JPMorgan Chase CEO Jamie Dimon says Ukraine invasion is a top economic concern

JPMorgan Chase CEO Jamie Dimon says Ukraine invasion is a top economic concern


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The war in Ukraine and US-China relations are two of JPMorgan Chase CEO Jamie Dimon’s biggest economic considerations, he stated Monday.

“The matter I fret the most about is Ukraine,” he informed Bloomberg Tv in an interview Monday morning. “It’s oil, fuel, the leadership of the world, and our partnership with China — that is significantly additional severe than the economic vibrations that we all have to offer with on a working day-to-working day foundation.”

Russia’s invasion of Ukraine started far more than a yr ago and has roiled the worldwide overall economy, main to electricity and foodstuff cost shocks, alongside with international provide chain disruptions that fueled surging inflation throughout the earth and led to painful interest fee hikes from the world’s central banking companies.

“This is the most critical geopolitical issue we’ve had to deal with due to the fact Entire world War II,” Dimon reported Monday, also highlighting the war’s impression on relations with China.

Beijing enjoys a near connection with Moscow, and the Chinese governing administration has been obtaining Russian electrical power and providing machinery, electronics, foundation metals, cars, ships and aircraft, throwing the Kremlin an economic lifeline.

In modern months, tensions among the United States and China have amplified as the nations around the world contend for dominance of the microchip business and argue more than tariffs, US aid for Taiwan and possible spy balloons.

Dimon claimed JPMorgan Chase is having an lively function in strengthening the romantic relationship in between the United States and China by advising and participating with the two governments on holding cordial relations. He’s hoping that “cooler heads prevail” but he does not feel a organization alternative exists to ease developing disputes. Though JPMorgan Chase does a fair share of enterprise with Beijing, it is the government, not non-public business, that has to smooth tensions, he explained.

“We probably must have started off resetting this 10 many years ago,” he claimed. The US government has to sit down and have a “very major dialogue with the Chinese govt,” he claimed.

Dimon added that he believes the war in Ukraine could continue on for many years to arrive.

On the property front, Dimon is nonetheless holding out hope for the risk that the Federal Reserve can execute a delicate landing — reducing interest fees while steering clear of recession. But over-all, his outlook stays cloudy.

“A moderate economic downturn is attainable, a harder recession is possible,” he stated Monday. “I think there’s a very good prospect that inflation will occur down, but not more than enough by the fourth quarter — the Fed might actually have to do extra,” he explained.

Dimon did be aware that the US client is nevertheless quite healthy: Residence selling prices and wages are significant, households continue to have additional funds in their lender accounts than they did in advance of the pandemic and they’re still expending it.

Buyers are in good form, he stated. “But that’s going to close at some issue.”

Nonetheless, even if The united states does enter a economic downturn, he mentioned, individuals are much more powerful and will be equipped to improved endure a downturn than they were being in 2008.

Latest news on Russia and the war in Ukraine

Latest news on Russia and the war in Ukraine

Congress votes to ban oil and gas imports from Russia

The U.S. Congress voted to ban oil, gas and coal imports from Russia as part of a governmentwide effort to squeeze Russia’s economy in response to Moscow’s brutal invasion of Ukraine.

The House approved the bill in a 413-9 vote. The Senate passed it unanimously earlier in the day. It will head to Biden’s desk for his signature.

The legislation codifies an executive order Biden issued last month to bar energy imports from Russia. The bill would make it more difficult for a future president to reverse Biden’s action.

— Christina Wilkie

UN says 63 children are among the 1,611 civilians killed in Ukraine

Borodyanka, UKRAINE – APRIL 6: A teddy bear hanging from a tree in front of a building bombed by the Russian army in Borodyanka (Ukraine), 6 April 2022.

Diego Herrera Carcedo | Anadolu Agency | Getty Images

The United Nations has confirmed 1,611 civilian deaths and 2,227 injuries in Ukraine since Russia invaded its neighbor on Feb. 24.

Of those killed, the UN has identified at least 63 children.

The Office of the UN High Commissioner for Human Rights adds that the death tolls in Ukraine are likely higher, citing delayed reporting due to the armed conflict.

The international body says that most of the civilian casualties recorded were caused by the use of explosive weapons, including shelling from heavy artillery and multiple launch rocket systems, as well as missile and airstrikes.

— Amanda Macias

Blinken downplays U.S. is withholding weapons from Ukraine

U.S. Secretary of State Antony Blinken speaks to the media after a NATO foreign ministers meeting, amid Russia’s invasion of Ukraine, at NATO headquarters in Brussels, Belgium April 7, 2022.

Evelyn Hockstein | Reuters

Secretary of State Antony Blinken downplayed concerns that the U.S. was withholding weapons explicitly requested by Ukraine.

“They’re coming forward with new systems that they think would be helpful and effective,” Blinken told reporters at NATO headquarters following a two-day ministerial meeting.

“We put our own expertise to bear, especially the Pentagon to help determine what indeed we think could be effective. What Ukrainians will be ready to use as soon as they get it, and what we actually have access to and can get to them in real-time,” he said, adding that the U.S. is working expeditiously to get appropriate weapons to Ukraine quickly.

Blinken’s comments echo those of U.S. Secretary of Defense Lloyd Austin and Chairman of the Joint Chiefs of Staff U.S. Army Gen. Mark Milley. Austin and Milley told lawmakers this week that some weapons systems on Ukraine’s wish list require months of training in order to operate.

Earlier in the day, Ukrainian Foreign Minister Dmytro Kuleba told reporters that he urged allies to catalyze the delivery of their arms commitments.

“Either you help us now, and I’m speaking about days not weeks, or your help will come too late,” Kuleba said.

— Amanda Macias

‘We’re doing everything possible’ to hold Russia accountable, U.S. Ambassador to UN says

U.S. Ambassador to the United Nations Linda Thomas-Greenfield speaks to the media after a meeting of the U.N. Security Council on the situation between Russia and Ukraine, at the United Nations Headquarters in Manhattan, New York City, U.S., February 17, 2022.

