Diplomacy
Australia’s Prime Minister visited Ukraine.
Ukraine asked Turkey to probe Russian ships that are alleged to be transporting stolen Ukrainian grain.
Sanctions
Japan announced sanctions on 57 individuals and 6 entities.
Consequences
Europe’s gas crisis could get even more intense as Norway grapples with a workers’ strike. Germany is calling for greater efforts to save energy as it frets about a full Russian gas cut-off. Russia may impose a windfall tax on Gazprom.
Shippers willing to ship Russian crude are making a windfall.
UniCredit is exploring a way to sell its Russian unit through a structure that would allow it to repurchase the operations if the geopolitical situation stabilizes. ArcelorMittal has resumed steel shipments to Russia.
Russian oligarch Vladimir Potanin is evaluating a merger between mining group Nornickel and aluminum producer Rusal.
Ukraine Sitrep
Ukraine withdrew from the eastern city of Lysychansk. Ukraine estimates that rebuilding the country will cost $750 billion.