Russia Launches Major Assault on Kyiv

Summary

WSJ What’s News – Episode Summary: "Russia Launches Major Assault on Kyiv"
Release Date: April 24, 2025

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1. Major Assault on Kyiv

The episode opens with a grim report on Russia's latest military actions in Ukraine. Kate Bullivant details the severity of the assault:

"Russia has killed nine and injured 70 people in its biggest aerial bombardment of Ukraine's capital this year."
— Kate Bullivant, [00:58]

This attack marks the most significant aerial operation against Kyiv this year, resulting in substantial civilian casualties. The assault occurred shortly after the United States withdrew from peace talks aimed at ending the conflict, following Ukrainian President Volodymyr Zelensky's firm stance against U.S. recognition of Crimea as Russian territory.

2. Stalled Peace Negotiations

The withdrawal from negotiations underscores the deepening divide between the U.S. and Ukrainian leadership. President Trump criticized Zelensky for not accepting the U.S. peace proposal:

"President Trump yesterday hit out at Zelensky for failing to accept the peace proposal."
— Kate Bullivant, [00:58]

Zelensky emphasized that a ceasefire must be in place before any further peace discussions can occur, especially in light of Russia's intensified attacks on civilians.

3. Energy Security Summit in London

Amidst the turmoil, a significant energy security summit convenes in London, attended by representatives from over 60 countries, including Ukrainian Energy Minister Galmon Galushchenko. The summit focuses on Ukraine's strategic plans to secure its energy future despite ongoing warfare.

Interview with Ukrainian Energy Minister Galmon Galushchenko

German Galushchenko provides an in-depth analysis of Ukraine's energy challenges and strategic responses:

"From March 22, we already had more than 30 massive attacks to the energy infrastructure. What I mean by massive is something around 300 missiles and drones at once a day, which are attacking only energy infrastructure."
— German Galushchenko, [02:35]

He highlights the continuous threats to Ukraine's energy systems and the resilience demonstrated by the nation:

"But in our case, for instance, last year we started attacks to the energy infrastructure and we withstood without any restriction for our people from December."
— Galushchenko, [03:34]

Discussing the role of minerals in peace talks and Ukraine's economic future, Galushchenko underscores the importance of investment and energy supply:

"Energy is a key infrastructure for the economy in each country... We need additional generation in Ukraine to provide supply of electricity for extraction of these minerals."
— Galushchenko, [04:35]

He further elaborates on the potential for international investment in Ukraine's mineral extraction, which could bolster both economic growth and national security:

"If foreign companies invest in Ukraine, it would bring more security."
— Galushchenko, [05:44]

Galushchenko also addresses the strategic shift towards energy independence from Russia, emphasizing the dangers of such reliance:

"Dependence on Russia is always dangerous."
— Galushchenko, [07:54]

4. Business Impact: Tesla and Tech Companies

Transitioning to business news, Kate Bullivant reports a significant downturn for Tesla in the European Union:

"Tesla's sales in the European Union plunged for a third consecutive month in March, slumping 36%."
— Kate Bullivant, [10:00]

This decline contrasts with the growing demand for electric vehicles (EVs) in the EU, largely due to intense competition from Chinese EV manufacturers. Additionally, tech companies like STMicroelectronics and Nokia forecast lower-than-expected sales for the upcoming quarter, citing tariff impacts.

Conversely, consumer giants such as Nestlé and Unilever have reported stronger-than-expected sales, indicating a mixed economic landscape influenced by varying sectoral performances.

5. U.S. Political Developments: Trump’s Executive Orders

The episode delves into President Trump's recent actions aimed at overhauling higher education:

"He's trying to get rid of what he calls discriminatory practices and ideological overreach on college campuses."
— Will Scharf, [11:34]

Trump has signed two executive orders targeting foreign funding at universities and reforming the college accreditation system. These measures are intended to enhance transparency and shift focus towards student outcomes rather than ideological criteria. The administration has spotlighted institutions like Harvard for allegedly violating transparency laws, though Harvard maintains compliance:

"Harvard has filed the appropriate reports for decades as part of its ongoing compliance with the law."
— Kate Bullivant, [12:03]

In addition to educational reforms, Trump has dismissed plans to implement a millionaire tax, arguing that it would drive wealthy Americans out of the country:

"I fear a millionaire's tax would mean wealthy Americans would leave the country."
— Kate Bullivant, [12:03]

6. Wealth Inequality in America

Juliet Chung presents alarming data on wealth concentration among the richest Americans:

"The top 0.1% of American households got richer by an average of $3.4 million a year."
— Juliet Chung, [03:47]

This stark disparity is highlighted against the backdrop of minimal growth for the bottom 50% of households:

"The bottom 50% saw their net worth grow by an average of $800 a year per household."
— Juliet Chung, [13:56]

Chung emphasizes that this growing wealth divide has significantly outpaced overall economic growth, contributing to a record concentration of wealth among the nation's richest individuals.