Carlo Allegri | Reuters

U.S. Ambassador to the United Nations Linda Thomas-Greenfield told NBC News’ Andrea Mitchell that the U.S. and its allies are doing “everything possible” to hold Russia to account for its war in Ukraine.

Thomas-Greenfield, who spoke with Mitchell moments after the international forum voted to suspend Russia’s membership in the Human Rights Council, praised her fellow U.N. members for “condemning the Russians.”

“We’ve had two votes in the General Assembly in which we have condemned Russia and supported Ukraine and even in the Security Council, we have isolated the Russians,” she said.

“I know if you’re sitting on the ground in Ukraine and you’re watching your people die, it looks as if we’re not doing enough but we’re doing everything possible to ensure that the Russians are held accountable for this,” Thomas-Greenfield said.

— Amanda Macias

Blinken details reports of rape and torture by Russian soldiers in Ukraine

U.S. Secretary of State Antony Blinken looks on while speaking to the media after a NATO foreign ministers meeting, amid Russia’s invasion of Ukraine, at NATO headquarters in Brussels, Belgium April 7, 2022.

Evelyn Hockstein | Reuters

EDITOR’S NOTE: This post contains graphic descriptions and a photo of atrocities that U.S. and European officials say were committed by Russian troops in Ukraine.

Secretary of State Antony Blinken detailed several apparent war crimes committed by Russian troops, some of which had not been widely reported.

Blinken, speaking at the NATO foreign ministers’ meeting in Brussels, said the body of Olga Sukhenk, the 50-year-old mayor of Motyzhyn, outside of Kyiv, “was found in a shallow grave along with her hands bound, alongside the bodies of her husband and son. They were last seen alive being taken away by Russian soldiers.” A reporter with the BBC visited the grave, and a photographer for the Associated Press captured images of the horrific scene (below).

Journalists stand on the side of a mass grave of village residents and the village head and his family, in the village of Motyzhyn, close to Kyiv, Ukraine, Monday April 4, 2022.

Efrem Lukatsky | AP

“In Kharkiv,” said Blinken, “a woman was sheltering in a school with her 5-year-old daughter and neighbors when a Russian soldier picked her out and forced her to accompany him to an empty classroom. He cut her face and neck with a knife, threatened to kill her and raped her repeatedly at gunpoint.”

“In Bucha, a woman described how Russian soldiers forced her and around 40 other people to gather in a small square,” Blinken said. “The soldiers brought five young men there and ordered them to kneel, then the Russians shot one of them in the back of the head. He turned to those gathered and said of the victim, and I quote, ‘This is dirt. We’re here to cleanse you from the dirt.'”

Ukrainian forces liberated Bucha on April 1. Blinken said that, so far, authorities have discovered 410 murdered civilians in Bucha alone.

Ukrainian soldiers walk next to destroyed Russian tanks and armored vehicles, amid Russia’s invasion of Ukraine, in Bucha, in Kyiv region, Ukraine, April 6, 2022.

Alkis Konstantinidis | Reuters

“With each day more and more credible reports of rape, killings, torture are emerging,” said Blinken. “For every Bucha, there are many more towns Russia has occupied and more towns it is still occupying — places where we must assume Russian soldiers are committing atrocities right now.”

— Christina Wilkie

U.S. Congress votes to revoke Russia’s ‘most favored nation’ trade status

Russian President Vladimir Putin chairs a meeting with members of the Security Council at the Novo-Ogaryovo state residence outside Moscow, Russia April 7, 2022.

Mikhail Klimentyev | Sputnik | Reuters

The U.S. Congress voted to revoke Russia’s “most favored nation” trade status, opening the door to punishing tariffs on a range of Russian goods.

The Senate earlier Thursday unanimously passed the bill, which also would sever the normal trade relationship with Russian ally Belarus. The House then approved it in a 420-3 vote, sending it to President Joe Biden’s desk.

The vote in Congress is a formal step to revoke normal trade relations.

The U.S. effectively severed its working trade relationship with Moscow in the weeks since Russia invaded Ukraine. Last month, Biden moved to ban Russian imports of Russian oil, seafood, diamonds and vodka.

— Thomas Franck

‘We expect a big battle in Donbas,’ NATO chief says

NATO Secretary General Jens Stoltenberg gives a press conference after the Extraordinary Summit of NATO Heads of State and Government in Brussels, Belgium on March 24, 2022.

Halil Sagirkaya | Anadolu Agency | Getty Images

NATO Secretary-General Jens Stoltenberg said that the alliance believes the war in Ukraine will intensify near the eastern Donbas region in the coming days.

“We expect a big battle in Donbas, a big Russian offensive,” Stoltenberg told reporters following a two-day in-person meeting of foreign ministers at NATO’s headquarters in Brussels.

“We don’t see a Russian retreat. What we see is Russia, regrouping and repositioning their forces. Moving out of northern Ukraine but at the same time moving those forces to the east,” Stoltenberg said, adding that the 30-member strong alliance is working to provide additional weapons to Ukraine ahead of Russia’s renewed surge in the east.

Stoltenberg declined to detail the weapons systems the alliance has delivered to Ukraine, citing operational security concerns.

— Amanda Macias

UN votes to remove Russia from Human Rights Council

The results of the votes to expel Russia from the U.N. Human Rights Council of members of the United Nations General Assembly is seen on a screen during a continuation of the Eleventh Emergency Special Session on the invasion of Ukraine on April 07, 2022 in New York City.

Michael M. Santiago | Getty Images

The United Nations suspended Russia from its seat on the Human Rights Council on Thursday.

Members voted 93 in favor and 24 against, while 58 abstained.

