Russia’s invasion of Ukraine took yet another dramatic turn on March 4 as its forces attacked a nuclear power plant.
The assault caused a fire at the Zaporizhzhia nuclear plant — the largest in Europe — prompting condemnation from world leaders.
The fire was extinguished by Ukranian emergency services, but Russia troops are believed to now be in control of the facility.
Highlights
- Asian markets tumbled Friday and crude bounced as news that Europe’s biggest nuclear power plant was on fire after Russian shelling.
- The International Atomic Energy Agency warned of “severe damage” if the reactors were hit, while Ukrainian authorities said the situation was now secured.
- Tokyo and Hong Kong led losses across Asia while Sydney, Shanghai, Seoul, Singapore, Taipei, Manila and Wellington were also well down.
- Crude oil prices rebounded on Friday as traders stayed away from Russian crude on concern shipments will be disrupted by Western sanctions.
- Brent crude gained as high as $114.23 a barrel before trading little changed at $110.51 at midday in Riyadh. US benchmark WTI gained 0.5 percent to $108.17.
- The Spanish clothing design and manufacturing company MANGO has taken the decision to temporarily suspend its operations in Russia, closing its stores, online platform, and the delivery of goods to the country.
- The London Stock Exchange has suspended the trading of several Russian companies, including Sistema and Magnit.
- Australia’s foreign minister says 45 million Australian dollars ($33 million) have been frozen in an Australian financial institution under new sanctions in response to the Russian invasion of Ukraine. Foreign Minister Marise Payne on Friday declined to identify the institution or who owned the money.
- Deutsche Bank revealed it has been stress-testing its operations given that it has a big technology centre in Russia and that it was assured of its ability to run its everyday business globally.
- London aluminum prices were set on Friday for their biggest weekly gain on record.
- South Korea’s Hyundai Motor Co. said on Friday it has not decided when to resume operations at its assembly plant in St. Petersburg, Russia, citing ongoing issues with components delivery.
- Shipping and logistics group Maersk will sharply curtail its transport of goods to Belarus to comply with sanctions over Russia's invasion of Ukraine, it said on Friday.
- British supermarket group Sainsbury's has removed from sale all products that are 100% sourced from Russia. It will no longer sell two products – Russian Standard vodka and Karpayskiye black sunflower seeds. Sainsbury's also said it will re-name "Chicken Kiev" to "Chicken Kyiv".
- On Thursday, the Co-operative and Morrisons both de-listed Russian Standard vodka.
