Oil prices surging amidst supply fears
The sanctions imposed by the US and its allies have not targeted Russia's oil ecosystem directly, but the ripple effects are evident. With companies such as Exxon pulling Russian operations, investors are seeing oil prices heading much higher.
With oil prices already at multi-year highs, the turmoil is likely to continue. Russia currently exports about 4-5 million barrels of oil a day, making it the second largest crude exporter in the world.
Inflation and the Ukraine - Russia conflict
As the conflict rages on, consumers around the world are worried about the potential impact it will have on their wallets. With prices already rising, inflation seems set to rise further.
In addition to the current conflict, and the fact that Russia is major producer of raw materials such as wheat, oil, and metals, recent supply chain issues have resurfaced. This also comes at a time when consumer prices are rising at their fastest annual pace in 40 years.
Russia - Ukraine developments
Situations have worsened in Ukraine as the week passed. The Russian Army has reportedly attacked the Zaporizhzhia nuclear power plant, the largest one in Europe.
Confrontations have been escalating, as reports throughout the week have shown attacks on civilian targets by the Russian Army, as they continue to surround Kyiv, the Ukrainian Capital.
Even though Ukraine and Russia had agreed upon a ceasefire agreement to allow civilians to evacuate from the cities of Mariupol and Volnovakha, reports have stated that the Russian Army seemingly ignored these agreements, with attacks still ongoing within those cities.
Keeping tabs on the South Korea's election
A conservative victory for South Korea’s upcoming presidential election could see the country adopt a rigid stance on North Korea and China, potentially igniting fresh tensions in the Asia-Pacific.
Given North Korea’s ongoing missile activity and anti-China sentiment at home, foreign policy matters are expected to affect public sentiment. With each candidate holding diverging views on relations with North Korea, China and the United States, there’s a lot at stake for South Korea’s geopolitical fate.
Russian banks blocked from Visa and Mastercard
Visa and Mastercard have restricted access from various financial institutions from their networks in response to government sanctions on Russian entities.
This comes after the US placed multiple Russian financial institutions and individuals on a sanctions list after Moscow launched an invasion of Ukraine.
The wide-ranging sanctions has contributed to the large drop in the value of the Russian ruble, losing more than 30% of its value over the past week.
Upcoming events
Monday, 07 March
Singapore - Foreign Reserves USD (February)
Tuesday, 08 March
United States - Trade Balance (January)
United States - Imports
United States - Exports
Wednesday, 09 March
China - CPI (February)
United States - JOLTs Job Openings (January)
United States - Crude Oil Inventories
Thursday, 10 March
United States - World Agricultural Supply and Demand Estimates Report
United States - Core CPI (February)
United States - Initial Jobless Claims
Friday, 11 March
United States - Federal Budget Balance (February)
United Kingdom - GDP (Month-over-Month)
United Kingdom - Trade Balance (January)