Money & Finance

President Biden and Western allies announced new sanctions and humanitarian aid for Ukraine, pledging to welcome up to 100,000 Ukrainian refugees and provide $1 billion in essential supplies. Leaders discussed potential responses to potential chemical, biological, or nuclear threats from Russia.

The U.S. Trade Representative's office reinstated 352 product exclusions from Section 301 tariffs on Chinese imports, covering industrial components, car parts, consumer goods, and more. The exclusions are effective retroactively from Oct. 12, 2021, through Dec. 31, 2022.

The United States imposed additional sanctions on Russia, targeting dozens of defense companies, hundreds of parliament members, and the CEO of Russia's largest bank. The Treasury Department warned about potential sanctions on gold-related transactions, aiming to pressure Moscow over its invasion of Ukraine.

Singapore's core consumer price index rose 2.2% in February, lower than expected. The Monetary Authority of Singapore anticipates potential inflation risks from geopolitical and pandemic-related challenges, suggesting possible future policy adjustments.

Russia will partially reopen its stock market with restricted trading on 33 companies in the MOEX Index, nearly a month after shares plunged following the Ukraine invasion. Trading will include major state-owned companies like Gazprom and Rosneft, with heavy limitations to prevent massive selloffs.

[President Vladimir Putin announced Russia will require "unfriendly countries" to pay for natural gas exclusively in rubles, criticizing Western asset freezes and challenging current payment mechanisms for energy exports.]

British inflation jumped to 6.2% in February, the highest since 1992, driven by soaring energy bills and fuel prices. The increase puts additional strain on household budgets, with food prices rising across the board, prompting calls for government intervention.

The ongoing conflict between Ukraine and Russia, responsible for a third of global wheat and barley exports, has sparked concerns about food availability. Farmers are cautiously considering planting strategies as wheat prices surge by 33%, potentially offsetting increased production costs and drought impacts.

UN Secretary-General Antonio Guterres cautions that countries rushing to replace Russian energy supplies might inadvertently accelerate climate change. He argues that an 'all-of-the-above' strategy to secure fossil fuel alternatives could undermine global efforts to limit dangerous global warming.

European Union leaders accuse Russian forces of committing war crimes in Ukraine, particularly in Mariupol, where civilian infrastructure has been systematically targeted. German Foreign Minister Annalena Baerbock and EU foreign policy chief Josep Borrell strongly condemned the attacks, though new sanctions remain uncertain.