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FirstFT: West prepares Russia sanctions after Putin orders troops into Ukraine

The EU and UK are preparing a “first barrage” of sanctions against Russia after Vladimir Putin ordered Russian forces into eastern Ukraine and formally recognised two rebel-held regions in the country.

The Russian president’s move, which was widely condemned in the west, has raised fears of a conflict in Ukraine and came after leaders including French President Emmanuel Macron and German Chancellor Olaf Scholz failed to secure a diplomatic solution to the crisis.

Putin ordered troops to enter eastern Ukraine on Monday night for “peacekeeping operations” after recognising two separatist regions of Donetsk and Luhansk. The action was swiftly condemned in the US and Europe, with Antony Blinken, the US secretary of state, describing it as a “clear attack” on Ukraine’s sovereignty.

Boris Johnson, UK prime minister, said the “first barrage of UK economic sanctions” would be announced on Tuesday, warning that Putin was bent on a “full-scale invasion of Ukraine”.

  • Explainer: Why has Putin got Donetsk and Luhansk in his sights?

  • Go deeper: Russia’s threats to invade Ukraine are forcing China to strike a balance between President Xi Jinping’s growing support for Putin and Beijing’s self-interest in the region’s stability.

  • Oil majors and commodity traders at risk from new sanctions on Russia.

  • Markets briefing: Global stocks slide and oil jumps as Putin puts Russia on war footing

Thanks for reading FirstFT Americas. What questions do you have about the crisis in Ukraine? Share them with us at firstft@ft.com — Wai Kwen

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  • The FT View: G20 ministers are right to take a proactive approach to crypto risks.

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Virgin Hyperloop’s transport system propels pods through low-pressure tubes at speeds of up to 670mph

3. Swiss banks struggle to move on from murky past Switzerland’s attempts to shed its reputation as the banking centre for oligarchs, corrupt officials and drug smugglers have been dealt a blow by the leak of documents detailing the accounts of 30,000 Credit Suisse clients. Shares among the country’s banks fell further than most EU lenders yesterday.

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Coronavirus digest

  • The G20 has pledged $60bn of extra money for developing nations struggling under the financial impact of the pandemic, falling short of expectations.

  • Opinion: The pandemic has been a wake-up call. We now have a choice: carry on as before or find a way to ensure we are better prepared for extreme risks, writes Martin Rees.

  • Boris Johnson has announced the ending of all remaining coronavirus legal restrictions in England. The decision appeared premature, driven by political expediency rather than public health, writes our editorial board.

  • Kate Bingham, former head of the UK’s Vaccine Taskforce, said the regulator’s ability to move nimbly during the pandemic was attracting biotech companies.

The day ahead

The pandemic: The ILO Global Forum for a Human-centred Recovery begins, bringing together heads of government and organisations. Speakers include IMF managing director Kristalina Georgieva. The aim of the gathering is to propose actions to strengthen the global community’s response to the Covid crisis.

Corporate earnings InterContinental Hotels Group reports preliminary full-year results.

Economic data The UK releases public sector finances and the CBI industrial trends survey, Germany’s Ifo Institute monthly business confidence index is due and Italy has January inflation figures out. The US has the IHS Markit flash composite PMI, consumer confidence data and a house prices index, which is expected to have risen more than 18 per cent from a year earlier. (FT, WSJ)

To give school students the latest insights on climate change, the FT is hosting a free digital event on March 1. Sign up here and look out for our Climate Change for Schools report on March 19 packed with stories, graphics and tips on how young people can make an impact.

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How Xi Jinping’s anti-corruption crusade went global Since coming to power in 2012, the Chinese leader has targeted both “tigers and flies”, or high and low-ranking government officials, with a clear purpose: to eliminate corruption and eviscerate political rivals. A decade later, there is no end in sight and the hunt for fugitives overseas has accelerated.

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  • Opinion: Why a post-Brexit race in financial regulation is a bad strategy, writes Helen Thomas.

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Source: Economy - ft.com

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