As the US takes action to tighten sanctions on Russia by banning energy imports, Europe is trying to pull together a plan to wean itself off Russian gas through greater use of LNG and renewables.

It has been a tough few years for Europe’s banks, but they finally seemed to be firmly on the road to recovery in early 2022. Then Russia invaded Ukraine. Will the financial turmoil that follows derail the sector’s hard-fought-for revival?

The prospect of China’s Cross-Border Interbank Payment System vying with or supplanting Swift grabbed attention in the wake of Russia’s invasion of Ukraine. But CIPS isn’t ready for the big time. It is too small and underdeveloped, and is a policy vehicle dominated by Beijing for the purpose of globalizing the yuan.

Western governments hope Russian citizens will blame the regime of president Vladimir Putin and seek change. That is a gamble.

In just a few years, the New Eurasian Land Bridge, which conveys rail freight between China and Europe, became a key part of Beijing’s fading Belt and Road Initiative. Thanks to sanctions levied against state operator Russian Railways, that vital trade link threatens to be disrupted – and possibly severed.

With little chance of a swift resolution to the conflict in Ukraine, the effect on FX markets is being felt well beyond the bounds of the former Soviet Union. But not all reactions have been typical for a crisis.

Oligarchs that use shell companies and fake identities may dodge the pain of Russian banks being shut out from Swift, heaping it on innocent people instead.

Several sovereign funds have either pledged to leave Russia or are considering doing so. But how will they get out? Could their exit enrich those that sanctions are intended to penalize?

ING and Intesa Sanpaolo could take bigger hits than Societe Generale in a ‘walk-away’ scenario, according to Autonomous Research.

Jane Fraser can front Citi’s investor day with good news about consumer divestments in Asia. It is hard to see a Russia sale now, though.

Exclusive: The head of Ukraine’s largest bank tells Euromoney that it is refilling ATMs and keeping branches open even as Russian attacks intensify.

The US has named Russia’s sovereign wealth fund and its chief executive in strikingly harsh language as part of its sanctions package. Is RDIF ‘a slush fund for president Vladimir Putin’ or a legitimate vehicle ‘building international relations and supporting constructive ties’?