Ukrainians have been no strangers to hardship over the past century, but their resilience and solidarity in the face of Russian bombardment have endured in a war that started at the tail end of last winter. Here’s how citizens are grappling with power and heating outages as Vladimir Putin’s latest assault triggers blackouts across the country. Russia’s president is also escalating his rhetoric — stopping short of pledging not to use nuclear weapons first in a conflict, saying Russia’s arsenal is a “deterrent factor” in conflicts. It all bodes for a long winter ahead. Meanwhile, the Group of Seven’s oil price cap is seen as no gamechanger, while the commission proposed sanctioning Russia’s access to drones — and the alleged abduction of children from Ukraine to Russia.

— John Ainger

What’s happening

Schengen Vote | The EU is set to approve Croatia’s accession to the so-called Schengen area visa-free travel regime today as home affairs ministers meet in Brussels. The future of membership of Bulgaria and Romania, however, is up in the air, with lingering opposition from a few member states. The Netherlands has said it will block Bulgaria’s bid to join the area. 

Polish Push | The Polish government will “quickly” push through legislation to meet the EU’s demands on judicial independence if it secures guarantees from Brussels, a top official said. Szymon Szynkowski vel Sek, Poland’s European affairs minister, said the ruling party will move to address the EU concerns about the overhaul of its judiciary to secure the release of  €34.5 billion ($36.3 billion) in post-pandemic aid.
 
Fintech Future | Europe’s fintech giants were built on the promise of new ways to do finance. Under pressure from rising interest rates and nervous investors, their next steps are looking more like tried-and-tested traditional banking. 

Learning Curve | On Monday, Group of Seven nations imposed a cap on the price of Russian oil. The unprecedented move by one set of countries to try to impose a price at which another can sell a commodity has drawn confusion among traders, and — from Moscow — a threat of retaliation. Here’s what we’ve learned four days in.

In Case You Missed It

Orban’s Grip | Hungarians braced for a surge in fuel costs and a jump in one of the EU’s highest inflation rates after Prime Minister Viktor Orban’s fuel-price cap unraveled in the face of a nationwide gasoline shortage. Prices at the pump immediately jumped by as much as 46%, according to Mol Nyrt., the country’s biggest oil company.

Euro Pick-Up | The ECB’s Peter Kazimir signaled support for a third straight 75 basis-point interest-rate increase next week — even after inflation in the currency bloc cooled for the first time in a year and a half.  The euro-area economy expanded by more than initially thought in the third quarter, though a recession triggered by the continent’s energy crisis is likely to have begun since.

London Falling | The chief of Europe’s largest exchange group took a swipe at the UK capital, saying Brexit means it is no longer Europe’s dominant financial center. He said it was merely the largest financial center of Britain, with stock market listings outside of London the “new normal.” The EU is also doing its bit to encourage finance’s move.

Right-Wing Raid | German authorities carried out the biggest-ever raid targeting right-wing extremists, saying a nationwide operation thwarted a domestic terrorist group planning to violently overthrow the government. Twenty-five people were taken into custody, including an aristocratic ringleader, a former AfD lawmaker and at least one member of an elite military unit.

Chart of the Day

Europe dominates the top 10 best passports, but it might surprise you who comes out on top. With a UAE passport, travelers can enter 180 countries hassle-free — seven more than European countries such as Germany and Sweden, and nine more than Japan. Throughout the pandemic, the UAE largely stayed away from the full-scale lockdowns seen around the world, instead relying on strict mask mandates and inoculations.

Today's Agenda

All times CET

• 2:30 p.m. EU foreign policy chief Josep Borrell speaks to European Parliament panel on foreign interference in democratic process
• 3 p.m. Vice President Vera Jourova speaks at Atlantic Council event
• 3 p.m. Vice Presidents Margrethe Vestager and Valdis Dombrovskis speak to European Parliament panel on TTC meeting
• 7 p.m. Press conference after Justice and home affairs ministers meet in Brussels