Ukraine and Russia: What you need to know right now

FIGHTING * Russia's defence ministry said that 694 Ukrainian fighters holed up in Mariupol's Azovstal steelworks had surrendered over the last 24 hours, RIA news agency reported.

Finland and Sweden formally applied to join NATO on Wednesday, prompted by Russia's invasion of Ukraine and triggering one of the most significant changes in Europe's security architecture in decades. FIGHTING

* Russia's defense ministry said that 694 Ukrainian fighters holed up in Mariupol's Azovstal steelworks had surrendered over the last 24 hours, the RIA news agency reported. Since Monday, 959 militants from Azovstal had surrendered, 80 of whom were wounded, RIA said. ECONOMY

* Britain and fellow G7 nations are looking at how Russian assets can be used to fund the rebuilding of Ukraine, Foreign Secretary Liz Truss said. * U.N. chief Antonio Guterres is expected to publicly disclose on Wednesday that he is in talks with Russia, Ukraine, Turkey, the United States, and the European Union aimed at restoring Ukraine grain shipments and reviving fertilizer exports from Russia and Belarus, U.N. officials said.

* Russian gas producer Gazprom said it continues to supply gas to Europe through Ukraine via the Sudzha entry point, with volumes on Wednesday. * Swiss packaging group Vetropack said it would cut roughly 400 jobs in Ukraine following severe war damage to its Hostomel plant, a sign of the widening economic toll of the fighting in Ukraine.

DIPLOMACY * U.S. President Joe Biden will host the leaders of Sweden and Finland at the White House on Thursday to discuss their NATO applications.

* Peace negotiations between Russia and Ukraine have stagnated, officials said, with both sides trading blame and Moscow indicating a return to talks may be difficult. 

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)