An Update on Russia & Ukraine

🇺🇦 Day 14 of the conflict saw both sides report some progress in reaching a cease-fire in several cities, allowing some humanitarian corridors to be established. But by mid-afternoon, Russian cease-fire violations had halted those efforts.

• A Russian airstrike hit a maternity hospital in the southern city of Mariupol (pop. 400,000) yesterday, where local officials said more than 1,200 civilians have died thus far; Russian troops are reportedly preventing anyone from evacuating the city.
• Ukraine’s government warned yesterday that the Chernobyl power plant and other nuclear facilities under Russian control could see radioactive leakage after losing electricity. (Though the IAEA said it “sees no critical impact on safety” at the plant.)
• The Pentagon rejected a plan from the Polish government to transfer its entire fleet of MiG-29 fighter jets to Ukraine by proxy, using the US as a go-between.

How the invasion is impacting…

📈📉 Markets: US stocks rose sharply, ending a four-session losing streak (Dow: +2.0%| S&P: +2.6%| Nasdaq: +3.6%); Russia’s central bank said the Moscow Stock Exchange would remain closed at least through today.

• The price of oil dropped over 12% yesterday, closing at $108.7 per barrel. 
• The national average for a gallon of gas rose eight cents to reach $4.252.
• Nickel – a key input in EV batteries – briefly soared past $100k per metric ton this week, more than double where it was a month ago.

🏛️ Capitol Hill: Congressional leaders reached a bipartisan deal to provide $13.6 billion in aid for Ukraine as part of a $1.5 trillion measure funding the government.