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Here are the latest headlines on the Russia-Ukraine crisis:
European ETFs up, US farm stocks down
European ETFs rose about 2% to 3% on Tuesday after news that Russian and Ukrainian negotiators may have made progress in their recent peace talks. Vanguard FTSE Europe ETF (VGK) was up 2.5% on the news, while iShares MSCI Eurozone ETF (EZU) was up 3.4%. Conversely, US fertilizer maker Mosaic (MOS) and food processor Archer Daniels Midland (AMD) both fell about 5% on peace in agricultural powerhouse Ukraine that could lower global grain prices.
No rubles
G7 energy ministers have dismissed Vladimir Putin’s demand that Russian natural gas be paid for in rubles, saying it was a “clear and unilateral violation of existing treaties”. The stance raises the possibility of cutting off energy supplies to Europe, which currently imports 40% of its gas needs from Russia. Germany’s Economy and Energy Minister Robert Habeck said the G7 countries were “prepared” for “all scenarios”, including a possible halt to Russian supplies.
OPEC+ membership
Russia will always be part of OPEC+, despite the country’s invasion of Ukraine, UAE Energy and Infrastructure Minister Suhail Al Mazrouei said, saying the policy should not distract from the group’s efforts to manage energy markets . “Who can replace Russia today? I can’t think of a country that can replace 10 million barrels in a year, two, three, four, even ten years. That’s not realistic,” he added. “This talk will only drive prices higher.”
Talks in Istanbul
A breakthrough in peace talks between Russia and Ukraine is not likely as the two sides meet in Turkey, although there have been some positive developments towards an agreement. Russia is no longer demanding that Ukraine be “denazified” and is ready to allow the nation to join the EU if it remains militarily non-aligned. This includes giving up its NATO ambitions, renouncing the development of nuclear weapons and maintaining foreign military bases.
Johnson & Johnson halts shipments to Russia
Johnson & Johnson (JNJ) has joined the extensive list of high-profile companies that have restricted their dealings with Russia since the country’s invasion of Ukraine. JNJ announced it would suspend shipments of its personal care products to the Vladimir Putin-led nation. However, the company said it will continue to supply medicines and medical equipment.
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