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Russia-Ukraine

Russia

• High-level talks between Russia and Ukraine yield no results.
• Lavrov stated that a meeting between Putin and Zelensky was discussed and that the former would not turn down such an opportunity. Any such contact, however, would have to be substantive and specific. “I’m guessing that would mean Kyiv submitting to Moscow’s demands,” he added. Otherwise, I don’t see a meeting between the two at any point.”
• In any case, today’s meeting produced no significant results. There are no surprises here. As a result, the siege on Ukrainian cities will continue until further developments occur.
• The difference in tone and focus points following the meeting suggests that both sides are still far from seeing eye to eye on any peace or ceasefire. Lavrov also warns that the West is behaving “dangerously” by supplying weapons to Ukraine, posing a threat to the region that could last “many years.”

Ukraine

Ukraine has stated that they will not be able to end the war if the country that started it is unwilling to do so. After meeting with Lavrov, Kuleba takes a shot at Russia: “We are ready for diplomacy, but we are also ready to defend ourselves.”

Ukraine insisted that they are willing to continue discussions in this format It was difficult to listen to Lavrov during the meeting.

Regarding a possible ceasefire, Kuleba stated that “other decision-makers appear to be involved.” Without a doubt. If that is the case, talks will continue to fail, so is there anything else to take away from today’s meeting?

UK

The UK government imposes sanctions on seven Russian oligarchs worth an estimated £15 billion.

Roman Abramovich, owner of Chelsea, is on the list.

The UK government has announced new sanctions against seven Russian oligarchs, including the freezing of their assets and the imposition of a travel ban.

Europe

After a monster showing yesterday, European stocks are much calmer today as we settle in ahead of the ECB policy meeting.

In other news, S&P 500 futures are down 0.1 percent, Nasdaq futures are down 0.2 percent, and Dow futures are down 0.2 percent.

If anything, yesterday’s moves felt like a “release,” and now that the air pocket has been depleted, we’re back to trying to digest the headlines and make sense of what’s next in the Russia-Ukraine war.

Credit Suisse

Credit Suisse dismisses credit exposure risks to Russia.

The company has net credit exposure to Russia of CHF 848 million Earlier this week, Italy’s second-largest bank, UniCredit, stated that a full write-off of its Russian business would cost approximately €7.4 billion, while BNP Paribas stated that it had a total exposure to Russia and Ukraine of approximately €3 billion, which it claimed was “relatively limited.” According to reports, among European banks, Austria’s Raiffeisen Bank and France’s Societe Generale have the most Russian exposure. So, if nothing else, keep an eye out for those names first.