Diplomacy
No news of note
Sanctions
The Commerce Department released a fact sheet about export controls’ impact on Russia.
France reiterated that its companies should ensure they are not breaching sanctions after a report that TotalEnergies may be indirectly providing jet fuel to Russia’s air force.
Consequences
A report by The Economist suggests that Russia’s economy has been able to weather sanctions better than expected due to hydrocarbon sales. A second Economist report, however, also notes that export controls and other restrictions will severely hamper the economy over time. Reuters also took a look at the impact of sanctions on the manufacturing industry, while AP tracked shipments from Russia to the U.S. since the invasion.
Citi is exiting Russia after failing to find a buyer for its operations.
South Korea signed a $2.25 billion deal with Russia’s nuclear agency to provide components and buildings for a nuclear plant in Egypt.
Ukraine Sitrep
Ukraine reported that the Zaporizhzhia nuclear power plant is cut off from the electrical grid after the last remaining intact power line was damaged.
Russian President Vladimir Putin signed a decree to increase the size of Russian armed forces.