Your Evening Briefing: Russia’s Economy Feels the Squeeze of Sanctions

Russia gave civilians one road out of Kyiv as its forces pushed their advance around the Ukrainian capital and other key urban centers, overshadowing tentative diplomatic efforts at achieving a cease-fire following President Vladimir Putin’s invasion. A Ukrainian delegation led by the defense minister agreed to further talks after meeting with Russian officials on the border with Belarus. But at the same time, the Ukrainian government was reporting a rising number of civilian deaths at the hands of Russia’s military as residential areas increasingly come under fire. At home, Putin is paying a high economic price for his war. A wall of western sanctions targeting Russian banks, companies and individuals led to a collapse in the ruble and prompted the central bank to impose capital controls to allay investor panic. The bank more than doubled its key interest rate to 20%. As Russia’s economy is caught in the closing vise of unprecedented global sanctions, Putin’s televised order that his nuclear forces assume a heightened alert status has been getting ever more scrutiny. Here’s the latest on the war.

Exxon Mobil is facing a choice over whether to leave Russia as rival supermajor oil explorers quit the country’s vast oil and natural gas fields in response to the invasion of Ukraine. Although BP and Shell have announced plans to cut ties with Russian partners, Exxon hasn’t disclosed intentions for its 30% stake in a huge offshore crude development in the Russian Far East.