Ukraine Financial News

President Biden is caught between conflicting demands that he tame rising consumer prices while banning Russian oil imports to punish Moscow for invading Ukraine, a sanction that would threaten even more inflation and raise pressure on allies with more dependence on oil imports.

Financial market participants are searching for signs that massive sanctions on Russia are creating stress in money markets, and for the most part they have yet to find it in sizable fashion.

Big Four audit firm EY said it will cut its Russian member firm out of its network in light of the "shocking and abhorrent war" in Ukraine.

Crypto's transparent nature makes it a terrible choice for those who want to evade sanctions, said Paul Grewal, Chief Legal Officer (CLO) of major crypto exchange Coinbase. 

Beth Gazley, Professor of Public and Environmental Affairs, O'Neill School, Indiana University._____ 

To figure out where inflation is headed, don’t look at the overall economy, look under the hood.

More payment operators follow the orders of sanctions issued by the U.S., American Express, Visa, Mastercard, and PayPal announced on Saturday that they are all suspending their operations in Russia in protest of the country's ongoing invasion of Ukraine.

The American payments heavyweights Visa and Mastercard, as well as the card issuer American Express, have suspended their operations in Russia – joining an increasingly lengthy list of firms severing their trade links with the country. But Russian banks have indicated that they may look to domestic and Chinese alternatives to Western platforms.

The ascent of cryptocurrencies is being accelerated by the Russian invasion of Ukraine. To some, that means crypto’s time has come.

WASHINGTON—Congressional negotiators were rushing to complete the text of legislation funding the government beyond Friday, with the Biden administration’s request for $10 billion in aid to Ukraine adding to pressure to meet a looming deadline.

Crypto donations to Ukrainian causes have slowed down over the weekend, while reports revealed that roughly 40% of Ukraine’s military suppliers accept crypto payments.

The Biden administration is seeking to ease oil sanctions on Venezuela as part of a broader U.S. strategy to temper oil prices that have skyrocketed because of Russia’s war in Ukraine, according to people familiar with the matter.

A Russian gymnast has been slammed after displaying a symbol of support for Moscow's invasion of Ukraine.

Gun buyers have been flocking to Lithuania's stores since the start of the war in Ukraine, with sales increasing up to eight times and applications for gun licences doubling.

Bitcoin extended its losses on 4 March, falling below $40,000 with investors concerned about the worsening war between Russia and Ukraine, after Russian troops seized Ukraine's largest nuclear power plant.

Ever since the conflict began, there has been a bank run that happened on both sides of the border. A bank run is an event where a large group of depositors wants to withdraw their money from the bank. The Russian central bank even raised its interest rates up to a staggering 20% to stabilise the freefall of the value of the rouble. In these uncertain times, money tends to flow towards safe havens like gold. However, Bitcoin is looking better. As it is difficult to carry gold around and the value of the fiat currency is free falling, it is far easier to remember the private keys to your crypto. Testimonials are coming from Ukrainian refugees who have some financial stability solely because they brought along cryptocurrency with them. Ukraine Vice President also tweeted about accepting international support via cryptocurrencies and there the crypto community has donated more than $70 million.

Bitcoin (BTC) starts a new week in the shadow of a deepening geopolitical nightmare unfolding around Russia.

The United States-based crypto exchange Coinbase has proposed the use of cryptocurrencies to help ensure compliance with economic sanctions. The recommendation comes along with highlighting the ease of laundering and sanction evasion of fiat currencies made possible by traditional financial infrastructures. 

Companies including banks, law firms and management consultancies are facing mounting calls to ditch their profit goals and get out of Russia.

It is impossible to predict how the horror of Russia’s invasion of Ukraine will develop from hour to hour. So it is folly to think that we can yet evaluate all the implications for the longer term. But one thing is already clear — companies and financial investors should reassess the risk of investing in some emerging markets.

PwC and KPMG are both exiting Russia following Vladimir Putin’s invasion of Ukraine, the Big Four audit firms said in statements on 6 March.