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Highlights Lots of sanctions have been imposed on Russia by several countries like the US, European Union, Australia, and the UK. Economic sanctions have become the most preferred tool to overcome geopolitical tensions and hurt the country’s economy. Many industries and businesses across the globe have stopped their services and operations in the country. Russia’s military operations in eastern Ukraine have attracted sharp criticism, and many international leaders have widely condemned the attack. Within days of Russia’s invasion of Ukraine, many sanctions were imposed on the country by several countries like the US, European Union, Australia, and the UK. Economic sanctions have become a preferred tool to overcome geopolitical tensions and hurt a country’s economy that breaches international law. The current sanctions imposed on Russia are meant to discourage its military operations and look for a diplomatic way to handle tensions between the two countries. After the announcement of economic sanctions on Russia, many industries and businesses followed suit and stopped their services and operations in the country. © 2022 Kalkine Media® Let us look at some of the key industries and businesses that announced walkout or discontinuation of operation in Russia: Mastercard & Visa block services Major US-based transaction service provider has blocked Russian financial institutions from accessing their payment networks to comply with the sanctions imposed by the US government.

The U.S. oil giant will discontinue operations at the Sakhalin-1 project in Russia, following similar moves by BP and Shell.

Shell and BP were leading the FTSE 100 higher early Wednesday, as the intensifying battles in Ukraine pushed oil prices above $110 a barrel.

Shell joined BP in announcing it will leave all its Russian operations, including a major liquefied natural gas plant, following on Moscow''s invasion of Ukraine. Earlier BP also abandoned its share in Russian oil giant Rosneft, a move that could cost the British company over US$25 billion.

Exxon’s current CEO Darren Woods is scheduled to face questions from analysts on Wednesday during the company’s annual strategy presentation to Wall Street.

KYIV, Ukraine — Ukraine’s Defense Ministry says it has evidence that Belarus, a Russian ally, is preparing to send troops into Ukraine. The ministry statement, posted on Facebook at midnight, said the Belarussian troops have been brought into combat readiness and are concentrated close to Ukraine’s northern border. “During the past 24 hours, according to intelligence findings, there has been significant aircraft activity. In addition, there has been movement of a column of vehicles with food and ammunition” approaching the border,” the statement said. ___ BOSTON — A firm that tracks cryptocurrency transactions says $33.8 million in the digital currency has been donated to Ukraine’s government and non-governmental organizations there since the start of Russia’s invasion, nearly a third of it on Tuesday. Chief Scientist Tom Robinson of Elliptic said most donations to date have been in bitcoin and ether. Some people are sending non-fungible tokens, or NFTs, to the Ukrainian government’s ethereum account.

U.S. President Joe Biden said late Tuesday Russian leader Vladimir Putin "badly miscalculated" in his invasion of neighboring Ukraine and the thought that he could make the free world "bend to his menacing ways." Biden used the beginning of his State of the Union address to the nation to express support for Ukraine and outline the widespread, unified response from Ukrainian allies that has included sending weapons and aid to Ukraine and imposing strong economic sanctions against Russia. "Putin may circle Kyiv with tanks, but he will never gain the hearts and souls of the Ukrainian people," Biden said. "He will never extinguish their love of freedom. He will never, never weaken the resolve of the free world." Biden announced the closing of U.S. air space to all Russian flights and said the U.S. Justice Department is forming a special task force "to go after the crimes of Russian oligarchs." He reiterated that the United States will not be sending troops to fight in Ukraine, while stating that NATO allies would "defend every inch" of territory in member states. "The Ukrainians are fighting back with pure courage, but the next few days, weeks and months will be hard on them," Biden said. "Putin has unleashed violence and chaos, but while he may make gains on the battlefield, he will pay a continuing high price over the long run." Among the audience in the U.S.

Highlights Crude oil prices rose on Tuesday to reach fresh seven-year high. Members of the International Energy Agency (IEA) agreed to release 60 million barrels of crude oil. Traders are avoiding trading Russian barrels despite the US-led sanctions exempted Russia’s energy sector Crude oil prices surged more than 7% on Tuesday to record the fresh seven-year highs as the global agreement to release crude oil from strategic reserves failed to calm fears of supply disruptions arising from the Russia-Ukraine war. The prices of both oil benchmarks rose on Monday too after the Western allies including the US and European Union imposed more sanctions on Russian banks, blocking SWIFTS international payment system. SWIFTS is a global payment system that facilitates rapid cross-border payments, making a smooth international trade flow. Must Read: Crude oil rises on fresh Russia-Ukraine war warnings For the release of crude oil from strategic reserves, members of the International Energy Agency (IEA) agreed to release 60 million barrels of crude oil, not enough to fulfill the one-day worldwide consumption.