U.S. Ambassador to the United Nations Linda Thomas-Greenfield introduced the proposal earlier in the week following accusations that Russian troops tortured and killed Ukrainian civilians in Bucha, a suburb near Kyiv.

Libya is the only country to be suspended from the 47-member Geneva-based council. The North African country was suspended in 2011 after a violent crackdown against protesters by forces loyal to then-leader Muammar Gaddafi.

— Amanda Macias

Finland is formally assessing potential NATO membership

NATO Secretary General Jens Stoltenberg, Swedish Foreign Minister Ann Linde and Finnish Foreign Minister Pekka Haavisto hold a joint press conference after their meeting at NATO headquarters in Brussels, Belgium on January 24, 2022.

Dursun Aydemir | Anadolu Agency | Getty Images

The government of Finland is moving ahead with a formal assessment of whether to apply for NATO membership, and will present its findings to parliament next week, the Finnish foreign minister said in Brussels.

For decades, the Nordic nation that borders Russia has resisted invitations to join the North Atlantic security alliance. But Russia’s invasion of Ukraine has forced it to reconsider, and public opinion in Finland has swung in favor of joining NATO. Watching Russian troops invade peaceful, sovereign Ukraine has created “a situation in which we may need cooperation,” said Foreign Minister Pekka Haavisto, referring to NATO.

Haavisto said that if Finland’s parliament approves its application for NATO membership, it would expect member states to swiftly vote on the application. “It is clear that in this global political situation, we are ready to hurry up and put pressure on all NATO members” to quickly vote to accept Finland into the alliance, said Haavisto.

Finland shares an 800-mile border with Russia, and the Kremlin for years has tacitly threatened that if the country decides to join NATO, it would become a target for possible Russian aggression.

— Christina Wilkie

‘Either you help us now … or your help will come too late,’ Ukrainian foreign minister says

Ukrainian Foreign Minister Dmytro Kuleba speaks during a news conference, amid Russia’s invasion of Ukraine, at NATO headquarters in Brussels, Belgium April 7, 2022. 

Evelyn Hockstein | Reuters

Ukrainian Foreign Minister Dmytro Kuleba urged allies to speed up the delivery of weapons as Russia prepares to intensify its fight in eastern Ukraine.

“Either you help us now, and I’m speaking about days not weeks, or your help will come too late,” Kuleba told reporters at NATO’s headquarters in Brussels.

“I have no doubt that Ukraine will have the weapons necessary to fight. The question is the timeline. This discussion is not about the list of weapons. The discussion is about the timeline when do we get them and this is crucial,” he said, adding “people are dying today, the offensive is unfolding today.”

When asked about Kuleba’s comments, NATO Secretary-General said that “allies are providing and are ready to do more when it comes to military support.”

— Amanda Macias

UN slated to vote on suspending Russia’s Human Rights Council membership

UN Secretary-General Antonio Guterres addresses the 72nd session of the United Nations General Assembly at the UN headquarters in New York on September 19, 2017.

Jewel Samad | AFP | Getty Images

The 193-member U.N. General Assembly is due to vote on suspending Russia from the Human Rights Council. The meeting is slated to begin at 10 a.m. ET.

U.S. Ambassador to the United Nations Linda Thomas-Greenfield introduced the proposal earlier this week after accusations that Russian forces killed Ukrainian civilians in Bucha, a suburb of Kyiv.

A resolution to strip Russia of its membership in the Geneva-based council would require support from two-thirds of the voting members.

The 47 members that make up the Human Rights Council, which are expected to uphold high human rights standards, serve for three years and are not eligible for immediate reelection after two consecutive terms.

— Amanda Macias

Italian Red Cross convoy of refugees from Ukraine arrives in Turin

82 people originally from the Donbass and suffering from various medical conditions were evacuated from Lviv by the Italian Red Cross in collaboration with the Ukrainian Red Cross. Once in Italy the refugees will be distributed to three regions; Piedmont, Trentino and Puglia.

Ukrainian refugee looked after by Red Cross volunteers inside the Red Cross Headquarters on April 7, 2022 in Settimo Torinese near Turin, Italy.

Stefano Guidi | Getty Images

Ukrainian refugee looked after by Red Cross volunteers inside the Red Cross Headquarters on April 7, 2022 in Settimo Torinese near Turin, Italy. 

Stefano Guidi | Getty Images

General view of Ukrainian refugees looked after by Red Cross volunteers inside the Red Cross Headquarters on April 7, 2022 in Settimo Torinese near Turin, Italy. 

Stefano Guidi | Getty Images

Ukrainian refugee looked after by Red Cross volunteers inside the Red Cross Headquarters on April 7, 2022 in Settimo Torinese near Turin, Italy. 

Stefano Guidi | Getty Images

Ukrainian refugee sleeps on a bed inside the Red Cross Headquarters on April 7, 2022 in Settimo Torinese near Turin, Italy. 

Stefano Guidi | Getty Images

Russian soldiers used civilians as human shields, witnesses say: Report

Russian soldiers used civilians as human shields against incoming Ukrainian fire, witnesses in the northern Ukrainian village of Obukhovychi told the BBC.

Residents of the village said Russian troops went from house to house, rounded up some 150 people at gunpoint, and held them in a school gym as protection for Russian troops.

“They took us from the cellars where we were hiding and forced us out,” Lydmila Sutkova, one of the villagers, told the BBC. “Old ladies, children, everyone. It was terrifying. They broke open the doors of anyone who wouldn’t open up.”

Another villager, Maryana, said, “I was afraid that we would all be shot in that gym. I was scared for my daughter. I don’t have the words.”

Russia’s foreign ministry has not responded to a CNBC request for comment.

— Natasha Turak

G-7 members condemn Bucha atrocities, say Russia should be suspended from UN Human Rights Council

The G-7 major economies issued a joint statement that squarely held Russia responsible for atrocities against civilians in the Ukrainian town of Bucha, where at least 300 dead bodies were found on streets and in mass graves after Russian troops withdrew.

