Evelyn Reynolds

Moscow relies on the money it makes by selling oil and gas, but that energy fuels Europe’s economy and heats its homes.The punishing sanctions that the United States and European Union have so far announced against Russia for its invasion of Ukraine include shutting the government and banks out of global financial markets, restricting technology exports and freezing assets of influential Russians. Noticeably missing from that list is a reprisal that might cause Russia the most pain: choking off the export of Russian fuel.The omission is not surprising. In recent years, the European Union has received nearly 40 percent of its gas and more than a quarter of its oil from Russia. That energy heats Europe’s homes, powers its factories and fuels its vehicles, while pumping enormous sums of money into the Russian economy.How each country’s dependence on Russian gas has changedShare of total natural gas imports from Russia More

The penalties will affect Russia’s biggest banks, its weapons industry, its largest energy company and families close to President Vladimir V. Putin. The country’s stock market has plummeted.WASHINGTON — President Biden, vowing to turn President Vladimir V. Putin of Russia into a “pariah,” announced tough new sanctions on Thursday aimed at cutting off Russia’s largest banks and some oligarchs from much of the global financial system and preventing the country from importing American technology critical to its defense, aerospace and maritime industries.The package unveiled by the U.S. government is expected to ripple across companies and households in Russia, where anxiety over Mr. Putin’s full-scale invasion of Ukraine has already begun setting in. The nation’s stock market fell more than 30 percent on Thursday, wiping out a huge amount of wealth.The new U.S. sanctions include harsh penalties against the two largest Russian financial institutions, which together account for more than half of the country’s banking assets.U.S. officials are also barring the export of important American technology to Russia, which could imperil industries there. In addition, the United States will limit the ability of 13 major Russian companies, including Gazprom, the state-owned energy conglomerate, to raise financing in Western capital markets. And it is penalizing families close to Mr. Putin.The sanctions against the financial giants will cause immediate disruptions to Russia’s economy but are manageable over the longer term, analysts said. The technology restrictions, on the other hand, could cripple the ability of certain Russian industries to keep up.“Putin chose this war, and now he and his country will bear the consequences,” Mr. Biden said in remarks from the East Room of the White House. “This is going to impose severe cost on the Russian economy, both immediately and over time.”It was the second round of American sanctions imposed on Russia this week, following a more modest tranche that Mr. Biden announced on Tuesday after Mr. Putin’s government recognized two Russia-backed insurgent enclaves in eastern Ukraine as independent states.It was accompanied by a blizzard of sanctions from other countries announced on Thursday. Britain adopted penalties largely in line with the American ones, with additions such as barring Aeroflot, the Russian airline, from operating in its territory. The European Union announced measures including bans on large bank deposits in the European Union and halts in many technological exports to Russia, including semiconductors. Japan and Australia also unveiled various sanctions.One question in the days and weeks ahead is whether the United States and its European allies can stay in lock step on Russia’s actions, as they claim they will. Secretary of State Antony J. Blinken spoke on both Wednesday and Thursday with the European Union’s top diplomat, Josep Borrell Fontelles, a sign of the intense efforts to coordinate a joint response.The new suite of sanctions from Washington includes some of the tougher penalties that U.S. officials had said were being considered. There had been debate about whether constricting the operations of Russia’s biggest banks and other large companies would cause too much pain to ordinary Russians and to citizens in other countries.Russia has a $1.5 trillion economy, the world’s 11th-largest. The global economy remains precarious at the start of the third year of the pandemic, and many governments are grappling with the highest inflation rates in decades. The price of crude oil has been surging this week because of Mr. Putin’s actions.“I know this is hard, and that Americans are already hurting,” Mr. Biden said on Thursday. “I will do everything in my power to limit the pain the American people are feeling at the gas pump. This is critical to me.”But he added that Mr. Putin’s aggression could not go unanswered. “If it did, the consequences for America would be much worse,” he said. “America stands up to bullies. We stand up for freedom. This is who we are.”Residents lined up at a bus station in Kyiv, Ukraine’s capital, on Thursday.Emile Ducke for The New York TimesDaleep Singh, the deputy national security adviser for international economics, told reporters that over time, the sanctions would “translate into higher inflation, higher interest rates, lower purchasing power, lower investment, lower productive capacity, lower growth and lower living standards in Russia.”But it is unclear whether the sanctions will compel Mr. Putin to halt his offensive, in which dozens of Ukrainian soldiers and civilians have already been killed, according to Ukrainian officials. If Mr. Putin pushes forward, then the sanctions will serve as a punishment, Mr. Blinken has said.Some analysts are skeptical that the pain of the sanctions will break through to Mr. Putin, who has isolated himself during the pandemic, even from some of his close advisers.Alexander Gabuev, a scholar at the Carnegie Moscow Center, said the Russian leader and the top officials around him had adopted a bunker mentality, understanding that their lives and wealth depend on their status at home, not within Western nations. They also see themselves as being on the frontline of an ideological contest with the United States and its allies, he said.Furthermore, the Russian government adopted fiscal policies to shield the country’s economy after the United States and Europe imposed sanctions in 2014 following Mr. Putin’s first invasion of Ukraine, and some top security officials and oligarchs have profited off the changes.Edward Fishman, who oversaw sanctions policy at the State Department after Russia annexed Crimea in 2014, said he was surprised at the breadth of the new U.S. sanctions beyond the financial and technology sectors. He said the measures limiting access to capital markets for Russian state-owned enterprises in industries as varied as mining, metals, telecommunications and transportation “cut across the commanding heights of the Russian economy.”Even as Russia’s stock market plunged and the ruble fell to a record low against the dollar, the country may avoid all-out financial panic. Sergey Aleksashenko, a former first deputy chairman of the Central Bank of Russia and former chairman of Merrill Lynch Russia, said the financial measures were likely to inflict serious but ultimately bearable pain.“They will be able to manage what is related to the financial sector,” Mr. Aleksashenko said. “Maybe it will be complicated, maybe it will be expensive — but it’s doable.”More damaging, albeit over a longer term, Mr. Aleksashenko said, would be the new technology export controls.The export controls imposed by the Commerce Department are aimed at severing the supply of advanced technologies to Russia, such as semiconductors, computers, lasers and telecommunications equipment.The measures are expected to stop direct technological exports from American companies to Russia, potentially hobbling the Russian defense, aerospace and shipping industries, among others. They also go beyond previous sanctions issued by the U.S. government by placing new export limits on products that are manufactured outside the United States but use American equipment or technology.The administration said the measures, taken in concert with allies, would restrict more than $50 billion of key inputs to Russia. The country imported $247 billion of products in 2019, according to the World Bank.“This is a massive set of technology controls,” said Emily Kilcrease, a senior fellow at the Center for a New American Security.Understand Russia’s Attack on UkraineCard 1 of 7What is at the root of this invasion? More

