1) Oil prices hit 14-year high at $130 a barrel
Oil prices rose significantly to a 14-year high on Monday morning amid concerns of tight supply in both oil and natural gas from the sanctions on Russia.
In the early morning of Asian trading session, the international benchmark Brent crude rose 10.14% to $130.09 per barrel, a level not seen since 2008. Meanwhile, West Texas Intermediate rose 9.42% to $126.58 a barrel.
2) Russia allows payment to creditors in rubles
Russia aims to avoid a default by allowing borrowers to make payments on their overseas creditors in rubles, even for bonds denominated in foreign currencies, from countries that have imposed sanctions on Russia.
3) Putin writes down countries that wrong him
The Russian President Vladimir Putin stated that sanctions that are being introduced are akin to a declaration of war on Russia. He appointed his government to prepare a list of countries that have imposed sanctions on Moscow, its firms or any Russian nationals.
”Any attempt to install a no-fly zone in Ukraine would cause catastrophic consequences for Europe,” he added.
4) Moody’s cut Russia credit ratings to Ca
Moody’s Investor Service has cut Russia’s long-term issuer and senior unsecured debt ratings from B3 to Ca with a negative outlook on expectation that capital controls by the Russian central bank will bar cross border payments, including for debt service on government bonds. The ratings were recently cut to B3 on March 3.
5) China expects 2022 GDP to grow 5.5%
China announced that it has set a gross domestic product growth target of about 5.5% for 2022. An unemployment rate in cities is targeted to be no more than 5.5%, while a consumer price index is expected at around 3%.