“Haunting images of civilian deaths, victims of torture, and apparent executions, as well as reports of sexual violence and destruction of civilian infrastructure show the true face of Russia’s brutal war of aggression against Ukraine and its people,” the statement said.

“The massacres in the town of Bucha and other Ukrainian towns will be inscribed in the list of atrocities and severe violations of international law, including international humanitarian law and human rights, committed by the aggressor on Ukrainian soil.”

Ministers also said that Russia should be suspended from the U.N. Human Rights Council. They stressed their “unwavering support for Ukraine within its internationally recognized borders” and expressed their readiness to further assist the country by military and financial means.

— Natasha Turak

Kremlin says U.S. sending weapons to Ukraine won’t help peace talks

The Kremlin criticized Washington’s decision to continue sending military supplies to Ukraine, saying it wouldn’t bode well for the outcome of peace talks between Kyiv and Moscow.

“Pumping weapons into Ukraine will not contribute to the success of Russian-Ukrainian talks,” Kremlin spokesperson Dmitry Peskov said on a call with press, referring to U.S. weapons provisions to Ukraine. “Of course this will most likely have a negative effect.”

The Pentagon says it has committed more than $1.6 billion in security assistance to Ukraine since Russia began its invasion on Feb. 24. A recent $300 million package of military supplies Washington said it is providing will include drones, armored vehicles and machine guns.

A serviceman of Ukrainian military forces holds a FGM-148 Javelin, an American-made portable anti-tank missile, at a checkpoint, where they hold a position near Kharkiv, on March 23, 2022.

Sergey Bobok | AFP | Getty Images

“Ukraine is fighting a defensive war, so this distinction between offensive and defensive weapons doesn’t actually have any real meaning in the defensive war that Ukraine is fighting,” NATO Secretary General Jens Stoltenberg said Thursday.

— Natasha Turak

Ukraine official says Russian air attacks concentrated in the east, Mariupol holding out

Russia has said the country’s military will now concentrate efforts on the “complete liberation” of Ukraine’s Donbas region.

Bulent Kilic | Afp | Getty Images

Russian air attacks are predominantly focused on parts of eastern Ukraine and Russian forces are seeking to encircle Ukrainian forces in the region, according to an advisor to Ukraine’s president, Reuters reported.

The besieged port city of Mariupol was holding out, Oleksiy Arestovych reportedly said in remarks delivered on national television, before adding that he believed Russian efforts would ultimately fail.

His comments came as Russian President Vladimir Putin oversees a change in military strategy to the Kremlin’s unprovoked onslaught in Ukraine. Russian forces have been seen repositioning in the east in a bid to take control of the Donbas region.

— Sam Meredith

Ukraine criticizes Hungary’s willingness to buy Russian gas in rubles as “unfriendly act”

Ukraine’s Foreign Minister Dmytro Kuleba and NATO Secretary General Jens Stoltenberg (not seen) give a press conference before a meeting of NATO foreign ministers at NATO headquarters, in Brussels, on April 7, 2022.

Dursun Aydemir | Anadolu Agency | Getty Images

Tension is growing between the governments of Ukraine and Hungary as Ukrainian Foreign Minister Dmytro Kuleba criticized Budapest’s unwillingness to take a harder stance on Moscow.

Kuleba said he views Hungary’s willingness to pay for Russian gas in rubles, something Putin has demanded, as an “unfriendly act.” Ukraine also said that Hungary, which opposes energy sanctions on Russia despite the evidence of Russian atrocities against civilians, fortifies Russia’s impunity and encourages it “to commit new atrocities against Ukrainians.”

“If Hungary really wants to help end the war, here’s how to do it: stop destroying unity in the EU, support new anti-Russian sanctions, provide military assistance to Ukraine, and not create additional sources of funding for Russia’s military machine,” said Oleg Nikolenko, Ukraine’s Foreign Ministry spokesperson. “It is never too late to get on the right side of history.”

Hungary pushed back, saying that interfering with its energy needs, for which it is heavily dependent on Russia, would be a red line. Hungary has condemned the Russian invasion of Ukraine and taken in hundreds of thousands of Ukrainian refugees, but Hungarian President Viktor Orban has refused to criticize President Putin and recently referred to Ukrainian President Volodymyr Zelenskyy as his “enemy.”

— Natasha Turak

Russian artillery and air strikes continue along Donbas line of control: UK’s Defence Ministry

Residents run near a burning house following a shelling Severodonetsk, Donbass region, on April 6, 2022, as Ukraine tells residents in the country’s east to evacuate “now” or “risk death” ahead of a feared Russian onslaught on the Donbas region, which Moscow has declared its top prize.

Fadel Senna | AFP | Getty Images

“Progressing offensive operations in eastern Ukraine is the main focus of Russian military forces,” Britain’s Defence Ministry said in a tweet.

Russian attacks continue along the Donbas line of control in Ukraine’s east, the ministry said, adding that strikes against infrastructure targets in Ukraine are “likely intended to degrade the ability of the Ukrainian military to resupply and increase pressure on the Ukrainian government.”

Still, despite refocusing its forces and logistical operations in the Donbas, Russian forces “are likely to continue facing morale issues and shortages of supplies and personnel,” the ministry said.

— Natasha Turak

Ukrainianian foreign minister’s request to NATO: ‘Weapons, weapons, and weapons’

Dutch Foreign Minister Wopke Hoekstra, Belgian Foreign Minister Sophie Wilmes, Canadian Foreign Minister Melaine Joly, Norwegian Foreign Minister Anniken Huitfeldt and Ukrainian Foreign Minister Dmytro Kuleba attend a NATO foreign ministers meeting, amid Russia’s invasion of Ukraine, at NATO headquarters in Brussels, Belgium April 7, 2022.