President Biden said on Thursday that the United States and Europe were united in their efforts to confront Russian aggression toward Ukraine with aggressive sanctions. However, there was one area where he suggested disagreement: SWIFT.The Belgian messaging service, formally known as the Society for Worldwide Interbank Financial Telecommunications, connects more than 11,000 financial institutions around the world. It is viewed as a potential nuclear option in the world of sanctions because, if Russia was kicked off SWIFT, the nation would essentially be severed from much of the global financial system.But doing so would not be simple and could come with its own set of costly complications for countries outside Russia, many of which are dependent on the country for energy, wheat and other commodities. That has made some nations skittish about pulling the trigger.SWIFT is a global cooperative of financial institutions that began in 1973 when 239 banks from 15 countries got together to figure out how to best handle cross-border payments. It does not actually hold or transfer funds, but it allows banks and other financial companies to alert one another of transactions that are about to take place.Blocking Russia from SWIFT would curb its ability to conduct international financial transactions by forcing importers, exporters and banks to find new ways to transmit payment instructions. Because of Europe’s heavy reliance on Russian energy exports, analysts said, there is a reluctance among some euro area leaders to take that step and risk those purchases by making doing business with Russia more costly and complicated.The Financial Times reported on Thursday that Prime Minister Boris Johnson of Britain was pushing hard for Russia to be removed from SWIFT, while Chancellor Olaf Scholz of Germany said such a move should not be included in a European Union sanctions package.Mr. Biden made the case on Thursday that the sanctions the United States imposed on Russian financial institutions would be as consequential as excising Russia from SWIFT. He said kicking Russia off the platform remains “an option” but that most of Europe opposes such a move for now.“It is always an option,” Mr. Biden said. “But right now, that’s not the position that the rest of Europe wishes to take.”The United States and Europe disagreed on whether to oust a country from SWIFT before, most recently in 2018, when the Trump administration wanted to cut Iran’s access. Ultimately, SWIFT cut ties to Iranian banks out of fear of being in violation of sanctions against that country.Still, sanctions experts said that SWIFT was often overhyped as a tool and that cutting access could actually backfire by forcing Russia to find alternate ways to participate in the global economy, including forging stronger ties with China or developing a digital currency.Russia’s Attack on Ukraine and the Global EconomyCard 1 of 6A rising concern. More

