- Oil surged to new highs after Russia launched an invasion of Ukraine
- President Biden announced he would impose “severe sanctions” on Russia
- The U.S. is mulling whether to tap its emergency supply of oil again in coordination with allies to counter the surge in prices (Bloomberg)
- The Russian invasion is triggering fears of a disruption to energy exports amid already tight supplies
- Ukraine instituted martial law and called it a “full-scale invasion.”
- Russia is a key seller of various commodities, with Europe relying on the nation for about ¼ of its oil and a third of its gas, according to Bloomberg
- The MOEX stock index, the main ruble-denominated benchmark of the Russian stock market, was down over 35% Monday morning