Evelyn Hockstein | Reuters

Ukrainian Foreign Minister Dmytro Kuleba met with G7 and NATO members on Thursday in a bid to gather more support for his country’s fight against Russia.

“I came here today to discuss three most important things: weapons, weapons, and weapons. Ukraine’s urgent needs, the sustainability of supplies, and long-term solutions which will help Ukraine to prevail,” he wrote in a tweet.

Kuleba asked specifically for planes, missiles, armored vehicles, and heavy air defense systems. The meeting came as Russia intensifies its strikes on Ukraine’s east and south after retreating from areas around the capital Kyiv.

— Natasha Turak

Shell to write off roughly $5 billion in assets after leaving Russia

Shell will write off between $4 and $5 billion in the value of its assets after pulling out of Russia following its invasion of Ukraine, revealing some of the financial impact to Western oil companies of leaving Russia.

“For the first quarter 2022 results, the post-tax impact from impairment of non-current assets and additional charges (e.g. write-downs of receivable, expected credit losses, and onerous contracts) relating to Russia activities are expected to be $4 to $5 billion,” Shell said in a statement Thursday.

The company added that the additional charges “will not impact Adjusted Earnings.”

— Natasha Turak

UN says 63 children are among the 1,563 civilians killed in Ukraine

A young boy gives an offering of food to his mother’s grave as his younger brother and a neighbor stand next to it, in the town of Bucha, on the outskirts of Kyiv, after the Ukrainian army secured the area following the withdrawal of the Russian army from the Kyiv region on previous days, Bucha, Ukraine, April 4th, 2022.

Narciso Contreras | Anadolu Agency | Getty Images

The United Nations has confirmed 1,563 civilian deaths and 2,213 injuries in Ukraine since Russia invaded its neighbor on Feb. 24.

Of those killed, the UN has identified at least 63 children.

The Office of the UN High Commissioner for Human Rights adds that the death tolls in Ukraine are likely t higher, citing delayed reporting due to the armed conflict.

A resident searches for the graves of relatives in a cemetery in Chernihiv, northern Ukraine, on April 5, 2022.

Sergei Supinsky | AFP | Getty Images

The international body says that most of the civilian casualties recorded were caused by the use of explosive weapons, including shelling from heavy artillery and multiple launch rocket systems, as well as missile and airstrikes.

The UN says the war has created more than 4.2 million Ukrainian refugees, mostly the elderly, women and children.

Serhii Lahovskyi, 26, mourns next to the grave of his friend Ihor Lytvynenko, who according to residents was killed by Russian soldiers, after they found him beside a building’s basement, amid Russia’s invasion of Ukraine, in Bucha, in Kyiv region, Ukraine, April 6, 2022. 

Alkis Konstantinidis | Reuters

U.S. charges Russian oligarch with Ukraine-related sanction violations

Konstantin Malofeev, chairman of the board of directors of the Tsargrad media group, speaks during an interview with Reuters in Moscow, Russia September 16, 2021.

Tatyana Makeyeva | Reuters

The Department of Justice charged Russian oligarch Konstantin Malofeyev for conspiracy to violate and for violating U.S. sanctions that were imposed in 2014 following Moscow’s illegal annexation of Crimea.

The Treasury Department’s Office of Foreign Assets Control sanctioned Malofeyev, 47, eight years ago for playing “a leading role in supporting Russia’s 2014 invasion of eastern Ukraine.” He remains at large but is believed to be in Russia, according to U.S. authorities.

The FBI said Malofeyev “recently described Russia’s 2022 military invasion of Ukraine as a holy war.”

The Russian embassy in Washington did not immediately respond to a request to comment on the charges.

— Amanda Macias

U.S. sanctions Putin’s adult children, bans all new investment in Russia

Russian President Vladimir Putin listens to Governor of the Novgorod Region Andrei Nikitin during a meeting at the Kremlin in Moscow, Russia March 22, 2022.

Mikhail Klimentyev | Sputnik | Reuters

The U.S. announced a slate of new sanctions on Russia as it tries to squeeze Moscow’s economy and elites in response to mounting Russian atrocities in Ukraine.

The Biden administration will ban all new investment in Russia and put full blocking sanctions on Sberbank and Alfa Bank, two of the country’s largest financial institutions.

The U.S. will also sanction two adult daughters of Russian President Vladimir Putin and family members of other top Russian officials.

The Biden administration believes “many of Putin’s assets are hidden with family members, and that’s why we’re targeting them,” said a senior administration official who spoke on the condition of anonymity.

— Christina Wilkie

Read CNBC’s previous live coverage here:

Musk challenges Putin to ‘single combat’ over Ukraine, Russia responds: ‘Weakling’

Musk challenges Putin to ‘single combat’ over Ukraine, Russia responds: ‘Weakling’

Tesla CEO and SpaceX founder Elon Musk wrote to his 77.7 million Twitter followers on Monday that he was challenging Russian President Vladimir Putin to one combat and wagering Ukraine.  

“I hereby obstacle Владимир Путин to one beat,” Musk wrote, making use of Putin’s Russian identify. 

He extra, “Stakes are Україна,” employing the Ukrainian spelling for Ukraine. 

In Cyrillic script and tagging the Kremlin’s official account, Musk questioned, “Do you concur to this fight?” 

ELON MUSK Suggests STARLINK Will not likely BLOCK RUSSIAN Condition MEDIA IN UKRAINE: ‘SORRY TO BE A Cost-free SPEECH ABSOLUTIST’ 

The tweet prompted a nearly instant response from the head of the Russian place agency, Roscosmos, who has traded wars of text with Musk in the previous. 

“You, tiny satan, are however youthful,” Dmitry Rogozin, director basic of Roscosmos due to the fact 2018, wrote.  “Compete with me weakling It would only be a squander of time. Overtake my brother to start with.” 