7. Conclusion

Kate Bullivant wraps up the episode by summarizing the day’s key stories, from the escalating conflict in Ukraine and its implications for global energy security to the dynamic shifts in U.S. politics and the widening wealth gap. Listeners are encouraged to stay informed through continued coverage on WSJ.com.

"We'll get more clues on how Trump's economic policies are affecting different sectors, with a further raft of earnings due out later."
— Kate Bullivant, [10:00]

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Produced by: Daniel Bark
Supervising Producer: Sandra Kilhoff
Host: Kate Bullivant (filling in for Luke Vargas)

Transcript

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[Kate Bullivant]

Russia strikes Kyiv, killing a large number of civilians as peace talks stall plus, it's a bumper earnings day with some tech companies already warning of the tariff impact. And President Trump rebuffs plans for a millionaire tax, even as new data shows the wealthiest Americans just keep getting richer.

[Juliet Chung]

So if you're looking at the wealthiest, the top 0.1% of American households got richer by an average 3.4 million a year.

[Kate Bullivant]

It's Thursday, April 24th. I'm Kate Bullivant for the Wall Street Journal, filling in for Luke Vargas. And here is the AM edition of what's news, the top headlines and business stories moving YOUR world Today, Russia has killed nine and injured 70 people in its biggest aerial bombardment of Ukraine's capital this year. The assault came just hours after the US Pulled out of talks to end the war after Ukrainian President Volodymyr Zelensky said U.S. recognition of Crimea as Russian territory was a non starter. President Trump yesterday hit out at Zelensky for failing to accept the peace proposal. He has largely refrained from criticizing Russia. Ukraine agreed to a full ceasefire proposal by the US In March, but Russia declined. With Moscow having intensified mass killings of civilians in recent weeks, Zelensky has said a ceasefire should be implemented before further talks on a peace deal can take place. Meanwhile, a day after the scheduled London talks, representatives From More than 60 countries are gathering in the British capital this morning for a major energy security summit. Among them is Ukrainian Energy Minister Galmon Galushchenko. He sat down with our Luke Vargas to discuss the country's vision for using energy to try and guarantee its future security, a prospect that would have seemed highly unlikely when the war first got underway.

[German Galushchenko]

Of course, the beginning of the full scale invasion was a challenge for us because three hours before this full scale war started, we were disconnected from Russia and Belarusian grids and the energy system was in isolation mode like an island. And it was a challenge, especially in the conditions of war. But of course a lot of change from that time. Each winter, Russians only strengthened the attacks to the energy infrastructure. That is one of the main targets still for them. And just to say that from 22 we already had more than 30 massive attacks to the energy infrastructure. What I mean BY Massive, that is something around 300 missiles and drones at once at one day, which are attacking only energy infrastructure. But that is not saying about everyday attacks which is we are not calling massive, but it happens every day.

[Luke Vargas]

How do you see energy factoring into efforts to end the war? It's a core component.

[German Galushchenko]

I mean energy is a key infrastructure for the economy in each country. What has happened with this massive attacks? That is of course the situation with the restriction of supply for the people or let's say blackouts or everything that have direct impact to the growth of economy and to the. To the, let's say, way of living of the people. But in our case, for instance, last year they started attacks to the energy. From March 22nd and all year they attacking the energy infrastructure. Not only in wintertime, in winter, they only strengthen these attacks. Even some international organization said that this would be very difficult. Winter like 18 to 20 hours without electricity supply. But in fact we withstood and we do not have any restriction for our people from December.

[Luke Vargas]

Tell us about minerals. This is a key component of current peace talks, but also vital for your country's economic future. How do you ensure growth there given the fact that these minerals have been. It's difficult to extract them in the current context.

[German Galushchenko]

No, I think I know that negotiation is going on on that. But of course that is first of all a question of investment and money to extract. You're absolutely right. And another point is why we need additional generation in Ukraine to provide supply of electricity for extraction of these minerals. So because I could hardly imagine we would restrict supply to our households and to extract the minerals. So that's why it's a lot of things which are very, very connected in line of this mineral deal or agreement, whatever.

[Luke Vargas]

Do you view deals that Ukraine can make for critical minerals for other energy resources to be in some ways protection for the country in the future. And how so?

[German Galushchenko]

In fact, I think that, that that is really, really a good story. I mean if we are talking about that the investments would. Would goes to this extraction or the production or whatever, because that is huge money. And the more private business or I mean the foreign companies would come to invest to Ukraine and would be present in Ukraine. I think of course it would bring more, let's say security.

[Luke Vargas]

Are you seeing a change in outside interest from the private sector in particular since critical minerals in Ukraine have been in the news?

[German Galushchenko]

I think a lot of depends on the war, at least in the energy. What I see for many years already, from the beginning of full scale innovation, we had a lot of projects with a Lot of big companies who wants to be in Ukraine. We have the biggest storage in Europe, in Ukraine. So we could use this storage for security of supply for the region. For instance, we could increase generation in peace condition, especially again. So we will see what happened with Zaporizhzhia. But we could increase generation in the country and supply electricity to Europe, which we did in 2022. I think that's one of the reasons why Russians starting so massive attacks to the energy infrastructure. Because in 2022, I mentioned that three hours before the war, full big war started, we were disconnected and we were connected to European Greece on 21 days after it was 16th of March. And then we started exporting electricity to Europe even at war in 2022. What it means for Russians just reduce of using Russian gas in Europe because they could buy Ukrainian electricity. And I think that also shows that potential is really huge and very much in Europe.

