This was CNBC's live blog tracking developments on the war in Ukraine.  

Ukrainian President Volodymyr Zelenskyy on Wednesday postponed all scheduled foreign visits for several days, as Russian forces continued to push into the northeastern Kharkiv region.

Zelenskyy was due to travel to Spain and Portugal later this week, but called off the visits following a call with military leaders.

Fighting remained intense in the town of Vovchansk, according to local officials. A capture of the town near the Russian border would represent a major gain for Moscow.

Russia's Defense Ministry said Wednesday afternoon that it had captured two more settlements in Kharkiv, Hlyboke and Lukyantsi, as it ramps up its offensive in the region.

In other news, Russia's President Vladimir Putin has pitched the West and what he called "U.S.-led Western elites" as a mutual enemy of Russia and China, ahead of a two-day visit to Beijing where he will meet President Xi Jinping.

Putin and Xi have deepened Sino-Russian ties over recent decades and have held more than 40 meetings with each other since 2010.

Russian forces take control of three settlements in Ukraine, says defence ministry

Russian forces have taken control of two more settlements in Ukraine's northeast Kharkiv region and one in the southern Zaporizhzhia region, the defence ministry said on Wednesday, building on a run of incremental gains that have alarmed Kyiv.

Moscow's forces have pushed into the Kharkiv region this month, home to Ukraine's second biggest city, in what Western military analysts believe may be an attempt to carve out a so-called buffer zone to try to protect Russia's neighbouring Belgorod region from Ukrainian shelling and incursions.

The defence ministry said in a statement that units from Russia's "North" military grouping had captured the settlements of Hlyboke and Lukyantsi in the Kharkiv region after intense fighting and had advanced "deep into the enemy defences."

The ministry spoke of heavy fighting in other parts of Kharkiv region too where it said Russian forces had repelled three Ukrainian counter attacks.

The Ukrainian military said late on Tuesday that Ukrainian troops had pulled back to "more advantageous" positions in two areas of the Kharkiv region. It said the fallback was "a consequence of enemy fire and storming action" and "to preserve the lives of our servicemen and avoid losses".

Russia's defence ministry said that units from its military grouping "Dnepr" had also made headway in the south, taking full control of the settlement of Robotyne in the Zaporizhzhia region.

The Ukrainian military dismissed the Russian claim about Robotyne.

"This information is not true," Dmytro Pletenchuk, the military spokesman, was quoted by Ukrinform agency as saying.

The Ukrainian General Staff had said earlier on Wednesday that its troops had repelled three Russian attacks in the direction of Robotyne.

Russia said its air defences had also shot down a Ukrainian MiG-29 warplane along with 40 drones and a slew of U.S.-made rockets.

Reuters could not independently verify the battlefield reports.

— Reuters

Estonia approves use of frozen Russian assets for Ukraine reparations

The Estonian parliament on Wednesday passed an act enabling Russian-owned assets which have been frozen under international sanctions to be used to compensate Ukraine for war damages.

In a statement, Estonia's Constitutional Committee said the country could take a pioneering role in creating a legal framework for the use of such assets for reparations.

Under the act, a foreign state that has sustained damage which has been proven by international law — such as Ukraine — could submit a compensation claim in Estonia.

Conditions on the use of assets as an "advance payment for compensation for damage" would then be agreed with the state making the claim. The link between the owner of the assets to the illegal acts would have to be proven.

"Russia is an aggressor state, and the burden of compensating the war damage caused by it cannot be left to Ukraine and its allies. Russia is responsible for causing the damages and must bear that responsibility," said Hendrik Johannes Terras, chair of Estonia's Constitutional Committee.

"Estonia is proposing a mechanism that provides for the liability of the people and companies directly involved in or contributing to the aggression," Terras added.

It comes after European Union ambassadors last week struck an agreement over using the profits from frozen Russian assets to support Ukraine. Details have not yet been released and the law has not been approved by EU leaders.

U.S. Secretary of State Antony Blinken on Tuesday said Washington has the power to seize Russian assets in the U.S. to use them to help rebuild Ukraine, and that it plans to do so.

