s oil production.

Lasso, whose adversarial relationship with the national assembly has worsened during the protests, had already withdrawn security measures and announced subsidized fertilizers and debt forgiveness, and his government met this weekend with indigenous groups. read more

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The leader of the CONAIE indigenous organization, Leonidas Iza, had flagged gasoline prices and other issues as still outstanding earlier on Sunday, promising to keep up the demonstrations until they were settled.

“Everyone considers that gas prices have become the cornerstone of maintaining the conflict and though we as a government are very clear that this factor isn’t the origin of Ecuadoreans’ problems, we must think of the common good and citizens’ peace,” Lasso said.

“I have decided to reduce the price of gasoline extra and Ecopais (gasoline) by 10 cents per gallon and also diesel by 10 cents per gallon,” Lasso said.

Lasso froze prices for gasoline extra at $2.55 a gallon and diesel at $1.90 a gallon in October last year, setting off an initial series of protests.

Gasoline extra will now cost $2.45 per gallon, while diesel will cost $1.80, both still higher than CONAIE had requested.

Ecuador’s oil production has fallen by more than half because of road blockades and vandalism linked to the protests, the energy ministry said earlier.

“Oil production is at a critical level. Today the figures show a reduction of more than 50%,” the ministry said in a statement. “In 14 days of demonstrations, the Ecuadorean state has stopped receiving around $120 million.”

Vandalism, the takeover of oil wells and road closures have prevented transport of necessary supplies, the ministry said.

Before the protests, oil production was about 520,000 barrels per day.

The public oil sector, private producers of flowers and dairy products, tourism and other businesses have lost about $500 million, the ministry of production said.

Residents of Quito have complained of product shortages and Lasso said earlier on Sunday hospitals in the city of Cuenca were suffering an oxygen shortage.

CONAIE has tallied five protester deaths, while the government says four civilians have died during protests and two died in ambulances delayed by blockades.

Lawmakers continued debate on Sunday on an effort to remove Lasso from office, though it appears opposition groups do not have the necessary support to do that.

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Reporting by Alexandra Valencia
Writing by Julia Symmes Cobb
Editing by Nick Zieminski, Robert Birsel

Our Standards: The Thomson Reuters Trust Principles.

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G7 to hike sanctions on Russia, nears oil price cap deal

  • G7 to announce new Russia sanctions on Tuesday – U.S. official
  • G7 to work with other countries, private sector on oil price cap
  • Japan tries to cut zero-emission vehicles goal from G7 statement

SCHLOSS ELMAU, Germany, June 27 (Reuters) – The Group of Seven rich democracies will commit on Tuesday to a new package of coordinated actions meant to raise pressure on Russia over its war in Ukraine, and will finalise plans for a price cap on Russian oil, a senior U.S. official said on Monday.

The announcement came as the White House said Russia had defaulted on its foreign sovereign bonds for the first time in decades – an assertion Moscow rejected – and as Ukrainian President Volodymyr Zelenskiy spoke virtually with G7 leaders meeting at an alpine resort in southern Germany. read more

Zelenskiy asked leaders of the Group of Seven leading industrial democracies for a broad range of military, economic and diplomatic support, according to a European official.

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G7 nations, which generate nearly half the world’s economic output, want to crank up pressure on Russia without stoking already soaring inflation that is causing strains at home and savaging the global south.

The price cap could hit Russian President Vladimir Putin’s war chest while actually lowering energy prices.

“The dual objectives of G7 leaders have been to take direct aim at Putin’s revenues, particularly through energy, but also to minimize the spillovers and the impact on the G7 economies and the rest of the world,” the U.S. official said on the sidelines of the annual G7 summit.

G7 leaders would also make an “unprecedented, long-term security commitment to providing Ukraine with financial, humanitarian, military and diplomatic support as long as it takes”, including the timely provision of advanced weapons, the White House said in a fact sheet.

Western sanctions have hit Russia’s economy hard and the new measures are aimed at further depriving the Kremlin of oil revenues. G7 countries would work with others – including India – to limit the revenues that Putin can continue to generate, the U.S. official said.

India’s Prime Minister Narendra Modi is one of the five leaders of guest nations joining the G7 for talks on climate change, energy, health, food security and gender equality on the second day of the summit.

“Since it is a mechanism that could benefit third countries more than Europe,” one EU official said. “These countries are asking questions about the feasibility, but in principle to pay less for energy is a very popular theme.”

TARGETING RUSSIAN GOLD, DEFENCE SECTOR

A U.S. official said news that Russia defaulted on its foreign sovereign bonds for the first time since the Bolshevik revolution in 1917 showed how effective Western sanctions have been.

“This morning’s news around the finding of Russia’s default, for the first time in more than a century, situates just how strong the actions are that the U.S., along with allies and partners, have taken, as well as how dramatic the impact has been on Russia’s economy,” the official added.

The Kremlin, which has the funds to make payments thanks to rich energy revenues, swiftly rejected the U.S. statement, accusing the West of driving it into an artificial default. read more

New sanctions planned by the G7 countries will target Moscow’s military production, crack down on its gold imports and target Russian-installed officials in contested areas. read more

The G7 leaders would task their governments to work intensively on how to implement the Russian price cap, working with countries around the world and stakeholders including the private sector, the official said.

The United States said it would also implement sanctions on hundreds of individuals and entities adding to the more than 1,000 already sanctioned, target companies in several countries and impose tariffs on hundreds of Russia products. read more

The agencies involved would release details on Tuesday to minimize any flight risk, a second senior administration official said.

The Ukraine crisis has detracted attention from another crisis – that of climate change – originally set to dominate the summit. Activists fear Western nations are watering down their climate ambitions as they scramble to find alternatives to Russian gas imports and rely more heavily on coal, a dirtier fossil fuel, instead.