Rogozin then cited the 17th fairytale by Russian poet A. S. Pushkin titled “The Tale of the Priest and of His Workman Balda.” The story is about a lazy Russian orthodox priest who elects a simpleton as a low-cost laborer, who then finishes up outsmarting his master and driving him outrageous in the close. 

Ukrainian Vice Primary Minister Mykhailo Fedorov chimed in: “I am certain that @elonmusk can ship Putin to Jupiter.” 

Fedorov has been functioning a fundraiser to start Putin into house for weeks, saying the proceeds would go to fixing destroyed Ukrainian infrastructure. 

The fourth spherical of talks between Russian and Ukrainian dignitaries were underway Monday since Putin 1st launched an invasion of Ukraine on Feb. 24. 

Due to the fact early in the war, Musk has been sending shipments of SpaceX Starlink terminals intended to alleviate online disruptions Ukraine was dealing with amid Russian shelling and cyberattacks. 

In a historic twist on war soon after the introduction of social media, it was Fedorov who on Feb. 26 initial tweeted at Musk, writing that “although you consider to colonize Mars — Russia test [tries] to occupy Ukraine! Although your rockets correctly land from area — Russian rockets attack Ukrainian civil men and women! We request you to present Ukraine with Starlink stations and to deal with sane Russians to stand.” 

Tesla and SpaceX Chief Government Officer Elon Musk speaks at the SATELLITE Meeting and Exhibition in Washington, Monday, March 9, 2020. Musk is asking a federal choose to nullify a subpoena from securities regulators, Tuesday, March 8, 2022, and th ((AP Picture/Susan Walsh, File) / AP Newsroom)

Musk coolly responded that Starlink services is now energetic in Ukraine and extra terminals have been en route. 

Amid concerns that in Russian controlled airspace, the “uplink” transmissions could be applied as beacons for Russian airstrikes, Musk warned Ukrainian people to area antennas as considerably absent from men and women as possible and to protect them with gentle camouflage. Fedorov thanked Starlink for holding cities linked but also warned generators were being required as Russian shelling was destroying infrastructure. Musk reported he was doing work to update the program to lessen peak electric power usage, ideally so terminals could be powered with cigarette lighters. 

Ukrainian President Volodymyr Zelenskyy thanked Musk for “supporting Ukraine with phrases and deeds,” saying he was to receive one more batch of Starlink devices for destroyed metropolitan areas this 7 days. 

According to its site, Starlink uses advanced satellites in a low orbit to enable video calls, on line gaming, streaming and other superior details that historically have not been doable with satellite internet. In a community address shared on Telegram, Rogozin decried Musk’s deploying of previously “civilian” technological innovation in the course of a navy conflict in an work to disrupt Russian passions in Ukraine. 

Earlier this month, Rogozin told Russian point out-operate media that Moscow would no more time provide rocket engines to the U.S. pursuing President Biden’s economic sanctions above the war in Ukraine. 

“In a circumstance like this, we won’t be able to offer the United States with our world’s most effective rocket engines,” he said, according to Reuters. “Allow them fly on one thing else, their broomsticks. I will not know what.”

Very last Wednesday, Area X’s Falcon 9 released 48 Starlink satellites into very low Earth orbit from Cape Canaveral Room Drive Station in Florida. In movie of the start, an unidentified launch director is heard declaring, “Time to allow the American broomstick fly and hear the sounds of independence.”

Musk also tweeted online video of the launch, writing “American Broomstick.”

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The South African-born American entrepreneur, who also co-founded the electronic-payment organization PayPal, has been vocal about the conflict in Ukraine, previously urging Europe to restart its nuclear energy stations for the sake of national and global protection and encouraging the U.S. to improve domestic oil output, recognizing it could negatively impression Tesla, an electrical car or truck business.

He garnered praise from former President Donald Trump, who at a rally in South Carolina explained the billionaire entrepreneur as a “person that I like and respect… friend of mine.”  

“He runs an electrical car or truck corporation and is contacting for Biden to boost oil and gas creation, but Biden won’t do it mainly because he does not have the will to stand up to AOC,” Trump stated Saturday. 

US in ‘active discussions’ over Russian oil import ban as Moscow targets Ukraine urban centres

US in ‘active discussions’ over Russian oil import ban as Moscow targets Ukraine urban centres

US secretary of condition Antony Blinken explained Washington was in “very active discussions” with its European partners about a ban on oil imports from Russia, as Ukraine braced for a widening offensive in opposition to its urban centres.

Limitations on Russian oil would be a significant stage up in the west’s response to Moscow about its invasion of Ukraine with perhaps really serious ramifications for the world wide economy. It would also mark an about-switch by the White Dwelling, which experienced turned down bipartisan phone calls to ban Russian oil imports to the US, indicating an embargo would limit world-wide offer and increase selling prices for individuals.

Blinken informed NBC on Sunday that he had spoken to US President Joe Biden and the cabinet about such a shift. His opinions came as Ukrainian civilians bore the brunt of the Kremlin’s widening offensive, which brought 1000’s of Russians on to the streets of Moscow and other metropolitan areas in protest.

“We are now in quite energetic conversations with our European associates about banning the import of Russian oil to our countries, when of class at the exact time protecting a continuous world wide supply of oil,” Blinken explained.

The US desired a co-ordinated reaction with its partners but Blinken included: “I’m not heading to rule out having action 1 way or yet another irrespective of what they do.”

Questioned about Blinken’s opinions, a senior French formal reported that even further sanctions ended up becoming examined by European and “other” partners, with no detailing how innovative the discussions were.

“The concern today is to see how we can resort to strategic reserves to quit rates from spiralling even more on oil and gas marketplaces, and also, in the extended time period, how we take care of our stocks and our supplies,” the formal mentioned.

British officials are not ruling out a whole ban on Russian oil imports but a single explained the notion as “a drastic move”.

British isles foreign secretary Liz Truss has requested British officers to discover the thought of a “ceiling” on Russian vitality imports that would arrive down about time, mitigating the possible economic shock.