— Jenni Reid

Russian defense spending could reach 8.7% of its GDP, Putin says

Russia's defense and security spending could total as much as 8.7% or more of its gross domestic product this year, President Vladimir Putin said Wednesday in a meeting with military commanders, state media agency RIA Novosti reported.

"This is a big resource, and we are obliged to use it very efficiently and effectively," Putin said, according to a Google-translation of quotes published by the state news agency.

Social obligations to citizens such as education and healthcare must also continue despite the added expenses, Putin said.

Russia's president said the increasing amount of funds used for defense was a key reason for appointing Andrei Belousov as new defense minister.

Belousov was appointed earlier this week, replacing former defense minister Sergei Shoigu, who has in turn been made Secretary of Russia's security council.

— Sophie Kiderlin

Ukraine's military says it 'partially' pushed Russian forces out of Vovchansk

Ukraine's military on Wednesday said it had "partially pushed the enemy forces out of the settlement" of Vovchansk, a town in the Kharkiv region that has become a battle hotspot in recent days.

Ukraine's army repelled attacks from Russia and at least in parts pushed them out as it continued to defend the town, the General Staff of Ukraine's armed forces said in a Google-translated Telegram post.

Three combat clashes were registered in the Kharkiv region on Wednesday, and there were two strikes on the area from Russian aircraft, Ukraine said.

CNBC could not independently verify the reports.

Vovchansk has been hotly contested since Russia's offensive in the Kharkiv region began earlier this month. Russia and Ukraine have provided contradictory updates about gains and losses in the town, creating uncertainty about developments on the ground.

— Sophie Kiderlin

U.S. to provide additional military funding worth $2 billion to Ukraine, Blinken says

The U.S. will provide Ukraine with an additional $2 billion worth of military funding, U.S. Secretary of State Antony Blinken said Wednesday, adding that a security agreement between the U.S. and Ukraine may not be far off.

"We will provide an additional $2 billion of foreign military financing for Ukraine," Blinken said in a joint press conference with Ukrainian Foreign Minister Dmytro Kuleba. The funds have been put together in a "first of it's kind defense-enterprise fund," which aims to provide weapons imminently, boost Ukraine's defense-industrial base and help the country buy military equipment from elsewhere, he said.

"We're rushing ammunition, armored vehicles, missiles, air defense, rushing them to get to the front lines," Blinken said.

A security agreement between the U.S. and the Ukraine is expected to be signed within weeks as the "heavy lifting" has been done, he said.

— Sophie Kiderlin

Portugal's new government favours tougher sanctions against Russia

Portugal's new government is keen on ramping up sanctions on Russia over its invasion of Ukraine, Environment and Energy Minister Maria da Graca Carvalho said on Wednesday.

The centre-right minority government took over last month, after a narrow win in a March 10 election that ended eight years of Socialist rule.

The European Commission's next sanctions package is expected to propose restrictions on Russian liquefied natural gas (LNG) for the first time, including a ban on trans-shipments in the EU, according to a document seen by Reuters.

This would not directly bar Russian LNG imports to the bloc, but would ban provision of re-loading services by EU facilities for trans-shipment of Russian LNG to third countries.

"In general, the Portuguese government is aligned with the European Union's energy policies, namely with the measures that aim to ensure our strategic sovereignty ... just as it is in favour of toughening sanctions" to pressure Russia to end the invasion, the minister said in a statement sent to Reuters.

She declined to comment specifically on the preliminary version of 14th sanctions package that needs to be formalised by the Commission and then approved by all member states in the Council.

— Reuters

Russia says it has taken control of three further settlements in Ukraine

The Russian defense ministry on Wednesday said its army had taken control of three further settlements in Ukraine.

Two of these settlements,  Lukyantski and Hlyboke are in the Kahrkiv region, and another is in the Zaporizhzhia area, the ministry said in several Google-translated posts on Telegram.

In the Kharkiv region, Russian forces "also advanced into the depths of the enemy's defense" and resisted several counterattacks, according to the ministry.

CNBC could not independently verify developments on the ground.

Fighting in the Kharkiv region in the north-east of Ukraine has intensified in recent days, after Moscow launched an offensive in the area earlier this month. Russia has made territorial gains and seized several settlements in the region since.

