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(Bloomberg) — Russia banned airways from 36 international locations from its airspace in retaliation to the same transfer from European states, ratcheting up the confrontation with nations which have rushed to punish Moscow for invading Ukraine.
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A Ukrainian delegation led by the protection minister started talks with Russian officers on the border with Belarus, whereas in Kyiv, Ukrainian President Volodymyr Zelenskiy expressed doubt the negotiations can yield progress towards halting the violence and repeated a request for his nation to be quick tracked into the European Union.
In the meantime, Russia’s forex and bonds plunged and authorities scrambled to erect financial defenses towards a battery of sanctions launched by the U.S., the EU, Japan and different international locations towards Moscow and despatched Russian markets right into a tailspin. Authorities in Kharkiv stated shelling had killed and wounded civilians.
Key Developments
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Russia Erects Monetary Defenses as Sanctions Hit Banks, Markets
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Putin’s Nuclear Menace Has West Questioning Once more If He’s Bluffing
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Russia Hikes Charges to Highest Since 2003, Provides Capital Controls
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China’s Muddled Ukraine Response Feeds Uncommon Home Debate
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EU Proposes Sanctions on A few of Russia’s Wealthiest Tycoons
All occasions CET:
U.S., Allies Contemplating Oil Reserve Launch (3:20 p.m.)
The U.S. and its allies are contemplating a coordinated launch of round 60 million barrels of oil from their stockpiles after Russia’s invasion pushed crude costs above $100, in keeping with three individuals acquainted with the matter. Whereas no selections have been made, the U.S. has been coordinating with Worldwide Power Company member nations.
Brent oil futures rose 3% on Monday after the newest sanctions raised worries that provide, which is already stretched, will tighten additional ought to Russian flows be disrupted. European pure fuel was up 12%, having earlier surged 36%.
Kharkiv Authorities Cite Lifeless, Wounded in Shelling (3:01 p.m.)
Authorities in Ukraine’s second-largest metropolis, Kharkiv, stated heavy shelling in residential areas killed and wounded civilians, in keeping with the Ukrainska Pravda web site. “It’s a warfare, an actual warfare,” Kharkiv’s mayor, Ihor Terekhov, instructed Pravda. Clashes happened in a number of areas within the northeastern a part of the town, close to the Russian border, after Kremlin-led army items entered Kharkiv on Sunday, Pravda stated.
Televised footage shared extensively on social media confirmed a barrage of strikes on a residential neighborhood. Preventing additionally continued within the suburbs of Kyiv, the capital, in addition to the northern metropolis of Chernihiv.
World Equities Sink with Ruble, Bonds and Commodities Surge (2:55 p.m.)
Equities fell, sovereign bonds rallied and commodities surged amid heightened uncertainty after a brand new wave of sanctions towards Russia. The ruble misplaced as a lot as a 3rd of its worth, earlier than regaining some floor to 98.3 per greenback, down 16% on the day, whereas the price of insuring the sovereign’s debt signaled a 56% likelihood of default.
U.S. index futures dropped, alongside European markets. Banks with publicity to Russia led declines, whereas utilities and protection shares gained. Oil, pure fuel, wheat and palladium jumped, as Brent crude soared on fears of commodity-supply disruptions. Rallies within the greenback, gold and authorities bonds underlined the demand for havens. The euro fell on worries about dangers for Europe’s economic system, which depends on Russian vitality.
Swiss to Implement EU Sanctions With ‘Quick Impact’ (2:55 p.m.)
The Swiss authorities introduced it’ll implement EU sanctions towards lots of of Russian lawmakers and different officers together with Russian President Vladimir Putin and Overseas Minister Sergei Lavrov “with speedy impact.”
“Belongings of the listed people and firms are actually blocked,” the Swiss authorities stated in an announcement. Swiss airspace can even be closed to all plane “with Russian markings” from 3 p.m. as we speak, the Swiss authorities stated.
Russia Bans Airways From 36 Nations From Its Airspace (2:30 p.m.)
Russia banned plane from 36 international locations from its airspace, together with all 27 members of the EU, in retaliation to the same transfer from the bloc. The transfer makes a large swath of Russia — a key route for journey between Europe and Asian international locations corresponding to China, Japan and South Korea — off-limits for carriers together with Air France-KLM and Deutsche Lufthansa.
U.Ok. Says to Anticipate Extra Russia Sanctions Shortly (2:30 p.m.)
Prime Minister Boris Johnson instructed the U.Ok. cupboard to count on additional sanctions on Russia shortly, his spokesman, Max Blain, instructed reporters in London. The premier continues to be pushing for Russia to be totally excluded from the SWIFT system of worldwide funds, Blain stated. Johnson will communicate to the Polish president and Group of Seven leaders later Monday, earlier than heading to Poland and Estonia.
“You may count on us to have additional sanctions on people and companies within the coming days and weeks,” Blain stated. “We do suppose that Russia needs to be lower out not simply economically, however culturally as effectively.”
Blain stated the U.Ok. estimates that about 100,000 Ukrainians might be eligible to enter the nation underneath plans unveiled by Johnson on Sunday to let in shut members of the family of individuals already settled within the nation.
U.S. Bans Transactions With Russian Central Financial institution (1:55 p.m.)
The U.S. on Monday banned individuals and firms from doing enterprise with the Financial institution of Russia, the Russian Nationwide Wealth Fund and the Ministry of Finance. The Treasury Division stated the actions successfully immobilize any Russian central financial institution property held within the U.S. or by U.S. nationals.
