Vladimir Putin’s invasion of Ukraine is roiling commodity markets, from wheat to oil and fertilizers, exacerbating already-hot pandemic-driven inflation. With gasoline above $4 a gallon, U.S. drivers might consider electric vehicles. But the surging price of nickel, a key battery metal produced by Russia, is making EV production a lot more expensive. (Who’s the big shot behind nickel’s “bad short” anyway?) Some economists now fear a return of 70’s era stagflation. “The numbers are almost certain to get worse before they get better,” Jonathan Levin writes in Bloomberg Opinion.

Russia has become the world’s most-sanctioned nation, with U.S. companies imposing an effective tech boycott in protest of its war on Ukraine. On Friday, U.S. President Joe Biden said he would ban iconic Russian products such as vodka, caviar and diamonds while ending the nation’s preferential trade status. In the U.K., the government froze the assets of Chelsea FC owner Roman Abramovich, endangering the future of one of the biggest names in European sports.

Roman Abramovich celebrates with the FIFA Club World Cup trophy following Chelsea’s victory over Palmeiras last month.

Photographer: Michael Regan/FIFA/Getty Images

The Biden administration is under pressure to do more to coordinate Washington’s approach to cryptocurrency, including potential regulatory changes for the asset class. The war in Ukraine will test crypto’s strengths and vulnerabilities, with Russian entities possibly using digital assets to avoid international sanctions. But crypto’s transparency could make it a force for good, writes Bloomberg Opinion’s Tim Culpan.

Even a mild case of Covid-19 can damage the brain, leading to shrinkage equivalent to up to a decade of aging, according to a new Oxford University study. The findings represent striking evidence of the virus’s impact on the central nervous system. The brutality of the pathogen was made even clearer with news it may have killed one in every 200 South Africans.

When it comes to hybrid work, Microsoft is taking a meticulous approach: It wants employees in the office half of the time—and is designing work spaces for when they aren’t at their desks at all. Experts on working from home meanwhile are in high demand.

Nothing holds value quite like rare, precious jewels, so collecting them can be a sound investment. But managing a portfolio of diamonds, platinum and rubies “requires rigorous analysis,” said Tina Smith, a vintage dealer in Boston. Experts offer tips on how to start, grow and maintain a valuable jewelry collection.

Sabba earrings with Colombian emeralds and diamonds 

Photographer: Joanna McClure

• The Federal Reserve will likely boost interest rates to tame inflation. 
• Central banks in the U.K., Japan, Indonesia and Taiwan also meet.
• Russia is due to make an important $117 million bond payment.
• The trial of Elizabeth Holmes’ former boyfriend gets underway.
• SXSW, the tech/music/film/comedy festival, takes place in Austin. 

What Really Happened at the Stables

The rich and powerful equestrian community has long been accustomed to operating with little oversight save for strict rules about animal cruelty.  As reports surface of sex abuse in the sport, and prominent equestrians are banned or even arrested, some traditionalists are choosing to stand with the accused horsemen—and are taking aim at the Olympic watchdog created to protect young athletes.

Maggie Kehring 

Photographer: Molly Peters for Bloomberg Businessweek

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