Monday morning news drop
The ruble crashes, the stock market closes and Russia’s economy staggers under sanctions. The ruble cratered, the stock market froze and the public rushed to withdraw cash on Monday as Western sanctions kicked in and Russia awoke to uncertainty and fear over the rapidly spreading repercussions of President Vladimir V. Putin’s invasion of Ukraine. (New York Times)
In Ukraine, Daily Life in the Face of War Through years of conflict, people in eastern Ukraine have sought a semblance of normal existence—one that’s now under siege. (New Yorker)
The West Weaponizes Russia’s Central Bank Against Putin The sanctions have the potential to devastate the country’s economy and sow the seeds of Putin’s downfall. (Bloomberg)
Talks to end fighting between Russia and Ukraine end with no substantial agreement Exodus from Ukraine continues while sanctions have an impact on Russian economy (CBC)
The big sanctions: A quick explainer Western countries are now pulling out all the stops in terms of sanctions. The latest round includes: Cutting some Russian banks out of the SWIFT messaging system, Freezing the Russian central bank’s access to its foreign currency reserves held in the West, Increased sanctions on Russian banks in general, Establishing an international task force to hunt down and freeze the assets of Russian companies and Russian oligarchs Just a couple of days ago, these sanctions were almost unthinkable. But the moral clarity of the unprovoked and brutal Russian assault has changed minds (Noahpinion)
Big Tech’s Russia problem Social media companies are in a standoff with Russia on censorship and there’s no easy solution. (Recode)
Cryptocurrency Is a Potential New Tool for Billionaires to Avoid Sanctions Individuals and other entities targeted in the wake of Russia’s invasion of Ukraine may circumvent penalties if they choose to use crypto. (Bloomberg)
The Stock Market is Heartless It seems odd to worry about the stock market at a time of war when people are dying, losing their homes and potentially the country they love. The point here is the stock market is heartless. It often goes up in the face of godawful events when it almost doesn’t seem right. (A Wealth of Common Sense)
Berkshire Hathaway Rebounds From the Pandemic In announcing the company’s $90 billion profit in 2021, Warren Buffett noted the role that Berkshire plays in the American economy. (Dealbook)