[Luke Vargas]

There's a debate about whether security of supply means decoupling from Russian energy sources, not just now, but in the future.

[German Galushchenko]

I see these messages now that there is discussion. So the war would be over someday. And so let's go back to Russia. I think that would be the biggest mistake of Europe. And I think a lot of countries understand that, you know, because unfortunately, even when we are talking about the gas that is always used not only as commodity but also as a tool to manipulate the government, to manipulate the prices. And you remember the situation in 2022 when the big war started, how Russia manipulated European prices, increased prices on gas in Europe and it was totally shocked for everyone. And then they have to provide some emergency measures to, let's say, to put some caps on that. And I mean the dependence, always dangerous, always dangerous dependence we could say about Russia or some other. No matter if you are dependent on one side or one country, it's always dangerous.

[Luke Vargas]

German Galushchenko is Ukraine's minister of energy. Thank you so much for being with us on what's news.

[German Galushchenko]

Thank you. Thank you very much.

[Kate Bullivant]

Coming up, the rest of today's news, including Trump's latest orders targeting US Universities and why there are more super rich people in America than ever before. Those stories and more after the break.

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[Kate Bullivant]

Tesla's sales in the European Union plunged for a third consecutive month in March, slumping 36%. The drop follows a halving of sales in January and February. Tesla's latest decline stands in contrast with growing demand for electric vehicles across the EU in March and comes amid fierce competition from Chinese EV makers. The picture is also gloomy for tech companies STMicro and Nokia, who both flagged a tariff hit to earnings this morning, forecasting lower than expected sales in the coming quarter. That said, consumer giants Nestle and Unilever reported stronger than expected sales. We'll get more clues on just how Trump's economic policies are affecting different sectors, with a further raft of earnings due out later. The likes of Alphabet, Procter and Gamble and Southwest Air Airlines are among the companies reporting. Check out WSJ.com for more coverage throughout the day. President Trump is continuing his efforts to remake higher education by signing two executive orders related to foreign funding and the college accreditation system. College accreditation sets standards that must be met by universities and colleges to access federal financial aid and does higher education. Reporter Sarah Randazzo explains that covers everything from their mission and admissions policies to the quality of their faculty and programming.

[Will Scharf]

He's trying to get rid of what he calls discriminatory practices and ideological overreach on college campuses, and he's doing that by directing accreditors to get rid of some DEI related requirements that he perceived that they had and to focus more on student outcomes and kind of tangible aspects of what makes a degree useful in Trump's eyes. And he's also said he's going to make it easier for more accreditors to enter the playing field and for universities to switch accreditors if they're unhappy with the one they have.

[Kate Bullivant]

The other executive order is cracking down on foreign funding at universities a key point of contention with Harvard. The US Government can revoke federal funding from universities that fail to meet transparency requirements around money coming from outside the country. White House Staff Secretary Will Scharf said certain universities, including Harvard, have, quote, routinely violated this law and this law has not been effectively enforced, end quote. The administration hasn't provided evidence Harvard violated the law. A Harvard spokesman said the university has filed the appropriate reports for decades as part of its ongoing compliance with the law. Meanwhile, President Trump has tossed cold water on the idea of raising tax rates on high income Americans, calling the potential millionaires tax very disruptive. Trump's comments end for now, a Republican flirtation with higher taxes at the top to help pay for his broader agenda. The idea, which cuts against long standing GOP views on taxes, could have countered Democrats argument that Republicans are simultaneously trying to take money from Medicaid and lower taxes for the richest Americans. Trump said he feared a millionaire's tax would mean wealthy Americans would leave the country. And speaking of the richest Americans, they now control a record slice of the nation's wealth. New data from the Federal Reserve suggests $1 trillion of wealth was created for the 19 richest American households alone in 2024, more than the value of Switzerland's entire economy. The Journal's Juliet Chung says Americans have generally gotten richer, in part thanks to strong US Growth. But the rise in wealth for the richest has far outpaced that of everyone else.

[Juliet Chung]

Rising concentration of wealth is a global phenomenon. It's pronounced in the US and the wealthier was in the third quarter of 1990. The faster they accumulated wealth in the decades following, the top 0.1% of American households got richer by an average 3.4 million a year. Now, you contrast that with the bottom 50%, and they saw their net worth grow by an average 800 a year per household, which is pretty negligible and barely keeps up with the rise in GDP per capita.

[Kate Bullivant]

And that's it for what's news for this Thursday morning. Today's show was produced by Daniel Bark. Our supervising producer is Sandra Kilhoff. And I'm Kate Bullivant for the Wall Street Journal, filling in for Luke Vargas. We'll be back tonight with a new show. Until then, thanks for listening.