Russia is preparing a diplomatic offensive with countries it considers sympathetic to fend off a push by Ukraine and its allies to further isolate Moscow from the global financial system, according to documents seen by Bloomberg. The UN Security Council plans a hearing on Friday focused on the “peace and security” of Ukraine.

One person was killed and at least 54 injured in an overnight missile strike on the center of Kryvyi Rih, hometown of President Volodymyr Zelenskiy, Ukraine’s interior minister said. Ukraine’s air defense downed 16 of 20 Shahed drones fired from Russia and occupied Crimea early Friday. A large fire was reported at a customs service building in Moscow. No cause was immediately identified.

US Secretary of State Antony Blinken condemned what he called “sham elections” being held by Russia this weekend in occupied areas of Ukraine, a year after Moscow staged similarly fake referenda “and purported to annex” Ukraine’s Kherson, Zaporizhzhia, Donetsk, and Luhansk regions. “The Kremlin hopes these pre-determined, fabricated results will strengthen Russia’s illegitimate claims to the parts of Ukraine it occupies, but this is nothing more than a propaganda exercise,” Blinken said. Ukraine’s foreign ministry termed the votes a “rude violation of Ukraine’s sovereignty and territorial integrity.”

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Markets

Brent oil held near $90 a barrel and although it’s slipped from levels seen earlier in the week it’s still on track for a small weekly gain after supply curbs from OPEC+ leaders Saudi Arabia and Russia were extended.

Wheat prices fell Thursday, approaching the lowest levels since spring as key Ukrainian ports on the Danube continued working despite repeated Russian strikes on infrastructure and storage facilities. The UK plans a summit in November for countries hit by rising food prices.

Coming Up

• G-20 heads of state and government in New Delhi this weekend
• Russian Foreign Minister Sergei Lavrov on a two-day visit to Bangladesh
• Russia-China business forum in Kazan
• Putin summit with Kim Jong Un likely in Vladivostok next week