Russian Banks And Businesses Are Feeling Pressure From Sanctions

Russian Banks And Businesses Are Feeling Pressure From Sanctions

Over the weekend, President Vladimir Putin put Russia's nuclear forces on high alert as Ukraine sees increased military support from the North Atlantic Treaty Organization (NATO). Russia is also experiencing increased sanctions as a growing number of countries are blocking Russian banks and businesses from using the Society for Worldwide Interbank Financial Telecommunications (SWIFT), which makes it difficult for Russian companies to do business with foreign entities. However, according to Briefing. com, companies that deal in energy are not being removed. Russian and Ukrainian officials are meeting at the Belarus border today to start peace talks. Ukrainian President Volodymyr Zelensky said the next 24 hours would be crucial for the future of Ukraine. President Zelensky is looking for an immediate ceasefire and withdrawal of troops, but it's difficult to project what might happen. Crude oil futures were up big overnight in response to the developments between Russia and Ukraine, jumping more than 9%. However, they were well off their highs before the market open, trading 4. 18% higher. As expected, the turmoil has heightened investor concern; the Cboe Market Volatility Index (VIX) rose nearly 18% before the open. The S&P 500 futures were down about 3% overnight but had cut