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FirstFT: US and UK ban Russian oil and gas imports

President Joe Biden has Russian oil and gas imports banned To enter the US when Washington increases economic sanctions on Moscow in the wake of the invasion of Ukraine in order to deprive it of revenue.

The move is in line with a UK ban on Russian oil imports, but the EU did not follow suit and instead unveiled a plan to reduce Russian gas imports by two-thirds within a year.

The US decision opens a new front in efforts to isolate Russia from the world economy, following moves to impose sanctions on Russian central banks, government officials and oligarchs, as well as its central bank.

“Russian oil will no longer be acceptable in US ports and the American people will land another strong blow [Vladimir] Putin’s war machine, “Biden said in a speech at the White House.

But a ban on US and UK imports would be far less disruptive to global markets than a full international embargo, as only a small portion of Russian shipments go to both of those markets.

© Parliament TV / AP

More about Ukraine

  • Market briefing: Wheat and nickel prices Rose sharply When Russian forces intensified the shelling. London Metal Exchange Suspended nickel trading After the price has doubled and Do not expect Start trading again this week.

  • Movements of forces: Russian forces are moving against Kyiv A new frontAccording to US defense sources, while Putin seeks to “grind” the Ukrainian army and prepares for a new attack on the country’s capital.

  • Business News: McDonalds and Starbucks Close all their branches in Russia. shell It has also announced that it will withdraw from the country and immediately stop new purchases of Russian oil.

  • Explains: How the war in Ukraine can intensify China’s global financial ambitions.

  • Taiwan: Russia’s attack on Ukraine is a Waking up to TaiwanThere is a heightened awareness that the Chinese Communist Party can carry out its warning to forcibly take the island it claims is its own.

  • opinion: The West needs to strengthen sanctions – even though they could destroy Russia’s economy without changing its policies or regime. Martin Wolf writes.

A line chart of cumulative change since October 1, 2021 shows that sanctions have devastated the Russian economy

Follow ours Live blog For the latest developments and The conflict in the maps.

Qatar mediates between Iran and the United States in nuclear talks Qatar has Increased his role Mediated between the U.S. and Iran, as Western powers seek to persuade cautious Iranian leaders to sign an agreement to revive the 2015 nuclear deal, according to people briefed on the talks.

2. Adidas ousted China’s headline when sales suffered The German sportswear team has Replaced Jason ThomasIts head of operations in Greater China, after the company lost market share to establish local brands following a consumer boycott of its position regarding Xinjiang cotton.

Google acquires cyber security company Mandiant Google agreed Pay $ 5.4 billion Acquire Mandiant, one of the most well-known refusers who track sophisticated cyber attacks, giving him an excellent position at the forefront of the fight against cybercrime and digital warfare.

4. ‘Cruel’ sale of speculative technology stocks hurts Tiger Cub funds Several hedge funds raised by Julian Robertson Tiger Management Investment Company have suffered steep losses in recent months, following large falls in U.S. technology stocks many of which they held. Our analysis has more.

5. Nicholas Maduro welcomes ‘cordial’ talks with the US The president of Venezuela described Almost two hours of calls With the U.S. government delegation this weekend as “respectful” and “cordial.” Washington is considering approaching Caracas while considering banning Russian oil imports.

Corona digestion

  • As Cubid cases rise, Hong Kong Residents face a difficult choice: continue to wait for the authorities to act – Or decide to leave.

  • Modernity Committed Never enforce its patents for Covid-19 vaccines In low- and middle-income countries following criticism that its opposition to relinquishing intellectual property rights threatens Africa’s approach to life-saving attacks.

  • Covid-19 epidemic was forced Founders To get the most out of their skills Achieve more with fewer resources Than many of their male counterparts.

The day ahead

Elections in South Korea Voters go to the polls to decide which presidential competition there was tainted By scandal, family drama and hints of corruption, delinquency and nepotism and deception.

Inflation data China’s Consumer Price Index and February and Manufacturer’s Price Index data are due to be released. Japan will also announce producer price index data in February.

The International Monetary Fund points to the aid package to Ukraine God A support package is offered Will respond to a request submitted by Ukraine last week for $ 1.4 billion under the International Monetary Fund’s rapid funding instrument.

Join us in person and online today and tomorrow at Climate Capital Live, a platform for politicians, business leaders and financiers to assess the risks and opportunities facing them in light of the climate crisis. To register Here.

What else are we reading

Will the war in Ukraine reduce the passage of green energy? The war in Ukraine leads to an increase in demand for coal and a rethinking of fossil fuels – Complicates the shift For renewable energy and for reducing greenhouse gases.

Market storm hits India’s LIC issuance. The sale of 5% of the shares in the Life Insurance Corporation is expected to raise up to $ 8 billion, part of a government investment cancellation strategy launched in 2020. But two years later, as Russia’s war on Ukraine unleashes a severe market storm, LIC’s public offering May be in dangerWrites Chloe Cornish.

China’s bound woman reveals the horror of the one – child policy Xiao Huami was trafficked and locked up by her husband, but the authorities initially justified her treatment. When a video of Xiao went viral, it sparked outrage that focused on that of the country Failure to locate and protect victims of human trafficking Which multiplied as a result of China’s one child policy.

Get the most out of a career change Most salaried employees share two things: disgust at their job and unwillingness to leave them. Breaking the inertia requires something big. Lucy Callaway Divides four lessons on change And how to get the most out of it.

The rewriting of the post-Cubid contract for couples with a double career Everyone in a couple where they are both pursuing careers is well aware of the tensions of responding to each other in order of priority at work, writes Brock Masters. Now that the plague has receded, she warns me New opportunities and traps For couples with a dual career.

travel

Four sunny ones Escape to spring-summerIncludes the dumbest island neutering the Cyclades and swimming with Dominica’s marine mammal species, as well as the mid – century magic of the Joshua Tree.

Dominica is the only place on earth where sperm whales can be found all year round

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