Federal Reserve officials are turning a wary eye to Russia’s invasion of Ukraine, though several have signaled in recent days that geopolitical tensions are unlikely to keep them from pulling back their support for the U.S. economy when the job market is booming and prices are climbing rapidly.Stock indexes are swooning, and the prices of key commodities — including oil and gas — have risen sharply and could continue to rise as Russia, a major producer, responds to American and European sanctions.That makes the invasion a complicated risk for the Fed: On one hand, its fallout is likely to further push up price inflation, which is already running at its fastest pace in 40 years. On the other, it could weigh on growth if stock prices continue to plummet and nervous consumers in Europe and the United States pull back from spending.The magnitude of the potential economic hit is far from certain, and for now, central bank officials have signaled that they will remain on track to raise interest rates from near zero in a series of increases starting next month, a policy path that will make borrowing money more expensive and cool down the economy.Loretta Mester, president of the Federal Reserve Bank of Cleveland, said during a speech on Thursday that she still expected it “will be appropriate to move the funds rate up in March and follow with further increases in the coming months.”But she noted that the invasion could inform how quickly the Fed moved over a longer time frame.“The implications of the unfolding situation in Ukraine for the medium-run economic outlook in the U.S. will also be a consideration in determining the appropriate pace at which to remove accommodation,” Ms. Mester said.Her comments were in line with those that many of her colleagues have made this week, including on Thursday after the invasion: Central bankers are monitoring the situation, but with inflation rapid and likely to head higher yet, they are not preparing to cancel their plans to pull back economic support.“I see the geopolitical situation, unless it would deteriorate substantially, as part of the larger uncertainty that we face in the United States and our U.S. economy,” Mary C. Daly, president of the Federal Reserve Bank of San Francisco, said Wednesday at an event hosted by the Los Angeles World Affairs Council. “We’ll have to navigate that as we go forward.”But Ms. Daly said she did not “see anything right now” that would disrupt the Fed’s plan to lift interest rates.Thomas Barkin, president of the Federal Reserve Bank of Richmond, said during an appearance Thursday that “time will tell” if the policy path needed to adjust. Raphael Bostic, president of the Federal Reserve Bank of Atlanta, said during a separate speech on Thursday that it was not his baseline expectation that the Ukraine conflict would affect the timing of the central bank’s first rate increase.Even if it is not enough to shake the Fed from its course, some analysts are warning that the fallout of the conflict could be meaningful.“Normally geopolitical crises ultimately turn out to be a fade for financial markets and a buying opportunity for investors willing to look past the headlines,” Krishna Guha at Evercore ISI wrote in a research note Thursday morning. “We are very wary of taking that line today.”Mr. Guha noted that the invasion could disrupt the post-Cold War world order and warned that the jump in energy prices and fallout from sanctions “will complicate the ability of central banks on both sides of the Atlantic to engineer a soft landing from the pandemic inflation surge.”Economists have been warning that a “soft landing” — in which central banks guide the economy onto a sustainable path without causing a recession — might be difficult to achieve when prices have taken off and monetary policies across much of Europe and North America may need to readjust substantially.“The shock of war adds to the enormous challenges facing central banks worldwide,” Isabel Schnabel, an executive board member at the European Central Bank, said during a Bank of England event on Thursday. She added that policymakers were monitoring the situation in Ukraine “very closely.”Inflation is high around much of the world, and though it is slightly less pronounced in Europe, and E.C.B. policymakers are reacting more slowly to it than some of their global counterparts, recent high readings there have prompted some officials to edge toward policy changes.In America, the Fed has sometimes reacted to global problems by cutting borrowing costs, making money cheaper and easier to obtain, rather than by lifting interest rates and making credit conditions tighter. But economists said this time was likely to be different.Russia’s Attack on Ukraine and the Global EconomyCard 1 of 6A rising concern. More