— Sophie Kiderlin

Zelenskyy postpones foreign visits

Ukraine's President Volodymyr Zelenskyy on Wednesday instructed to postpone all of his scheduled foreign visits for several days, a spokesperson announced on social media.

"Volodymyr Zelenskyy has instructed that all international events involving him scheduled for the coming days be postponed and new dates coordinated. We are grateful to our partners for their understanding," Serhii Nikiforov said in a post on Facebook.

Nikiforov indicated that this came as Zelenskyy was updated on the developments in the Kharkiv region, where Russia launched a fresh offensive in recent days.

Zelenskyy was due to travel Spain and Portugal later this week.

— Sophie Kiderlin

Russia will treat any foreign mercenaries sent to Ukraine as targets, Zakharova says

Russian Foreign Ministry spokeswoman Maria Zakharova said on Wednesday that Moscow would consider any foreign mercenaries and foreign weapons sent to Ukraine to be legitimate military targets.

Zakharova was commenting on reports this week that NATO member Estonia is weighing whether to send troops to Ukraine. Similar proposals have been floated by other European countries, including France.

— Reuters

Russian forces taking up positions in town of Vovchansk, police chief says

Russian forces are establishing positions inside the border town Vovchansk in the northeastern Kharkiv region, the local police chief said.

"The situation is extremely difficult. The enemy is taking positions on the streets of the town of Vovchansk," Oleksiy Kharkivskiy, Vovchansk's patrol police chief, said on Facebook, in comments reported by Reuters.

The fate of Vovchansk is uncertain; on Tuesday, a Russian official claimed Russian forces had control over the western and northern parts of the town. But Ukraine's military appeared to contradict the summary, stating that the situation in Vovchansk was "under control" while conceding that it had pulled back troops to new positions near the village of Lukyantsi.

On Tuesday evening, the military said it had pulled troops back from some areas around Lukyantsi and Vovchansk "to more advantageous positions" in order to save the lives of its servicemen and to avoid losses.

— Holly Ellyatt

Ukraine withdraws troops in parts of beseiged Kharkiv region

Ukraine's military said it has withdrawn troops from several fighting hot spots in Kharkiv to avoid losses as Russian forces continue to make incremental gains in their new offensive in the northeast of Ukraine.

"The situation in the areas of hostilities remains difficult," Ukraine's General Staff said in an update on Facebook late Tuesday, adding that Russia had "concentrated its efforts in the Kharkiv region, as well as in the Kramatorsk and Pokrovsk [both in Donetsk] directions."

As a result of Russia's "assault actions" and artillery bombardment, Ukraine's military said that in some areas around Lukyantsi and Vovchansk it had "carried out a manoeuvre and moved to more advantageous positions" in order to save the lives of its servicemen and avoid losses.

"The fighting continues," it said, adding that "Ukrainian units prevent the Russian invaders from gaining a foothold. Counterattack actions are being carried out, the enemy is under constant fire control of artillery and UAV [unmanned aerial vehicle] units of the Defence Forces."

CNBC was unable to immediately verify the information in the report but Russian forces, aiming to seize the border town of Vovchansk and bigger city of Kharkiv, have been making daily gains in the region, seizing at least 10 villages since launching their offensive last Friday.

— Holly Ellyatt

Putin pitches the West as Russia's and China's mutual enemy ahead of talks with Xi

Russia's President Vladimir Putin has pitched the West and what he called "U.S.-led Western elites" as a mutual enemy of Russia and China, ahead of a two-day visit to Beijing where he will meet President Xi Jinping.

The visit on May 16-17 is Putin's first trip abroad after being re-elected in March as Russia's president for the fifth time, taking his presidency up to 2030. Russia has few powerful friends left on the global stage after it invaded Ukraine in 2022, but it can still count on Beijing, which has consistently refused to condemn the invasion.

Putin and Xi have deepened Sino-Russian ties over recent decades and have held more than 40 meetings with each other since 2010.

Ahead of his latest trip, Putin emphasized Russia and China's closeness and mutual respect as opposed to the West, telling Chinese state-media agency Xinhua that "U.S.-led Western elites refuse to respect civilizational and cultural diversity and reject traditional values ​​that have been formed over centuries."