Russian forces ongoing to assault populated parts and civilian infrastructure across Ukraine on Sunday, the 11th working day of Vladimir Putin’s invasion. Attempts to evacuate 200,000 people from the besieged port town of Mariupol, where numerous have been living because previous week in freezing cellars with out fundamental solutions and less than weighty Russian bombardment, unsuccessful for a next working day running.

In Irpin, west of Kyiv, Russian forces reportedly fired on men and women fleeing the town, killing 8.

President Volodymyr Zelensky explained that Russia planned to assault Ukraine’s 3rd-biggest town Odesa, a move defence officials have been expecting as Putin’s troops advance across the coast, threatening Ukraine’s access to the Black Sea and Sea of Azov.

Soon after Russia fired cruise missiles deep into western Ukraine and strike the airport in Vinnyitsa, Zelensky all over again pleaded with the international neighborhood to impose a no-fly zone about Ukraine — an notion Nato has dismissed as a non-starter as it risked immediate confrontation in between the alliance and Russia.

If they failed to close Ukrainian skies to Russian jets, Zelensky stated in a video briefing, there was only one conclusion: “You want us to be killed very slowly.”

In a two-hour telephone phone with French President Emmanuel Macron, Putin denied that Russian forces had targeted civilians in their bombardments of Ukrainian towns, according to the French formal.

As Russia sought to consolidate its grip on southern Ukraine, defence analysts mentioned Russian troops were staying confronted by unexpectedly stiff resistance from Ukraine’s armed service and offended local residents in the metropolitan areas and towns they experienced seized.

In Kherson, the largest metropolis to be occupied, video clips posted on the net on Saturday confirmed residents accumulating in massive figures and straight confronting Russian troops. Protests ended up also reported about the weekend in Melitopol, Berdyansk and other Russian-held metropolitan areas.

“People are driving Russians absent from our territory, blocking the roadways for them,” Zelensky mentioned. “Every metre of Ukrainian land that is gained by protest and humiliation of the invaders is a stage in direction of victory for our full state.”

1000’s of people today across Russia protested towards the war on Sunday, defying the risk of prolonged jail conditions for anybody voicing their opposition. Additional than 4,300 folks had been detained in 56 cities, in accordance to unbiased keep an eye on OVD Facts, which also shared videos of intense arrest methods by riot police armed with truncheons. The demonstrations bundled a person that took place around the partitions of the Kremlin in Moscow and in central St Petersburg.

The British isles Ministry of Defence stated that Russia was concentrating on populated locations in many destinations, like Kharkiv, Chernihiv and Mariupol. The assault was “an exertion to crack Ukrainian morale” related to Moscow’s devastating bombing campaigns in Chechnya in 1999 and Syria in 2016, it explained.

Russia has bombarded civilian targets, including household structures, faculties and health care amenities.

The Entire world Wellness Group claimed it experienced verified six conditions of Russian attacks on health care services that caused “multiple deaths and injuries” and was investigating extra reviews.

Filippo Grandi, the head of the UN’s refugee company, explained the conflict had led more than 1.5mn people to cross into neighbouring nations around the world in 10 days, making it the “fastest developing refugee crisis in Europe considering the fact that Planet War II”.

More reporting by Sarah White in Paris and George Parker in London

These companies have the most to lose from Russia’s attack on Ukraine

These companies have the most to lose from Russia’s attack on Ukraine


New York
CNN Business
—  

International companies that hold a major presence in Russia are bracing for more sanctions from Western countries.

Russia has already paid a price for its aggression: the country’s stock markets and currency have tanked this week after President Vladimir Putin ordered troops into Ukraine.

Sanctions from the United States and European nations intensified Thursday as Western nations’ leaders condemned Russia’s actions.

Putin warned Russian business leaders on Thursday that he expected further “restrictions” on the economy, but called for business to work “in solidarity” with the government.

Here are some companies with a significant presence in Russia:

BASF

The German chemicals maker BASF

(BASFY)
co-owns Wintershall Dea, one of the financial backers of the suspended Nord Stream 2 gas pipeline, with Russian billionaire Mikhail Fridman’s LetterOne investor group. It says it generates 1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of group sales from Russia.

BP

British oil company BP

(BP)
is the largest foreign investor in Russia with a 19.75{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} stake in the country’s national oil company Rosneft. It also holds stakes in several other oil and gas projects in Russia.

Coca-Cola HBC

The London-listed company bottles Coke for Russia, Ukraine and much of Central, Eastern Europe. It counts Russia among its largest markets and employs 7,000 people there.

Danone

The French yogurt maker Danone controls Russian dairy brand Prostokvanhino and gets 6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of total sales from the country.

Engie

The French gas utility company is one of five co-financiers of Gazprom’s Nord Stream 2.

Metro

The German retailer employs about 10,000 people in Russia where it serves some 2.5 million customers.

Nestle

The Swiss consumer goods company had six factories in Russia as of 2020, including plants making confectionery and drinks, according to its website. Its 2020 sales from Russia were worth about $1.7 billion.

Renault

The French carmaker has a 69{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} stake in Russian joint venture Avtovaz, which is behind the Lada car brand and sells more than 90{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of its car production locally.

Rolls-Royce

The aeroengine maker says Russia contributes less than 2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of total revenue, but 20{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of its titanium, which is used to make engine parts and landing gear for long-haul jetliners, is from the country.

Safran

Russia’s VSMPO-AVISMA is the French jet engine maker’s largest single supplier of titanium though the French company says Russia supplies less than half its requirements.

Shell

The Dutch oil company owns 27.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of the Sakhali-2 liquefied natural gas project, which has an annual capacity of 10.9 million tonnes and is operated by Gazprom. It’s also one of the five co-financiers of Nord Stream 2.

