Ukraine and Russia: What you need to know right now

FIGHTING

* U.S. President Biden announced a new $700 million weapons package for Ukraine that will include high mobility artillery rocket systems, which can accurately hit targets as far away as 80 km (50 miles).

* The Biden administration plans to sell Ukraine four MQ-1C Gray Eagle drones that can be armed with Hellfire missiles for battlefield use against Russia, sources said.

* A number of civilians are sheltering from Russian shelling under a chemical plant in Sievierodonetsk and authorities fear it may still have stocks of dangerous materials, the regional governor told Reuters.

* Luhansk regional governor Serhiy Gaidai said 70% of Sievierodonetsk was held by Russian forces, 10-15% was a "grey zone" and the rest was held by Ukraine.

* Russia criticised a U.S. decision to supply advanced rocket systems and munitions to Ukraine, warning of an increased risk of direct confrontation with Washington.

ECONOMY

* Ukraine's 2022 wheat harvest is likely to drop to 19.2 million tonnes from a record 33 million tonnes in 2021, Ukrainian grain traders' union UGA said.

* Poland stands to get an economic boost from agreements to help Ukraine, the prime minister said as he opened temporary housing funded and built by Warsaw in a town that was largely destroyed during the war with Russia.

DIPLOMACY

* Russia said on Wednesday that it did not rule out a meeting between President Putin and Ukrainian President Zelenskiy, but that any such talks needed to be prepared in advance.

COMING UP

* Biden and his national security adviser will meet NATO Secretary-General Stoltenberg in Washington on Thursday, the White House said.