March 1, 2022/OilPrice.com Chart of the Week – UK-based oil major BP (NYSE:BP) became the first company to quit its Russian operations, abandoning its 19.75% stake-controlled Rosneft at a cost of some $25 billion, coming on the back of Russia’s intensifying invasion of Ukraine. – This was followed by several sovereign wealth funds, prime […] The post The World Is Running Out Of Ways To Halt The Oil Price Rally appeared first on .

The Texas energy giant will exit its Sakhalin project in Russia’s Far East, and make no new investments in the country, following similar moves by BP and Shell.

HOUSTON, USA – Exxon Mobil has begun removing employees who are US citizens from Russia, according to two people familiar with the matter. The departures include staff from its large oil and gas production operations on Sakhalin Island in Russia’s Far East. Exxon last year employed more than 1,000 people across Russia with offices in Moscow, Saint Petersburg, Yekaterinburg, and Yuzhno-Sakhalinst, according to its website. The number of expatriate staff being evacuated was unclear on Tuesday, March 1. The company sent a plane to Sakhalin Island to retrieve staff, one of the people familiar with the matter said. Exxon operates three large offshore oil and gas fields with operations based on Sakhalin Island. It has been advancing plans to add a liquefied natural gas export terminal at the site. An Exxon spokesperson did not reply to a request for comment. “Exxon’s Russian business is relatively small in the context of its wider enterprise, so it does not have the same significance as it has to BP or TotalEnergies, if it were to abandon its Russian assets,” said Anish Kapadia, a director at energy and mining researcher Pallissy Advisors.

BP and Shell announced earlier that they were also seeking to leave the country after its invasion of Ukraine.

Apple, Ford Lead Latest Round Of US Companies Cutting Russia Ties As another market day comes to an end in the US, another flurry of American companies have announced plans to cut ties with Russian business partners, or simply stop selling their products in the Russian Federation. These companies include Apple, Nike, Ford and others, all of whom have released statements on Tuesday. For starters, Apple has halted all product sales in Russia, while halting exports to Russia sales channels. It''s also pulling RT News and Sputnik News from App Stores outside of Russia, and is disabling traffic and live incidents in Apple Maps in Ukraine. Here''s the full Apple statement on Russia, where it announced plans to limit Apple Pay and other services, while taking other steps to protect Ukrainians and their interests. "We are deeply concerned about the Russian invasion of Ukraine and stand with all of the people who are suffering as a result of the violence. We are supporting humanitarian efforts, providing aid for the unfolding refugee crisis, and doing all we can to support our teams in the region.

Western nations are continuing to pay Russia hundreds of millions of dollars every day for gas and oil imports, despite the tough sanctions imposed on the country''s banking and aviation sectors following its invasion of Ukraine. With around 40% of Europe''s oil and gas imported from Russia, governments are scrambling to find alternatives. European Union ministers met Monday in Brussels to discuss how to break the dependency. Russia dependency "Every day we spend 350 million euros, which we give to the Russian system, to be able for them to invest in arms, which are dropping on the city of Kyiv and elsewhere today. So yes, for climate reasons and for the security of our people, we need to reassess that dependency on fossil fuels," Eamon Ryan, Ireland''s minister for the environment, climate and communications, told Reuters. Russia supplies about a third of Europe''s gas, and the latest figures show imports have increased since its invasion of Ukraine. The soaring price makes trade even more profitable, and analysts say there are no quick alternatives. "I think that the West is going to try to continue to hold back on sanctioning on the oil and gas sector," said Douglas Rediker, a nonresident fellow at the Washington-based Brookings Institution.

Russia’s invasion of Ukraine and the resultant sanctions have sent oil prices soaring and not even a 60-million-barrel release coordinated by IEA members could stop the rally.Chart of the Week- UK-based oil major BP (NYSE:BP) became the first company to quit its Russian operations, abandoning its 19.75% stake-controlled Rosneft at a cost of some $25 billion, coming on the back of Russia’s intensifying invasion of Ukraine. - This was followed by several sovereign wealth funds, prime amongst them the Norwegian one with $2.8 billion…