Treasury Secretary Janet Yellen stated the measures will “goal the funds Putin and his inside circle rely upon to allow his invasion of Ukraine.”
Downgraded Russian Bonds Drop as Market Entry Dries Up (1:55 p.m.)
Russia’s bonds resumed declines. The yield on Russia’s $7 billion greenback debt due in 2047 jumped to eight.3% on Monday, doubling from ranges seen in the beginning of February.
Regardless of an emergency fee hike, traders have been targeted on the sovereign’s credit-rating downgrade to junk from S&P World Rankings, sanctions on the central financial institution and the exclusion of some Russian banks from SWIFT — all of which raised concern that the banking system will get additional choked up and the nation’s entry to sovereign-debt funding will dry up.
France to Goal Yachts, Luxurious Items Underneath EU Sanctions (1:17 p.m.)
The federal government in Paris will scrutinize all monetary property – together with actual property, yachts, luxurious autos – that will belong to rich Russians focused by EU sanctions, French Finance Minister Bruno Le Maire stated after a cupboard assembly in Paris. French authorities will be capable of seize the property, he stated.
Forbes Russia Says Web site Hacked (1:30 p.m.)
A number of Russian media retailers, together with the state-run Tass information company and Forbes Russia journal, displayed messages calling on the individuals of Russia to cease the warfare in Ukraine when the websites have been accessed by Bloomberg Information reporters in Russia. Forbes Russia confirmed to Bloomberg Information that its web site had been hacked.
Kommersant newspaper’s web site additionally appeared to have been compromised however later was accessible.
Over the weekend a minimum of one authorities company confirmed its web site got here underneath a DDoS assault, whereas a number of different official web sites appeared to endure comparable disruptions.
EU Says Could be Harmful for Belarus to Grow to be Nuclear State (1:08 p.m.)
A referendum to grant Belarus the standing of a nuclear nation is “very harmful,” as a result of it might imply Russia might place its nuclear weapons inside Belarus, EU overseas coverage chief Josep Borrell stated.
“This can be a very harmful path,” Borrell stated, including he referred to as on the Belarussian individuals to protest towards the choice and likewise to protest towards aggression from Belarus into Ukraine.
Japan to Limit Buying and selling with Russian Central Financial institution (12:47 p.m.)
Prime Minister Fumio Kishida stated his administration will prohibit buying and selling with the Russian central financial institution, the Kyodo information service reported. Kishida stated he had spoken with Zelenskiy and that Belarusian President Alexander Lukashenko would even be topic to Japanese sanctions.
Extra Than 500,000 Refugees Have Fled Ukraine, UN Official says (10:42 a.m.)
The variety of individuals fleeing Ukraine since Russia’s invasion started has crossed the half-million level, Filippo Grandi, the United Nations excessive commissioner for refugees, stated on Twitter. UN businesses stated final week the determine might climb to as many as 4 million.
Most of these have crossed into the EU, the place the 4 member states bordering Ukraine have registered a surge in arrivals. Poland recorded essentially the most at 281,000 since Feb. 24, whereas Hungarian officers have counted 85,400. Romania places the variety of Ukrainian residents crossing into the nation at 70,000. Slovakia had taken in as many as 35,000 as of Sunday.
Singapore Joins Sanctions Towards Russia (12:30 p.m.)
Singapore’s authorities will impose unilateral sanctions towards Russia, a transfer which a former diplomat stated was the primary time in a long time that the city-state was penalizing a overseas nation with out United Nations Safety Council backing.
Singapore plans to impose export controls on objects that can be utilized as weapons “to inflict hurt or to subjugate the Ukrainians,” Overseas Minister Vivian Balakrishnan stated. Singapore’s greatest banks are additionally proscribing commerce financing for Russian uncooked supplies, together with on Russian oil and liquefied pure fuel, in keeping with individuals acquainted with the scenario.
Ukraine Asks EU to Settle for its Membership Bid (10:51 a.m.)
Zelenskiy requested the EU to right away settle for Ukraine into the bloc. “I’m positive it’s truthful. I’m positive we deserve this. I’m positive that every one that is potential,” he instructed reporters at a briefing on the presidential workplace.
Accession to the EU is an extended and arduous course of, which requires the candidate nation to undertake established EU legislation in addition to to enact reforms — together with to its judicial and financial programs — to satisfy the bloc’s standards. The transfer additionally requires the unanimous approval of all EU members, the European Fee and the European Parliament in addition to the representatives of all present member states.
Croatia was the final nation to affix the EU. It utilized for membership in 2003 and was granted it in 2013.
EU Can Survive With out Russian Fuel Subsequent Winter (10:05 a.m.)
The European Union is able to getting via subsequent winter with out imports of Russian pure fuel whereas avoiding severe harm to its economic system, in keeping with a brand new report by Belgium-based suppose tank Bruegel.
The 27-nation bloc would want to curtail its demand by a minimum of 10%-15% ought to Russia halt imports altogether following its assault on Ukraine, a transit nation for fuel flowing to the EU, the researchers stated.
EU May Survive With out Russian Fuel Subsequent Winter, Examine Says
Airbnb to Home 100,000 Ukrainian Refugees (10:00 a.m.)
Airbnb Inc. is providing free short-term housing for as much as 100,000 Ukrainian refugees who’re fleeing the Russian invasion of their nation and can work with neighboring European states to supply long-term stays.
Leaders from the San Francisco-based firm, together with Chief Government Officer Brian Chesky, wrote to the governments of Poland, Romania, Germany and Hungary providing assist for housing refugees, in keeping with an announcement from Airbnb. The housing might be funded by the corporate, donors and hosts on the platform.
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