An Update on Russia & Ukraine

🇺🇦 The third round of peace talks between Ukrainian and Russian officials concluded yesterday with no major breakthroughs.

• Both countries’ foreign ministers are set to meet in Turkey on Thursday to continue negotiations over a potential ceasefire and broader political solution.
• The Pentagon said Russia has now deployed “nearly 100%” of the ~190,000 troops that were gathered along Ukraine’s borders, and fired more than 625 missiles into the country over the past 12 days.
• The 40-mile-long Russian convoy headed towards Kyiv reportedly still hasn’t moved since early last week due to logistical issues, while a separate convoy advancing on Kharkiv is also stalled.
• The WHO confirmed there have been at least 14 attacks on Ukrainian health facilities since the start of Russia’s invasion, which is a violation of international law.

How the invasion is impacting…

🛢️ Oil & Gas: Global oil prices rose past $130 per barrel yesterday for the first time since 2008; Secretary of State Antony Blinken said on Sunday that the US was discussing a ban on Russian imports. The price of oil has risen ~60% so far in 2022.

🪙 Crypto: Coinbase blocked more than 25,000 addresses it believes are related to sanctioned Russian groups or individuals.

📉 Markets: Stocks dipped sharply across the board (Dow: -2.4% | S&P: -3.0% | Nasdaq: -3.6%), sending the Dow into correction territory and the Nasdaq into a bear market – meaning down 10% and 20% from recent highs, respectively.

• The Moscow Stock Exchange, which has been frozen since Russia invaded Ukraine, will remain closed at least until tomorrow.

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