An Update on Russia & Ukraine

🇺🇦 Day 13 of the Russian invasion saw Ukraine evacuate convoys of civilians from the besieged northeastern city of Sumy, though Russian shelling forced periods of interruption in their exit

• The number of refugees fleeing Ukraine passed 2 million according to the UN (☝️), an amount equal to over 4.5% of its population; ~60% of the refugees have ended up in Poland.
• Ukraine's infrastructure minister said the country has suffered ~$10 billion in damages since Russia's invasion began.
• A senior US official estimated “with low confidence” that between 2,000 and 4,000 Russian soldiers have been killed, while another said ~5% of Russia’s weapons and vehicles have been destroyed.

How the invasion is impacting…

🛢️ Oil & Gas: President Biden signed an executive order banning all Russian energy imports, including oil, coal and natural gas. 8% of US petroleum imports, including crude oil, currently come from Russia. 

• Global oil prices surged past $132 per barrel on the news, but had settled around $123 by the end of day.
• The national average for a gallon of gas rose 11 cents to reach an all-time high of $4.173 (not adjusted for inflation). 

🌾🍔🥤 Food: Wheat futures have risen more than 50% since the invasion began, though experts say it could take months for escalating prices to hit the bread aisle.

• McDonald’s is temporarily closing its ~850 restaurants in Russia but will keep paying employees. The fast-food chain has long played a symbolic role in Russia – its first location opened 32 years ago in Moscow, months before the collapse of the Soviet Union.
• Coca-Cola and Starbucks also announced they’re suspending operations in Russia, while Yum Brands, which owns KFC and Pizza Hut, paused investment in the country.

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