10 things you need to know today: May 1, 2023

Ukraine strikes oil depot in occupied Crimea, JPMorgan Chase buys struggling First Republic, and more

Explosion in Odessa, Ukraine
(Image credit: Operational Command South of Ukraine / Handout/Anadolu Agency via Getty Images)

1. Ukraine strikes oil depot in Crimea in counteroffensive preparation

A drone attack that started a massive fire at an oil depot in Russian-occupied Crimea is part of Ukraine's preparations for "the broad, full-scale offensive that everyone expects," Natalia Humeniuk, a spokeswoman for Ukraine's military, said Sunday. The attack took place Saturday in Sevastopol, a port city where the Russian Navy's Black Sea Fleet is based. Humeniuk said it was important for Ukraine to damage Russia's logistical capacity before the counteroffensive gets fully underway. Russia responded with strikes against Pavlograd deep in Ukrainian territory in the central Dnipropetrovsk region.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.