"In an attempt to maintain their global dominance, they arrogated to themselves the right to tell other nations with whom they can be friends and cooperate, and with whom they cannot ... Naturally, neither Russia nor its partners are happy with this state of affairs," he said, according to a transcript of the interview published on the Kremlin's website.

The interview covered Russia and China's economic and trade links, geopolitics and the war in Ukraine. Putin said he supported China's 12-point peace plan and said Russia was open to holding talks to resolve the conflict. Analysts said China's plan lacked substance while Ukraine has said it will not hold talks with Russia while Russian troops are on its territory.

— Holly Ellyatt

Blinken rocks out in Kyiv after trip to boost Ukrainian morale

U.S. Secretary of State Antony Blinken ended a surprise trip to Kyiv on Tuesday by joining a band onstage in a bar to perform a cover of Neil Young's "Rockin' in the Free World."

Blinken had arrived in Kyiv in the early hours of Tuesday ahead of a meeting with Ukraine's President Volodymyr Zelenskyy and other senior officials at which he pledged continuing U.S. support for Ukraine as a new Russian offensive rages in the northeast of the country.

After sharing pizzas with Ukraine's Foreign Minister Dmytro Kuleba at lunch, Blinken was a surprise act at the Barman Dictat cocktail bar in Kyiv, where he joined members of The 1999 band onstage.

The band's singer told the crowd he had a "secret guest" for them as he invited "the biggest friend of Ukraine, Antony Blinken" onstage, to cheers from the crowd.

Electric guitar in hand, Blinken told the audience, "listen, I know this is a really, really difficult time. Your soldiers, your citizens, particularly in the northeast in Kharkiv, are suffering tremendously. But they need to know, you need to know, the United States is with you, so much of the world is with you," he said.

"They're fighting not just for a free Ukraine but for the free world, and the free world is with you too," he added.

As the band prepared to start playing, Blinken was less sure of his skills, telling the crowd, "I don't know if we can pull this off."

— Holly Ellyatt

Putin wants 3 things from Xi as he seeks to deepen Russia-China ties, analyst says

Russian President Vladimir Putin's meeting with Chinese leader Xi Jinping in China this week is the latest sign of the deepening strategic ties between both sides.   

Putin will make a two-day state visit to China from Thursday at the invitation of Xi, it was announced on Tuesday.

It comes amid the Kremlin's growing reliance on China for trade and political backing as it seeks to strengthen its "no limits" partnership with Beijing on various fronts.

"It's pretty clear that for these last two years, Putin has wanted three things from China," Max Hess, fellow at the Foreign Policy Research Institute told CNBC's "Squawk Box Asia" on Wednesday.

He wants a "deal" for the Power of Siberia 2 natural gas pipeline and seeks more Chinese support for the war in Ukraine, especially in terms of hardware, he added. Putin also wants access to Chinese financial markets and to use the "Chinese currency to further Russia's trade," Hess said.

"We've really seen remarkably little progress on all of those things," he added. "So, it's really Putin going to China seeing what he can get."

Read the full story

— Sumathi Bala

Russia's Putin and China's Xi to discuss Ukraine, trade and Middle East, Kremlin aide says

Russian President Vladimir Putin and Chinese President Xi Jinping will discuss the war in Ukraine, developments in the Middle East and international cooperation with organisations including the United Nations, among other topics, Kremlin aide Yuri Ushakov said Tuesday.

"The topic of connecting integration processes within the EurAsEC and the Chinese "One Belt, One Road" initiative, the situation around Ukraine, the situation in the Middle East, Central and North-East Asia will be considered," Ushakov was cited as saying by Russian state media agency RIA Novosti in Google-translated comments.

Ushakov said it was important for the relationship between China and Russia to be resistant to external pressures, and that Russia appreciated China's "balanced position" on the conflict in Ukraine.

Putin is set to travel to China this week to meet with several senior Chinese politicians, including Xi.

"The leaders will have a one-on-one conversation, they will walk in the park next to the palace, drink tea, obviously. And then informal negotiations will take place during an informal dinner with the participation of some members of the delegations from both sides," Ushakov said.

