Western leaders rolled out financial penalties against Russia for its invasion of Ukraine, with sanctions targeting major banks, companies and the assets of Russian oligarchs. U.S. President Joe Biden also announced new export curbs. But western allies spared Vladimir Putin’s oil exports and didn’t block Russian access to SWIFT, the global bank messaging system. European countries remain concerned about their supply of natural gas, much of which comes from Russia. “The West is financing Putin’s war” by buying Russian natural resources, Javier Blas writes in Bloomberg Opinion. As the West seeks to further isolate the Kremlin and Putin, China said bilateral trade would continue as normal.

A prolonged war could deliver a blow to the global economy and slow the normalization of central bank policy. Russia is a major exporter of energy and raw materials that the world needs, as inflation is stoked by shortages of everything from wheat and fertilizers to aluminum. Biden has raised the prospect of the U.S. releasing more oil from its strategic reserves to quell rising energy prices.

U.S. President Joe Biden

Photographer: Oliver Contreras/Sipa

Russia’s war on Ukraine predictably whipsawed markets this week. Commodities surged, with Brent crude topping $105 a barrel and European natural gas soaring. Stocks and bonds from Russia went into free-fall and Russian oil was being offered at a record discount. John Authers writes in Bloomberg Opinion though that markets are pricing in Putin’s eventual success in decapitating Ukraine’s democratic government and installing a puppet regime.  

Biden said he will nominate U.S. Circuit Judge Ketanji Brown Jackson to be the first Black woman on the Supreme Court. While her successful confirmation wouldn’t change the Republican-appointee supermajority that controls the high court, her arrival may very well change its tenor, Noah Feldman writes in Bloomberg Opinion.

A potential Porsche IPO has been a hot topic for years, and Volkswagen has given investors more to chew on: Europe’s biggest car maker announced it was preparing to list its most lucrative asset. The move to set Porsche free illustrates the upheaval in the auto industry as attention turns towards electrification. And while the adoption of autonomous vehicles hasn’t been rapid, the Waymo AV depot in San Francisco may  give a hopeful glimpse into the future.

The Porsche Taycan

Photographer: Krisztian Bocsi/Bloomberg

The coronavirus pandemic upended the wedding industry, from a rash of postponements to a rush of celebrations, with budgets soaring and weekend venues booked months in advance. For couples who scrapped plans or waited for availability, there’s a new Covid-era trend: Saying your “I dos” on a weekday.

• The U.S. and Iran are to discuss reviving a nuclear deal.
• Biden delivers his first State of the Union address.
• IPCC releases its latest report on the effects of the climate crisis.
• Emmanuel Macron is expected to kick off his re-election bid.
• New York City public schools drop mask mandates for students.

The Environmental Crisis of Too Much Clothing

More clothing is being produced than ever and the endless supply of sneakers, pants, jackets and tops comes with a heavy price for the planet. Fashion accounts for up to 10% of global carbon dioxide output—more than international flights and shipping combined. Polyester, which has overtaken cotton as the leading textile in the industry, accounts for one-fifth of all plastic produced globally each year. Though fast fashion is often seen as the culprit, luxury brands are involved too. 

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