Japan is also pushing to remove a target for zero-emission vehicles from a G7 communique expected this week, according to a proposed draft seen by Reuters. read more

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Reporting by Andrea Shalal and Sarah Marsh, Additional Reporting by Angelo Amante, Phil Blenkinsop; Editing by Thomas Escritt, Mark Heinrich and Alex Richardson

Our Standards: The Thomson Reuters Trust Principles.

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Ukraine pleads for air defence as Russia turns sights on Lysychansk

  • This is not an accidental hit, Zelenskiy says of strike on mall
  • Russian attack on frontline eastern city kills eight: Ukraine
  • G7 leaders promise nearly $30 billion in new aid for Kyiv

KREMENCHUK, Ukraine, June 27 (Reuters) – Russian missiles struck a crowded shopping mall in central Ukraine on Monday, President Volodymyr Zelenskiy said, as Moscow fought for control of a key eastern city and Western leaders promised to support Kyiv in the war “as long as it takes”.

More than 1,000 people were inside when two Russian missiles slammed into the mall in the city of Kremenchuk, southeast of Kyiv, Zelenskiy wrote on Telegram. At least 16 people were killed and 59 injured, Ukraine’s emergency services said. Rescuers trawled through mangled metal and debris for survivors.

“This is not an accidental hit, this is a calculated Russian strike exactly onto this shopping centre,” Ukrainian President Volodymyr Zelenskiy said in an evening video address, adding there were women and children inside. He said the death count could rise.

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Russia has not commented on the strike, which was condemned by the United Nations and Ukraine’s Western allies. But its deputy ambassador to the United Nations, Dmitry Polyanskiy, accused Ukraine of using the incident to gain sympathy ahead of a June 28-30 summit of the NATO military alliance.

“One should wait for what our Ministry of Defence will say, but there are too many striking discrepancies already,” Polyanskiy wrote on Twitter.

As night fell in Kremenchuk, firefighters and soldiers brought lights and generators to continue the search. Family members, some close to tears and with hands over their mouths, lined up at a hotel across the street where rescue workers had set up a base.

Kiril Zhebolovsky, 24, was looking for his friend, Ruslan, 22, who worked at the Comfy electronics store and had not been heard from since the blast.

“We sent him messages, called, but nothing,” he said. He left his name and phone number with the rescue workers in case his friend is found.

The United Nations Security Council will meet Tuesday at Ukraine’s request following the attack on the shopping mall. U.N. spokesman Stephane Dujarric said the attack was “deplorable”.

Leaders of the Group of Seven major democracies, gathered for their annual summit in Germany, condemned what they called an “abominable” attack.

“We stand united with Ukraine in mourning the innocent victims of this brutal attack,” they wrote in a joint statement tweeted by the German government spokesperson. “Russian President Putin and those responsible will be held to account.”

Dmyto Lunin, governor for Poltava which includes Kremenchuk, said it was the most tragic day for region in more than four months of war.

“(We) will never forgive our enemies … This tragedy should strengthen and unite us around one goal: victory,” Lunin said on Telegram.

Elsewhere on the battlefield, Ukraine endured another difficult day following the loss of the now-ruined city of Sievierodonetsk after weeks of bombardment and street fighting.

Russian artillery was pounding Lysychansk, its twin across the Siverskyi Donets River. Lysychansk is the last big city still held by Ukraine in the eastern Luhansk province, a main target for the Kremlin after Russian troops failed to take the capital Kyiv early in the war.

A Russian missile strike killed eight and wounded 21 others in Lysychansk on Monday, the area’s regional governor Serhiy Gaidai said. There was no immediate Russian comment.

Ukraine’s military said Russia’s forces were trying to cut off Lysychansk from the south. Reuters could not confirm Russian reports that Moscow’s troops had already entered the city.

‘AS LONG AS IT TAKES’

Russia invaded Ukraine on Feb. 24 in what the Kremlin calls a “special military operation” to rid the country of far-right nationalists and ensure Russian security. The war has killed thousands, sent millions fleeing and laid waste to cities.

During their summit in Germany, G7 leaders, including U.S. President Joe Biden, said they would keep sanctions on Russia for as long as necessary and intensify international pressure on President Vladimir Putin’s government and its ally Belarus.

“Imagine if we allowed Putin to get away with the violent acquisition of huge chunks of another country, sovereign, independent territory,” British Prime Minister Boris Johnson told the BBC.

The United States said it was finalising another weapons package for Ukraine that would include long-range air-defence systems – arms that Zelenskiy specifically requested when he addressed the leaders by video link on Monday. read more

In his address to the G7 leaders, Zelenskiy asked again for more arms, U.S. and European officials said. He requested help to export grain from Ukraine and for more sanctions on Russia.

The G7 nations promised to squeeze Russia’s finances further – including a deal to cap the price of Russian oil that a U.S. official said was “close” – and promised up to $29.5 billion more for Ukraine. read more

“We will continue to provide financial, humanitarian, military and diplomatic support and stand with Ukraine for as long as it takes,” a G7 statement said.

The White House said Russia had defaulted on its external debt for the first time in more than a century as sweeping sanctions have effectively cut the country off from the global financial system.

Russia rejected the claims, telling investors to go to Western financial agents for the cash which was sent but bondholders did not receive. read more

The war has created difficulties for countries way beyond Europe’s borders, with disruptions to food and energy exports hitting the global economy. read more

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Reporting by Reuters bureaux; Writing by Angus MacSwan, Nick Macfie and Rami Ayyub; Editing by Frank Jack Daniel and Catherine Evans

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