He added that a visit from Chinese government officials to Russia was also being planned for this year.

— Sophie Kiderlin

Russian strike hits residential high-rise building in Kharkiv city center, mayor says

A strike on Ukraine's Kharkiv on Tuesday hit a high-rise residential building in the city center and injured at least nine people, its mayor Ihor Terekhov said in Google-translated Telegram posts on Tuesday.

No fire broke out as a result of the strike, but a search of all apartments in the building for victims was underway, he added.

It comes after several strikes hit Kharkiv earlier in the day, according to Terekhov. Several residential buildings, garages, a school and cars were damaged by the attacks, he said.

CNBC could not independently verify developments on the ground.

Fighting has intensified in the Kharkiv region in recent days as Russia has launched a fresh offensive in the area. Russia has claimed that it has made gains near Kharkiv since the latest offensive began.

— Sophie Kiderlin

France to deliver military support to Ukraine in coming days

France is set to provide military support to Ukraine in the coming days and weeks, the French government said Tuesday, according to a Google-translated statement.

French President Emmanuel Macron and Ukrainian President Volodymyr Zelenskyy spoke on the phone earlier in the day about developments on the ground, the statement said.

"The President of the Republic reiterated France's determination to provide all the necessary support, over the long term and with all of its partners, to defeat Russia's war of aggression. He was also able to detail the deliveries for the coming days and weeks in support of the Ukrainian military effort," it said.

In a post on social media platform X, Zelenskyy said that he had also discussed the upcoming peace summit with Macron.

"I appreciate France's important role in implementing the Peace Formula, particularly the nuclear safety point," he said. "We discussed the importance of encouraging countries from the Global South to attend the summit and coordinated positions on this matter."

— Sophie Kiderlin

Poland to boost intelligence spending due to Russian threat, says PM

Poland will allocate an additional 100 million zlotys ($25.30 million) to boost its intelligence services, Prime Minister Donald Tusk said on Tuesday, as he warned of a rising threat from Russia.

Poland says its place as a distribution hub for supplies to Ukraine has made it a key target for Moscow's intelligence services, fears that were exacerbated last week when a judge who had access to military secrets defected to Russian ally Belarus.

"I decided to allocate 100 million zlotys from my own reserve, the reserve of the prime minister, to strengthen the internal security and intelligence agencies," Tusk told a news conference.

He said that Russian efforts to destabilise European countries, particularly Poland and the Baltic states, were set to intensify in the run-up to European elections in June.

"We will have to invest more resources, time, more actions when it comes to our special services," he said.

— Reuters

Conflicting Russian and Ukrainian reports over fate of border town Vovchansk

A Russian official claimed Tuesday that Russian forces have control over the western and northern parts of the town of Vovchansk in Ukraine's northeast region, with street battles now taking place there.

Vitaly Ganchev, the head of the Russia-backed civil-military administration in the area, told Russia's Channel One that Russian forces were closing in on the town, a hot spot in the war since Russia launched a new offensive to seize the border region.

"While the Ukrainian armed formations are still resisting both in the city itself and on the approaches to it ... at the same time, the western and northern parts of Volchansk [Vovchansk in Ukrainian] are already controlled by Russian troops, our guys are now continuing to move into area of the meat processing plant and so on," he said, according to comments reported by state news agency Tass.

"Convenient positions are being taken for further advancement in the city and the suburbs around Volchansk [Vovchansk]," he added.

Ukraine's military appeared to contradict the summary, however, stating that the situation in Vovchansk was "under control" while conceding that it had pulled back troops to new positions near the village of Lukyantsi.

"Due to the intense fire influence of the enemy, namely air strikes ... on our units, to save the lives of Ukrainian soldiers, a change of positions was carried out in the area of the settlement Lukyantsi. The fighting is going on," the General Staff said in an update on Facebook. CNBC was unable to verify either battlefield report.

— Holly Ellyatt

Read CNBC's previous live coverage here:

As Blinken and Zelenskyy meet, U.S. says weapons are ‘on the way’ to help repel Russian onslaught