Flooded battlefield

The attack on a giant dam in Ukraine sent a torrent of water across the battlefield. [View in browser]( [Bloomberg]( The question of whether Ukraine’s counteroffensive to repel Russia from its territory is underway appears to have been settled with the explosion at a dam providing water to the Crimea peninsula and one of Europe’s biggest nuclear plants. President Volodymyr Zelenskiy blamed Moscow for blowing up the dam along the Dnipro river in southern Ukraine, a move interpreted as a pre-emptive strike by Russia to slow the advance of Kyiv’s forces after fighting erupted across the more than 1,000-kilometer frontline. The Kremlin denied responsibility. Key Reading: [Ukraine Blames Russia for Dam Blast That Risks Flooding War Zone]( [Russia and Ukraine Report Fierce Battles Along Front Lines]( [China Says It’ll Work on Political Ukraine Solution With France]( Early this morning, footage circulated of water spilling, forcing the evacuation of thousands of people downstream. Zelenskiy warned allies back in October that occupying Russian forces had mined the dam.  Since Moscow’s invasion, military strategists have viewed the structure as a potential target given its strategic importance. First, it supplies water to Crimea, annexed by Russia in 2014. Second, it feeds cooling systems for the Zaporizhzhia nuclear power plant, one of the biggest in the world. This strike could signal Russia is worried about the forcefulness of the Ukrainian push. Meanwhile Ukraine has kept everyone, including its closest allies, largely in the dark on its counteroffensive plans in order to preserve the element of surprise. It’s been building up for weeks and there is a short window to seize on. Warring nations have used the tactic of flooding battlefields for centuries, and the area downriver of Kakhovka is one of the main paths military strategists say Ukraine’s forces could take to cut off the southern land bridge from the Russian mainland to Crimea. Tactics aside, the destruction of the dam is a reminder of the human impact of the invasion, which has killed and wounded hundreds of thousands of soldiers and civilians, devastated Ukraine’s economy and poured fuel on a global cost-of-living crisis. Kyiv and its allies have warned the counteroffensive will be difficult and will require even more sacrifice from Ukrainians. Events today underscore that cost. — [Michael Winfrey]( WATCH: Video released by Ukraine’s presidential office shows water flowing through destroyed dam. Check out the latest [Washington Edition newsletter](. You can [sign up]( to get it in your inbox every weekday. And if you are enjoying this newsletter, sign up [here](. Global Headlines Restoring “high-level diplomacy” was the goal as senior US and Chinese officials held [“candid” talks]( in Beijing days after their defense chiefs squared off at a security forum. Daniel Kritenbrink, the top US State Department official for Asia, met with Vice Foreign Minister Ma Zhaoxu, as the most senior US official to publicly travel to Beijing since an alleged Chinese spy balloon derailed ties in February. - Military [interception maneuvers]( by Chinese ships and planes suggest a “growing aggressiveness” from Beijing and risk an accident that could result in injury, the White House said yesterday. The US and India have made a new pledge to [deepen defense-industry ties](, including by sharing cutting-edge technology, amid a broader campaign by both nations to counter China’s assertiveness in Asia. They will focus on technologies for intelligence, reconnaissance and surveillance, as well as aircraft engines and munitions, a source says. - Germany and India are closing in on a deal to build diesel submarines in the South Asian country as Russia’s war in Ukraine pushes New Delhi to [expand its sources]( of military hardware beyond its top supplier Moscow. An economic seesaw between China and Russia in Central Asia is moving toward a new equilibrium for Kazakhstan. Financial and economic sanctions that have sidelined Russia and diverted trade flows [are creating an opening]( for China. The pull of the world’s second-biggest economy may prove hard to resist for the nations of the region. Giorgia Meloni is pushing through with her nationalist vision for corporate Italy — one that views dozens of state-owned companies as a way to [cement power and drive change]( in the economy. From a €20 billion deal to buy Telecom Italia’s network to the recent sale of a stake in ITA Airways and attempts to restrict the role of Chinese owners at Pirelli, the prime minister’s government is aiming to influence and reshape the country’s long-term industrial strategy and institutions. Meloni at an election campaign rally in Caserta last September. Photographer: Alessia Pierdomenico/Bloomberg Best of Bloomberg Opinion - [Russian Forces Picked a Bad Time to Feud: Leonid Bershidsky]( - [Macron Tries a Mea Culpa on NATO and Ukraine: Lionel Laurent]( - [Christie Will Play the Role of Trump Spoiler: Jonathan Bernstein]( French unions are holding a fresh day of [strikes]( against Emmanuel Macron’s pension reform in a test of whether the president has succeeded in getting much of the country to move on from the politically damaging fight. People are expected to face less disruption than during previous protests, in a demonstration that comes two days before a group of lawmakers will try to trigger a vote in parliament to have the reform repealed. Explainers You Can Use - [Moving Saharan Sunshine and Wind to Europe via Undersea Cable]( - [Trudeau Bets $9 Billion on Plan to Clean Up World’s Dirtiest Oil]( - [A $4 Billion Oil Pipeline Creates a Climate Dilemma for Africa]( The $2 billion market for carbon offsets is heading for a [massive reset](, as a growing number of governments announce their intention to tax, regulate or restrict trade in credits generated within their borders. The details vary, but the goals are the same: Governments want to retain more of the benefits of emissions-reduction projects, whether as revenue or as credit toward their own national climate goals. Syria is back in the Arab League after more than a decade of regional isolation. So what does this mean for the rest of the world? Bloomberg regional economy and government managing editor [Sylvia Westall]( and reporter [Daniel Flatley]( join guest host [Rosalind Mathieson]( to talk about the impact of Syria’s reinstatement. Subscribe and listen [here]( and on [iHeart](, [Apple]( and [Spotify](. News to Note - President Yoon Suk Yeol said South Korea and the US have elevated their alliance to [“nuclear based”]( as he praised a deal struck with Washington on the deployment of America’s atomic arsenal to deter North Korea. - A wave of last-minute cancellations of concerts, conferences and other gatherings across China is now hitting [LGBTQ-related events](, including several linked to this month’s Pride celebrations. - Kuwaitis vote for [the third time]( in less than three years today in a parliamentary election overshadowed by disillusionment with a political standoff that’s stymied policy making in the OPEC member. - US House Republicans plan to hold a contempt of Congress hearing against FBI Director Christopher Wray on Thursday, [escalating a probe]( into President Joe Biden’s actions as vice president. - Pakistan is pursuing efforts to secure the remaining $2 billion in external funding gap out of a $6 billion target to revive a [long-delayed bailout program]( with the International Monetary Fund. And finally ... Nitin and Chetan Sandesara have built the largest independent oil company in Africa’s biggest crude producing nation even as India pursues them as criminals — accusing them of perpetrating “one of the largest economic scams in the country.” William Clowes writes that the brothers, who say they are victims of political persecution, are embraced in Nigeria and their ties in the West African nation [are deepening]( even as their troubles in India show no signs of abating. Chetan, left, and Nitin Sandesara in 2011. Photographer: Hemant Mishra/Mint/Hindustan Times Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Bloomberg Politics newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. 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