How the Invasion is Impacting...
How the Invasion is Impacting...
📊 The Economy: The Russian ruble fell ~30% against the US dollar yesterday before recovering some ground after Russia’s central bank raised interest rates from 9.5% to 20%. One ruble is now worth less than $0.01, a record low.
- JPMorgan estimates the Russian economy will contract by ~20% this quarter compared to last.
⛽️ Oil & Gas: Oil prices rose nearly 5% yesterday to reach ~$98.50 per barrel, less than one week after hitting $100 per barrel for the first time since 2014. The average US price for a gallon of gas has risen 10 cents over the past two weeks, currently clocking in at $3.64 per gallon.
⚽️🌏 Sports: FIFA and UEFA suspended Russia’s national and club teams from all international competition “until further notice” yesterday; if the suspension extends into Russia’s World Cup qualifier match against Poland on March 24, the team would be excluded from the tournament.
- Separately, the IOC recommended that all international governing bodies “not invite or allow the participation of Russian and Belarusian athletes and officials.”
📉📈 Markets: The Moscow Exchange was closed on Monday – and the Bank of Russia announced it will stay closed today, too. As of last Thursday, Russian billionaires had lost more than $126 billion over the preceding eight days.
- US markets swung up and down several times yesterday, leaving the major indexes with mixed results. (Dow: -0.5% | S&P: -0.2% | Nasdaq: +0.4%)
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🇺🇦 As of Sunday morning, Russia had deployed two-thirds of its total troops in Ukraine and fired 320 missiles, but still didn’t control any major population center, according to a top Pentagon official.
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| February 25, 2022Russia Declares War on Ukraine
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| February 24, 2022An Update on Russia & Ukraine
🇺🇦 Ukrainian President Volodymyr Zelensky imposed a 30-day state of emergency yesterday and recommended that millions of citizens living in Russia leave immediately due to a growing threat of war.
- The country also called up military reservists between the ages of 18 and 60 and enacted a measure allowing all citizens to carry firearms. Zelensky has said he’ll invoke martial law if Russian troops advance any further into the country.
- "They're as prepared as they can be. And boy are they going to fight. I do believe that the Russians don't quite understand what they're going to face," a source in contact with the Ukrainian government told Axios.
- The EU announced more sanctions against Russia’s defense minister and the country’s Internet Research Agency; they’re still being referred to as the ‘first wave’ of sanctions, with more to come should Russia further escalate the conflict.
- A cyberattack on Wednesday took down Ukrainian government websites and banks, the country's digital minister confirmed on Telegram; the US has repeatedly said it believes Russia is behind recent cyberattacks against Ukraine.
- The US stock market continued to slide, with all three major indexes closing down more than 1% for the second straight day. (Dow: -1.4% | S&P: -1.8% | Nasdaq: -2.6%)
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