NEWSLETTER
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Wednesday / March 9
US bans Russian oil
US President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine, even though the move will drive up U.S. energy prices.
"We're banning all imports of Russian oil and gas energy," Biden told reporters at the White House. "That means Russian oil will no longer be acceptable in U.S. ports and the American people will deal another powerful blow to Putin's war machine."
"Russia may continue to grind out its advance at a horrible price, but this much is already clear: Ukraine will never be a victory for Putin," Biden told reporters. "Putin may be able to take a city, but he'll never be able to hold the country."
Earlier, the United Kingdom announced its own restrictions on buying Russian oil imports just before Biden spoke, saying it will phase out the country’s imports by the end of the year. The European Union also unveiled a plan to wean itself off of Russian fossil fuels.
Oil jumps
Oil prices jumped to their highs of the session Tuesday as Biden announced a ban on Russian fossil imports including oil in response to the country’s invasion of Ukraine.
WTI crude oil popped as much as 7% to trade above $128 per barrel. It ended the day 3.6% higher at $123.70. Brent crude oil, the international benchmark, jumped 7.7% to $132.75, before trading off the highs. At the end of the session the contract stood 4.3% higher at $123.21.
Retail gasoline prices in the United States surged to an all-time record on Tuesday, with the average cost of a retail gallon of gasoline hitting $4.173 early Tuesday, according to the American Automobile Association.
West retreats from Russia
McDonald's said on Tuesday it would temporarily close all 847 of its restaurants in Russia including its iconic Pushkin Square location, increasing pressure on other global brands to pause operations in the country following Moscow's invasion of Ukraine.
Coca-Cola which suspended all its operations in Russia followed the suit. Starbucks was another brand getting out.
The closure of the McDonald's restaurants in Moscow carries symbolic importance as in 1990, it became a symbol of flourishing American capitalism as the Soviet Union fell.
Xi talks on Ukraine
Chinese President Xi Jinping on Tuesday called for "maximum restraint" in Ukraine and said China is "pained to see the flames of war reignited in Europe," state media reported, in his strongest statement to date on the conflict.
Xi, speaking at a virtual meeting with French President Emmanuel Macron and German Chancellor Olaf Scholz, said the three countries should jointly support peace talks between Russia and Ukraine, Chinese state broadcaster CCTV reported.
China, which has refused to condemn Russia's actions in Ukraine or to call them an invasion, has repeatedly expressed its opposition to what it describes as illegal sanctions on Russia.
China's friendship with Russia, strengthened last month when President Vladimir Putin attended the opening ceremony of the Beijing Winter Olympics on the same day that the countries declared a "no limits" strategic partnership,
US stocks
Stocks declined on Tuesday following the S&P 500′s worst day since October 2020, as investors continue to assess the war between Russia and Ukraine and high commodity prices.
The Dow Jones Industrial Average dropped 184.74 points to 32,632.64, after being up 585 points earlier in the session. The Dow fell deeper into correction territory. The S&P 500 fell 0.7% to 4,170.70, also dropping further into a technical correction. The Nasdaq Composite slid 0.3% to 12,795.55, falling deeper into bear market territory.
US President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine, even though the move will drive up U.S. energy prices.
"We're banning all imports of Russian oil and gas energy," Biden told reporters at the White House. "That means Russian oil will no longer be acceptable in U.S. ports and the American people will deal another powerful blow to Putin's war machine."
"Russia may continue to grind out its advance at a horrible price, but this much is already clear: Ukraine will never be a victory for Putin," Biden told reporters. "Putin may be able to take a city, but he'll never be able to hold the country."
Earlier, the United Kingdom announced its own restrictions on buying Russian oil imports just before Biden spoke, saying it will phase out the country’s imports by the end of the year. The European Union also unveiled a plan to wean itself off of Russian fossil fuels.
Oil jumps
Oil prices jumped to their highs of the session Tuesday as Biden announced a ban on Russian fossil imports including oil in response to the country’s invasion of Ukraine.
WTI crude oil popped as much as 7% to trade above $128 per barrel. It ended the day 3.6% higher at $123.70. Brent crude oil, the international benchmark, jumped 7.7% to $132.75, before trading off the highs. At the end of the session the contract stood 4.3% higher at $123.21.
Retail gasoline prices in the United States surged to an all-time record on Tuesday, with the average cost of a retail gallon of gasoline hitting $4.173 early Tuesday, according to the American Automobile Association.
West retreats from Russia
McDonald's said on Tuesday it would temporarily close all 847 of its restaurants in Russia including its iconic Pushkin Square location, increasing pressure on other global brands to pause operations in the country following Moscow's invasion of Ukraine.
Coca-Cola which suspended all its operations in Russia followed the suit. Starbucks was another brand getting out.
The closure of the McDonald's restaurants in Moscow carries symbolic importance as in 1990, it became a symbol of flourishing American capitalism as the Soviet Union fell.
Xi talks on Ukraine
Chinese President Xi Jinping on Tuesday called for "maximum restraint" in Ukraine and said China is "pained to see the flames of war reignited in Europe," state media reported, in his strongest statement to date on the conflict.
Xi, speaking at a virtual meeting with French President Emmanuel Macron and German Chancellor Olaf Scholz, said the three countries should jointly support peace talks between Russia and Ukraine, Chinese state broadcaster CCTV reported.
China, which has refused to condemn Russia's actions in Ukraine or to call them an invasion, has repeatedly expressed its opposition to what it describes as illegal sanctions on Russia.
China's friendship with Russia, strengthened last month when President Vladimir Putin attended the opening ceremony of the Beijing Winter Olympics on the same day that the countries declared a "no limits" strategic partnership,
US stocks
Stocks declined on Tuesday following the S&P 500′s worst day since October 2020, as investors continue to assess the war between Russia and Ukraine and high commodity prices.
The Dow Jones Industrial Average dropped 184.74 points to 32,632.64, after being up 585 points earlier in the session. The Dow fell deeper into correction territory. The S&P 500 fell 0.7% to 4,170.70, also dropping further into a technical correction. The Nasdaq Composite slid 0.3% to 12,795.55, falling deeper into bear market territory.
