Ukrainian President Volodomyr Zelenskiy is appealing for at least $17 billion in urgent financing, though the request doesn’t even factor in widespread damage inflicted by Russia on its neighbor’s energy infrastructure. The EU is pressing ahead to deliver about a third of the country's funding requirements for next year, even as Berlin, which hosted the postwar reconstruction conference yesterday, is still dragging its feet over loans earmarked for this year. And the needs could still grow larger: Ukraine's finance minister said his country would need at least $11 billion for the first quarter alone. German Chancellor Olaf Scholz, meanwhile, reinforced his call for a “Marshall Plan” for Ukraine.

— Natalia Drozdiak

What's Happening

Gas Race | Measures like joint gas procurement and a new market benchmark won’t kick in until the spring, and plans for price caps on the price of natural gas — seen by many in the bloc as an important tool to bring down costs for businesses and consumers — still remain mired in technical details. For now, the need may not be so acute, as the continent catches a break with unseasonably mild temperatures. 

Zero Target | The European Union’s executive arm will lay out plans to drastically cut pollution levels across the bloc, potentially eliminating more than 70% of the 300,000 premature deaths annually over the next decade, according to Environment Commissioner Virginijus Sinkevicius. 

Rash Rates | Italian Prime Minister Giorgia Meloni used her first speech to lawmakers to criticize the ECB’s interest-rate hikes, adding a sharper tone to recent political carping in the euro zone about tighter monetary policy. Raising borrowing costs “is considered by many to be a rash choice, which runs the risk of impacting banking credit to families and businesses,” she said.

Hamburg Calling | The German government is close to reaching a compromise over a disputed sale of a stake in a Hamburg container terminal to China’s state-owned shipping conglomerate Cosco Shipping Holdings Co. Chancellor Scholz, previously the mayor of Hamburg, and his ministers may agree on a sale of a reduced 24.9% holding to Cosco, a source tells us.

Cyber Evidence | Ukrainian officials are documenting suspected Russian hacking incidents as part of a plan to prosecute Moscow in an international court, according to a top Ukrainian cybersecurity official. The government is collecting evidence of malicious cyber activity from Russia and sharing the information with the International Criminal Court.

In Case You Missed It

Daylight Saving | Critics of daylight saving now have a new argument: abolishing it could ease the continent’s energy crisis. With the war in Ukraine sending fuel prices soaring, campaigners and politicians in several countries have noted that daylight saving could make the demand for fuel more acute.

Dirty Bomb | Ukraine has asked international monitors to inspect two nuclear facilities to ensure material hasn’t been diverted to build a so-called dirty bomb. The request followed Russian assertions that Kyiv’s government was laying the groundwork for the detonation of such a device, allegations that were rejected by the US and allies. But what is a dirty bomb and why is it concerning? Read more here.

No Turning Back | Vladimir Putin is pursuing his war aims in Ukraine with a “religious” fervor and is unlikely to change course even as his eight-month invasion is beleaguered by setbacks, Estonia’s spy chief said. Mikk Marran said the Baltic nation’s intelligence indicated that the Russian president isn’t having second thoughts, despite the lack of strategic accomplishments and a firmer line from an expanded NATO.

Stabilizing Budapest | Hungary’s central bank reaffirmed its commitment to tight monetary conditions and additional tools to reassure markets after maneuvering the forint back from a record low this month. The bank will keep using its overnight deposit rate — introduced on Oct. 14 and set at 18% — as long as Hungary’s risk assessment doesn’t improve substantially.

Energy Treaty | France, the Netherlands, Poland, Spain and Belgium will push for the entire 27-nation bloc to leave the controversial Energy Charter Treaty, arguing that it clashes with international climate goals and offers fossil fuel firms an avenue for massive legal claims. The group discussed the move on the sidelines of a meeting of energy ministers.

Chart of the Day

Starved of the Russian imports on which its long relied, Europe has rushed to import liquefied natural gas from around the world to fill up storage. Now, a combination of unusually warm weather and successful bidding for cargoes means facilities are almost full before Europeans have even turned the thermostats up. Gas prices have also fallen back sharply, and are less than a third of their summer peak.

Today's Agenda
All times CET

• 2:15 p.m.: NATO Secretary General Jens Stoltenberg and Romanian Prime Minister Nicolae Ciuca speak to reporters in Brussels
• 3:30 p.m.: EU foreign policy chief Josep Borrell gives speech in Buenos Aires
• Commission President Ursula von der Leyen meets Romania’s Ciuca, travels to Skopje
• Vice President Valdis Dombrovskis meets IMF chief Kristalina Georgieva and participates in ECB Governing Council
• Energy commissioner Kadri Simson speaks at IAEA's ministerial nuclear power conference
• European Council President Charles Michel in Astana, Kazakhstan, meets President Tokayev