FT News Briefing The Great Nickel Pickle
Mar 18, 2022
Amid escalating tensions, a U.S. official dampens hopes for a peaceful resolution in Ukraine, highlighting Russia's ongoing aggression. Meanwhile, JPMorgan navigates complex waters by processing crucial bond payments for Russia. The London Metal Exchange faces challenges as nickel trading experiences fresh disruptions, showcasing the far-reaching impacts of geopolitical conflicts on global markets. This turmoil not only affects the nickel sector but also ripples through oil and gas, stirring volatility in commodities trading.
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Ukraine Update
- Mariupol faces dire conditions, with shelling, shortages, and deaths reported by Guy Chazan.
- Kyiv experiences shelling, but Russian forces have not advanced, their objective unclear.
US Diplomacy
- Antony Blinken sees no sign of Putin stopping the invasion and vows to investigate war crimes.
- Biden will warn Xi Jinping of retaliation if China supports Russia.
Russian Bond Payments
- JPMorgan processed Russia's dollar bond payments, easing default concerns.
- The US Treasury clarified that sanctions do not prevent Russia from paying bondholders.