Europe faces a new refugee crisis, and harsh economic penalties to punish Russia are expected to reverberate worldwide.WASHINGTON — Much of the world woke up on Thursday to the specter of an all-out war in Europe after President Vladimir V. Putin of Russia ordered his troops to invade Ukraine. That left millions of people — in Ukraine and Eastern Europe, but also in the United States and elsewhere — wondering how the conflict would affect their lives.At least 40 Ukrainian solders were reported killed in the hours after the invasion, with estimates of tens of thousands of deaths over the course of the conflict. But beyond the anticipated bloodshed, economic penalties to punish Russia will reverberate worldwide.Rising energy costs and potentially slowing supply chains will take their toll on consumers. Russian cyberattacks could cripple electronic infrastructure. A new refugee crisis will require international assistance. And an era of relative calm in the West that has pervaded since the end of the Cold War might be coming to a close.Here is what might happen next on the military, economic and diplomatic fronts.More military forces head to NATO’s eastern borders.Many of the U.S. troops who arrived in Poland this month have been working with Polish forces to set up processing centers to help people fleeing Ukraine.Czarek Sokolowski/Associated PressNATO announced on Thursday that it was sending reinforcements to its eastern flank, joining some 6,500 U.S. troops the Pentagon has already dispatched to Eastern Europe and the Baltics.“We are deploying additional defensive land and air forces to the eastern part of the alliance, as well as additional maritime assets,” NATO said in a statement. “We have increased the readiness of our forces to respond to all contingencies.”The Pentagon is also repositioning about 1,000 troops in Europe. About 800 U.S. troops are moving to the Baltics from Italy; 20 Apache helicopters are heading to the Baltics from Germany, and 12 Apaches are going to Poland from Greece. Eight F-35 strike fighters are heading to Lithuania, Estonia and Romania from Germany, the Pentagon said.In addition, U.S. Army troops, including those from the 82nd and 101st Airborne divisions, are preparing to move closer to Poland’s border with Ukraine to help process people fleeing the country, an Army spokesman said on Thursday.Many of the 5,500 troops from the 18th Airborne Corps who arrived in Poland this month have been working with the State Department and Polish forces to set up three processing centers near the border to help deal with tens of thousands of people, including Americans, who are expected to flee Ukraine.In Jasionka, Poland, an indoor arena has been outfitted with bunk beds and supplies for up to 500 people; U.S. officials say that capacity could be quickly expanded. In Austria, Chancellor Karl Nehammer said on Wednesday that he was prepared to accept refugees. The State Department and the U.S. Agency for International Development are funding relief organizations that are currently providing food, water, shelter and emergency health care to people in the region who have fled to escape the violence.In the days to come, the C.I.A. will assess what kind of assistance it can provide to Ukraine. If a Ukrainian resistance develops in parts of the country that Russia seeks to control, the agency could secretly supply partisan forces with intelligence and, potentially, armaments.“We need to support the resistance to the invasion and the occupation in all ways possible,” said Mick Mulroy, a former C.I.A. paramilitary officer and senior Pentagon official in the Trump administration. “Our special operations and intelligence assets with an extensive knowledge base from 20 years of fighting insurgencies should be put to immediate use.”‘Severe’ sanctions from the U.S. and Europe.The Treasury Department is likely to put one or more Russian state-owned banks on the agency’s list for the harshest sanctions.Natalia Kolesnikova/Agence France-Presse — Getty ImagesPresident Biden on Thursday plans to announce “severe sanctions” against Russia to try to deter Moscow from carrying out further violence in Ukraine and to punish it for its actions, U.S. officials said.The next set of economic sanctions is expected to be much harsher than what U.S. officials had described as a first tranche that was imposed on Monday and Tuesday. Mr. Biden is likely to order the Treasury Department to put one or more large Russian state-owned banks on the agency’s list for the harshest sanctions, known as the S.D.N. list. That would cut off the banks from commerce and exchanges with much of the world and affect many other Russian business operations.The Biden administration said on Tuesday that it was imposing that kind of sanctions on two banks, VEB and PSB, but those are policy banks with no retail operations in Russia.Administration officials have studied how sanctions would affect each of the big banks, including Sberbank and VTB, Russia’s two largest banks. Sberbank has about a third of the assets in the country’s banking sector, and VTB has more than 15 percent. Some experts are skeptical that the administration would put those two banks on the S.D.N. list for fear of the consequences for the Russian and global economies. For now, U.S. officials are not ready to cut off all Russian banks from Swift, the important Belgian money transfer system used by more than 11,000 financial institutions worldwide.The Treasury Department has other sanctions lists that would impose costs while inflicting less widespread suffering. For example, it could put a bank on a list that prevents it from doing any transactions involving dollars. Many international commercial transactions are done in U.S. dollars, the currency that underpins the global economy.The Treasury Department is also expected to put more Russian officials, businesspeople and companies on the sanctions lists.By Thursday afternoon in Russia, the nation’s stock market had fallen nearly 40 percent.The Commerce Department has been making plans to restrict the export of certain American technologies to Russia, a tactic that the Trump administration used to hobble Huawei, the Chinese telecommunications company. The controls would damage the supply chain for some Russian sectors. U.S. officials said their targets included the defense industry and the oil and gas industry.European officials are expected to announce sanctions similar to many of the ones planned by the United States, as they did this week. However, they have been more wary of imposing the harshest sanctions because of the continent’s robust trade with Russia.Although Mr. Biden has said he will contemplate any possible sanctions, U.S. officials for now do not plan big disruptions to Russia’s energy exports, which are the pillar of the country’s economy. Europe relies on the products, and surging oil prices worldwide would cause greater inflation and more problems for politicians. However, Germany announces this week that it would not certify Nord Stream 2, a new natural gas pipeline that connects Russia and Western Europe. On Wednesday Mr. Biden announced sanctions on a subsidiary of Gazprom, the large Russian energy company, which built the pipeline and had planned to operate it.Understand Russia’s Attack on UkraineCard 1 of 7What is at the root of this invasion? More

