Oil Markets in Crisis

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The us. Treasury department is warning banks and financial institutions to be on alert for russian attempts to evade sanctions. But sanctions con actually boost bajing's own ambitions for its currency. As our asia financial correspondent, tabby kinder explains, china wants the renmanb to be more of a global currency. We might see moscow use its foreign reserves in china to finance imports from country. And this is good for the remimbi - but you still need to remember there are many governments who would take payment in rambi.

Oil and natural gas prices see-sawed as global stocks fell on Monday after a US push to ban Russian crude faced German resistance, the US Treasury warns banks to be on high alert for sanctions evasion, sanctions on Russia could aid Beijing’s efforts to internationalise the renminbi, and Levi Strauss said it is halting its business in Russia.

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Mentioned in this podcast:

Markets rattled by push for Russian oil ban

How the Ukraine war could boost China’s global finance ambitions

US warns banks to be on high alert for Russia sanctions evasion

Levi Strauss halts business in Russia

War in Ukraine: free to read

The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.

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