FT News Briefing

EU leaders are gearing up to address the war in Ukraine, which is shaping economic strategies and diplomacy across Europe. Citigroup struggles to offload its Russian retail bank amidst this crisis. Emmanuel Macron’s re-election prospects are bolstered as the war shifts voter focus away from domestic issues, favoring his internationalist approach. This geopolitical turmoil is reshaping the French electoral landscape, complicating rival candidates' narratives and public perceptions.

The U.S. and U.K. have banned Russian oil and gas imports, raising fears of recession in Europe. As countries grapple with the consequences, many are reverting to fossil fuels despite previous climate commitments. The geopolitical instability is impacting global energy markets, with China leaning heavily on coal. Additionally, the mass emigration from Russia is causing economic ripples as major brands exit the market, complicating the landscape further. Can the green energy transition survive these challenges?

Global oil and gas prices are in flux amid geopolitical tensions, with the U.S. striving to ban Russian crude while facing opposition from Germany. This has sparked fears of a broader financial fallout, resulting in significant market drops. Interestingly, sanctions on Russia could inadvertently boost China's efforts to internationalize the renminbi, especially through alternative payment systems. Amidst this crisis, some Russian industry executives express surprising optimism about high oil prices, reflecting the complex interplay of global finance and geopolitical dynamics.

The podcast dives into the dramatic humanitarian crisis ignited by Russia's invasion of Ukraine, which has led to Europe's fastest-growing refugee situation since World War II. Discussions unfold about the U.S. considering a ban on Russian oil, adding to geopolitical tensions. The chaos doesn't stop there; global shipping faces severe disruptions as major companies suspend operations tied to Russia. Additionally, the economic fallout hits Sri Lanka hard, risking default as its tea and tourism sectors struggle amidst the crisis.

Elif Shafak, a renowned Turkish-British novelist and activist, engages in a thought-provoking discussion about the intricate ties between national identity and storytelling. She reflects on the generational pain from conflict and the challenges of expressing creativity in oppressive environments. The conversation emphasizes the significance of understanding cultural roots and confronting historical trauma. Additionally, Enuma Okoro shares her affection for New York City, while Tim Harford suggests a more relaxed approach to productivity amidst life's uncertainties.

The conflict in Ukraine triggers a surge in global commodity prices, with wheat and grain exports severely disrupted. Major Western corporations like Accenture and McKinsey withdraw from Russia, facing reputational challenges amid geopolitical tensions. New U.S. sanctions target Russian oligarchs as part of a broader international response. Meanwhile, the reliance on agricultural imports raises concerns about future food shortages, highlighting historical crises that can lead to social unrest. The landscape of global commerce continues to shift dramatically.

The podcast dives into the potential for sanctions targeting Russian oil and gas exports as tensions escalate. It discusses Federal Reserve chair Jay Powell's support for an interest rate rise amid uncertainty. A major focus is Germany's transformative defense policy shift, driven by the Ukraine conflict, as they earmark €100bn to modernize their military. This change impacts both military and corporate landscapes significantly. Lastly, experts weigh the effects of a possible US oil embargo on fuel prices, revealing limited direct consumer impact.

The Nord Stream 2 pipeline is now reported as insolvent, raising questions about Europe's energy future. Meanwhile, China is redefining its role in the Ukraine conflict, signaling potential mediation after recent talks with Ukraine. This marks a notable shift, with China condemning violence against civilians for the first time. Additionally, cryptocurrency exchanges face pressure to restrict transactions with Russia amid concerns about sanction evasion, highlighting the complexities of financial regulations in turbulent geopolitical waters.

Rising energy prices prompt an emergency meeting by the International Energy Agency. Western sanctions have thrown Russian financial markets into chaos, driving the rouble to near collapse. Meanwhile, Gulf states maintain a neutral stance, reflecting complex ties with Russia. The podcast further explores the significant economic consequences for Russia, including currency devaluation, and reveals how Gulf countries are strategically managing their financial relations amidst shifting geopolitical landscapes.

BP is cutting ties with Russia's state oil firm Rosneft, signaling a major corporate shift in response to geopolitical tensions. Norway's oil fund is also divesting from Russian assets, reflecting growing economic concerns. Meanwhile, the U.S. and allies are imposing tough sanctions on Russia's central bank and excluding some banks from SWIFT, aiming to impact its economy. Amidst rising fears of cyberattacks, cybersecurity companies are seeing a surge in shares as firms globally rush to bolster their defenses.