The move by Tefere Gebre, the No. 3 official at the A.F.L.-C.I.O., highlights what many labor and environmental officials say is a need to cooperate.Signaling the growing importance of ties between labor and environmental organizers on climate change, the A.F.L.-C.I.O.’s third-ranking official has announced that he was leaving to join Greenpeace USA.The official, Tefere Gebre, the labor federation’s executive vice president, will become chief program officer for the environmental group on Tuesday. He will oversee all of Greenpeace USA’s campaigns, communications, direct action and organizing and report to the group’s co-executive directors.“I’m not leaving the workers’ movement — I’m bringing workers to the environmental movement,” Mr. Gebre said in an interview.Labor and environmental groups have forged alliances to reduce carbon emissions while providing a safety net for workers whose livelihoods are threatened by the shift and ensuring that green jobs will pay well. But these coalition-building efforts have occasionally hit snags that have hobbled climate legislation like President Biden’s Build Back Better bill, which is stalled in the Senate.Mr. Gebre will continue those efforts, while taking a leading role on other issues related to environmental justice, like elevating the focus on people of color affected by pollution.“I care about little kids in the 110 corridor in Los Angeles without a vote of their own, who wake up with asthma,” he said, referring to the area of South Los Angeles along Interstate 110. “They have nothing to do with polluting the environment, but they pay the price for it. We have to make it a movement for them.”An independent organization affiliated with the international Greenpeace network, Greenpeace USA employs about 150 people with an annual budget of $50 million to $60 million, largely from the organization’s three million members.Among the group’s prominent campaigns, said Annie Leonard, the co-executive director who helped recruit Mr. Gebre, are one focused on democracy, such as protecting the right to protest amid a flurry of bills that could threaten it, and another focused on protecting oceans. Mr. Gebre will oversee all of that work.At the A.F.L.-C.I.O., Mr. Gebre worked extensively on community and civil rights issues and was a key liaison to environmental groups, but he said he had often become frustrated by the lack of enthusiasm of powerful union presidents.Internally, he said, he argued that the looming migration of hundreds of millions of people because of climate change could lead to xenophobia, right-wing populism and increasing authoritarianism and that climate was therefore a top priority for the labor movement.“Our movement will never grow under authoritarianism,” he said, adding, “Everyone shook their head, but there was no action.”Mr. Gebre, who was born in Ethiopia, came to the United States as a teenager after escaping to a refugee camp in Sudan in 1983. He rose to become the executive director of the Orange County Labor Federation in California, and has been executive vice president of the A.F.L.-C.I.O. since 2013.As a top A.F.L.-C.I.O. official, he often clashed with members of the inner circle of Richard Trumka, the longtime president, who died in August. Mr. Gebre said he believed that the federation focused too much on electoral and legislative politics and not enough on movement-building and organizing, and that the labor movement was underinvesting in key industries like technology.Officials including Liz Shuler, the current president, have said that the choice between organizing versus political objectives like passing pro-labor legislation is a false one, and that the federation needs to succeed at both.“We are incredibly grateful for Tefere’s service and leadership as executive vice president,” Ms. Shuler said in a statement. “He understands that worker rights and climate justice can only be achieved together, and we will work closely with him in his new role.” More