TotalEnergies

The French oil company is one of the biggest investors in Russia with a 19.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} stake in Russia’s Novatek, a 20{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} interest in the Yamal LNG joint venture, 21.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of Arctic LNG 2, a 20{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} stake in the onshore Kharyaga oil field and various holdings in the country’s renewables, refining and chemicals sectors, according to its website.

Uniper

The German utility has a $1 billion exposure to Nord Stream 2, along with five power plants in Russia with a combined capacity of 11.2 gigawatts, providing about 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of Russia’s total energy needs. It also imports Russian natural gas to Europe.

ExxonMobil

The American oil giant has more than 1,000 employees in Russia, and has been in the country for over 25 years.

Its subsidiary, Exxon Neftegas Limited (ENL), has a 30{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} stake in Sakhalin-1 — a vast oil and natural gas project located off Sakhalin Island in the Russian Far East. It has operated the project since 1995 on behalf of a consortium that includes Japanese and Indian partners, as well as two affiliates of Russia’s largest oil company, Rosneft.

McDonald’s

The burger chain has categorized Russia as a high-growth market and continued to open locations there throughout the last decade.

Mondelez

The Oreo maker and owner of Cadbury became the leading chocolate maker in Russia in 2018.

Japan Tobacco

The company employs about 4,000 people at its Russian plants, and its tax payments in 2020 accounted for 1.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of the Russian Federation state budget, the company said on its website. The former tobacco monopoly relies on the Commonwealth of Independent States, including Russia and Belarus, for about a fifth of its profits.

Marubeni

The Japanese trading house has four offices in Russia, where it sells tires for mining equipment and manages a health checkup center.

Mitsubishi

The company distributes Mitsubishi Motor vehicles through some 141 dealerships in Russia and has a stake in Sakhalin II gas and oil development project that supplies Japan with liquefied natural gas and trades coal, aluminium, nickel, coal, methanol, plastics and other material. It also supplies power plant equipment and other machinery to Russia.

SBI Holdings

SBI Bank, established almost three decades ago, offers corporate services and loans to Japanese companies expanding operations in Russia.

Toyota

The company’s plant in Saint Petersburg, Russia, makes Camry and Rav4 vehicles, and it has a sales office in Moscow. It has about 2,600 staff, including 26 Japanese nationals, at those locations.

– CNN Business’ Mark Thompson and Reuters contributed to this report.

Russian stocks plunge 14{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} as tensions flare over Ukraine

Russian stocks plunge 14{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} as tensions flare over Ukraine

Russian shares plummeted in turbulent investing on Monday, on mounting concern that Moscow could shortly start an invasion of Ukraine.

The Moex index plunged as substantially as 14.2 for every cent immediately after Moscow claimed it destroyed two Ukrainian military vehicles that entered Russian territory, in an unconfirmed incident that would be the initially immediate clash with Ukrainian forces since Moscow mobilised 190,000 troops on its border. The transfer puts the Moex on monitor for its largest solitary-working day fall on a closing basis considering the fact that the economic disaster in 2008, according to Refinitiv details.

Russian president Vladimir Putin also on Monday convened his top protection advisers to discuss recognising two Moscow-backed separatist locations in japanese Ukraine.

“It does really feel like the current market isn’t pretty panicking but that it has moved into a more robust form of risk aversion,” reported Altaf Kassam, head of investment decision system and research at Point out Street. “There’s a experience that Russia could yet escalate and just take us above a cliff edge, [when] ahead of it felt like Russia was as incentivised as the west to calm issues down.”

Shares in Rosneft, Russia’s main oil producer, have been down pretty much 20 per cent in Moscow on Monday and have lose near to 30 for every cent of their benefit due to the fact the start of this 12 months. Point out-owned gasoline producer Gazprom declined practically 16 for every cent, just before trimming some of its losses, taking its fall for 2022 to 19 for each cent. Shares in fuel producer Novatek ended up trading 12 for each cent decrease.

Line chart of Moex index showing the slide in Russian stocks

The provide-off in Russian belongings has also strike the likes of meals group Magnit, down far more than a tenth, and lender VTB, shares in which fell about 19 for each cent on Monday.

US president Joe Biden and Putin on Monday agreed “in principle” to keep a summit which it is hoped could direct to a de-escalation of tensions on the Ukraine border. Nonetheless several hours later on, Russia’s military mentioned it experienced destroyed the two Ukrainian infantry fighting cars, killing five individuals.

More than the weekend, United kingdom primary minister Boris Johnson vowed to impose economic sanctions and cease Russian providers elevating cash on United kingdom markets in the party that Moscow moved to invade Ukraine.

Monday’s share rate declines were being proof that proposed western sanctions on Russian organizations “would plainly be problematic” for traders, said Charles Corridor, head of exploration at British isles-primarily based expenditure financial institution Peel Hunt.

Even so, quite a few of Russia’s biggest electricity teams “don’t will need to increase funds ideal now as they’re undertaking quite perfectly from a profitability position of view”, extra Hall. “Russian billionaires might now get a a little bit much less warm welcome in London than they’re employed to, even so.”

Russian authorities bond selling prices also tumbled on Monday, pushing yields to their best amount of the latest crisis. The generate on Russia’s dollar bond maturing in 2030 climbed three-quarters of a percentage stage to 5.14 for each cent, up from just over 2 for every cent at the start out of the 12 months.

Ukrainian yields also surged, with the yield on a dollar bond maturing in 2032 up extra than 50 percent a percentage place at 11.1 per cent.

In forex marketplaces, the rouble fell 3 for each cent to trade at 79.6 to the greenback, its weakest stage considering the fact that October 2020.

The danger of tougher western sanctions was weighing on Russian property and the rouble, in accordance to Natalia Lavrova, senior economist at BCS World-wide Markets in Moscow.

Subsequent Biden’s reviews about an imminent Russian invasion of Ukraine, “the volume of capital outflow may possibly expand noticeably, for this reason, the rouble will continue being beneath pressure”, claimed Lavrova.