Deutsche Welle (March 25)
Before the war in Ukraine, “Germany received 50% of its coal, 55% of its gas, and 35% of its oil from Moscow.” The country now plans “to almost completely end Russian energy imports by the end of the year.” Achieving the plan means “a considerable amount of progress would be made in a short space of time, as the West is rushing to wean itself off Russian energy amidst the invasion of Ukraine.”
Forbes (March 24)
In his latest letter to shareholders, BlackRock Chairman Larry Fink noted that “the war between Russia and Ukraine has heralded the end of globalization, as the conflict has upended the current world order that has been in place since the Cold War and will have lasting global economic consequences.”
Tags: BlackRock, Cold war, Conflict, Fink, Globalization, Russia, Shareholders, Ukraine, Upended, War
Washington Post (March 17)
In terms of seizing Ukraine, “the extent of Putin’s failure is breathtaking.” He has, however, successfully “unified the West, prompted NATO to beef up its military spending, kick-started a resurgence of pro-democratic sentiments… and made himself the poster boy for war crimes.… Meanwhile, Russia’s economy is in shambles, losing decades of progress and perhaps permanently damaging the country’s energy markets.”
Tags: Breathtaking, Economy, Failure, Military spending, Nato, Pro-democratic, Putin, Resurgence, Russia, Ukraine, War crimes, West
Bloomberg (March 13)
“Trade’s share of global GDP peaked in 2008, and has been falling for the past decade. So the war in Ukraine doesn’t necessarily mark sharp a break in history. But it underlines and will perhaps cement the decline of globalization.”
Wall Street Journal (March 7)
“Oil and gas revenue makes up about half of the Kremlin’s budget and is critical to financing Vladimir Putin’s bloody war on Ukraine.” The trouble is “sanctions on Russian energy could also harm the world economy and especially Europe,” which depends on Russia for a quarter of its oil and 40% of its natural gas. “Unless the West is willing to grasp this nettle, the world will continue to finance the Putin war machine.”
Tags: Budget, Critical, Economy, Energy, Europe, Financing, Kremlin, Natural gas, Oil, Putin, Revenue, Sanctions, Ukraine, War
Bloomberg (March 1)
“First BP, then Shell. In just two days, Britain’s twin energy giants have dumped Russian investments nurtured over decades and shut themselves out of the world’s largest energy exporter, probably forever.” The moves will “put pressure on remaining foreign investors, including Exxon Mobil Corp. and France’s TotalEnergies SE, to follow suit as Russia’s war in Ukraine forces a dramatic rupture with the global economy.”
Tags: BP, Energy giants, Exporter, Exxon Mobil, Investments, Investors, Nurtured, Pressure, Russia, Shell, TotalEnergies, UK, Ukraine, War
CNBC (March 1)
“A run on Russian banks is underway.” In the wake of “unprecedented sanctions” imposed by the EU and U.S. for the invasion of Ukraine, the ruble “dropped dramatically in Monday’s trading. Lines at ATMs snaked down sidewalks and around buildings in Moscow and at Russian banks in Europe as depositors rushed to withdraw cash.”
Tags: ATMs, Banks, Depositors, EU, Invasion, Lines, Moscow, Ruble, Run, Russia, Sanctions, Trading, U.S., Ukraine, Unprecedented, Withdraw
Reuters (February 27)
“International companies with exposure to Russia are girding for further Western sanctions following Moscow’s invasion of Ukraine.” Among the most exposed companies in Asia are Japan Tobacco, Marubeni, Mitsubishi Corporation, SBI Holdings, and Toyota.
Tags: Asia, Companies, Exposure, Girding, International, Invasion, Japan Tobacco, Marubeni, Mitsubishi Corporation, Moscow, Russia, SBI Holdings, Ukraine, Western sanctions
Freight Waves (February 26)
“Russia is not America’s largest trade partner by a long shot — representing less than 1% of the total imports — but many of our largest trading partners, like Germany and China, have strong economic ties to the country.” The conflict in Ukraine “will lead to more supply chain woes,” though there are obviously “many consequences much worse than continued supply chain disruptions and inflation.”
Tags: China, Conflict, Disruptions, Economic ties, Germany, Imports, Russia, Supply chain, Trading partners, U.S., Ukraine
The Guardian (February 24)
“The west stood back and watched in Syria – it must not do the same in Ukraine…. It’s time for the US and its allies to show their steel in the face of Putin’s aggression. We have learned that nothing else will work.”
Tags: Aggression, Allies, Putin, Steel, Stood back, Syria, U.S., Ukraine, Watched, West