Jobless claims for the week ended Feb. 19 totaled 232,000, slightly less than expected.
Continuing claims hit their lowest level in nearly 52 years.
GDP increased at a 7% annualized pace in the fourth quarter, closing out a year with the strongest growth since 1984.

Weekly jobless claims came in slightly less than expected last week and economic growth to end 2021 was slightly better than originally reported, according to government data released Thursday.
Initial filings for unemployment insurance totaled 232,000 for the week ended Feb. 19, the Labor Department said. That was a touch below the 235,000 Dow Jones estimate and down 17,000 from the previous week.

A separate report showed that gross domestic product, a sum of all the goods and services produced in the U.S. economy, increased at a 7% annualized rate during the fourth quarter, according to the Commerce Department.
On the jobs side, continuing claims, which run a week behind the headline number, totaled 1.48 million, a decline of 112,000 from the previous week and good for the lowest total since March 14, 1970.

The total of those receiving benefits through all government programs fell by just over 30,000 to 2.03 million, according to data through Feb. 5. That level has continued to fall as Covid-19 pandemic-associated jobless aid programs have expired.
Despite the improved jobs picture, total employment level remains about 1.7 million below where it was in February 2020, just before the pandemic. The unemployment rate has fallen from a crisis peak of 14.7% to 4%.
On the broader economic side, the slight upward revision of GDP from the initial reading of 6.9% was in line with market estimates. That brought full-year growth to 5.7%, the fastest pace since 1984 that was driven by a strong inventory rebuild in the second half of the year.
The change higher came due to increased contributions from fixed investment and state and local government spending. Downward revisions to consumer spending and exports offset some of the gains.

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The price of oil jumped to more than $105 a barrel for the first time since 2014, European natural gas futures soared 31 percent, and global stock indexes plummeted on Thursday as Russia launched an invasion of Ukraine, extending market turmoil in the United States and Europe that had been driven by fears of a full-scale attack.Wall Street was poised for a slide when trading begins, with futures pointing to a 2.5 percent drop in the S&P 500.The devastation in financial and commodity markets from Russia’s overnight attack was immediate and broad, starting in Asia’s markets, where the Hang Seng in Hong Kong lost 3.2 percent.By midday in Europe, Germany’s DAX index had fallen nearly 5 percent, and the broader Stoxx Europe 600 was 3.8 percent lower.The price of Brent crude oil, the global benchmark, rose more than 8 percent to $105.32 a barrel. West Texas Intermediate crude also jumped 8 percent, moving above $100 a barrel for the first time in over seven years.Dutch front-month gas futures, a European benchmark for natural gas, jumped 31 percent when trading started, to about 116.5 euros a megawatt-hour. Russia provides more than a third of the European Union’s gas, with some of it running through pipelines in Ukraine.With more severe financial sections against Russia in the works, global bank stocks are falling faster than the markets overall. Shares of European banks with the biggest Russian operations are plunging: Raiffeisen of Austria is down 17 percent, while UniCredit of Italy and Société Générale of France have both lost 11 percent of their value in early trading.In Moscow, stocks collapsed and the ruble fell to a record low against the dollar. The MOEX Russia equities index lost nearly a third of its value. The Russian stock exchange resumed trading at 10 a.m. local time after suspending the session earlier in the day.Global markets had broadly been souring in recent days. The Stoxx Europe 600 reversed early gains to fall 0.3 percent on Wednesday. The S&P 500 notched its fourth consecutive day of losses, losing 1.8 percent and sliding deeper into correction territory — a drop of more than 10 percent from a recent high. It is now 11.9 percent off its Jan. 3 peak.The news from Ukraine turned increasingly dire on Thursday. The Russian president, Vladimir V. Putin, ordered the start of a “special military operation,” and Ukraine’s government confirmed that several cities were under attack. Cyberattacks also knocked out government institutions in Ukraine. The Ukraine Crisis’s Effect on the Global EconomyCard 1 of 6A rising concern. More