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Good morning. The U.S. bans Russian fossil fuel imports, attack on Kyiv intensifies, American fast-food chains exits Russia, and Apple’s prolific year. Here’s what markets are watching.
The U.S. will ban imports of Russian fossil fuels including oil in a major escalation of Western efforts to hobble Russia’s economy that will further strain global crude markets. The U.S. move will be matched in part by the U.K., which will also ban Russian oil imports, though it will continue to allow natural gas and coal from the country. Other European nations that rely more heavily on Russian fuels will not participate.