The costs rise for Putin as Russia sanctions bite: Weekend Reads

Russians are starting to feel the impact of the invasion. [View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( The Russian economy is in a tailspin as international sanctions imposed to [punish]( President Vladimir Putin for his invasion of Ukraine take hold. The U.S. [imposed]( a ban on Russia’s oil imports, and along with other allies moved to curb its trade privileges, as Putin’s forces stepped up air strikes against cities in Ukraine. As companies ranging from McDonald’s and Coca-Cola to Apple and Microsoft curtailed their operations in the country, billionaires known as oligarchs had their assets abroad [frozen]( and property, including yachts, seized. Putin announced plans to send thousands of local fighters from the Middle East to [bolster]( his forces in Ukraine, while about 2.5 million Ukrainians have fled the country in what’s developing into Europe’s biggest wave of migration since World War II. While the Russian president cited ‘positive’ developments in peace talks with Ukrainian officials, so far they have [made]( no progress. Dig into our in-depth coverage of the Russian invasion of Ukraine and other top political stories of the week. — [Karl Maier]( An explosion in an apartment building in Mariupol after a Russian tank fires on March 11. Photographer: Evgeniy Maloletka/AP Photo Sign up [here]( for the Special Daily Brief: Russia’s Invasion of Ukraine and click [here]( for this week’s most compelling political images. Putin’s Endgame Starts to Look Like Reducing Ukraine to Rubble Artillery volleys slamming into apartment blocks, the firing on evacuation corridors — the game plan of Russia’s military [onslaught]( against Ukraine has played out before in Chechnya, Georgia, and Syria. As [Marc Champion]( reports, whatever the location, the ending has been the same: cities reduced to rubble. A New World Energy Order Is Emerging From Putin’s War With the war in its third week, [Alan Crawford]( and [Grant Smith]( look at how the geopolitical shifts underway are [inflaming]( old grievances yet also opening the door to fresh alliances as blocs start to align in what looks like a new world energy order. In Kyiv’s Middle-Class Suburbs, People Are Trapped and Desperate A cluster of towns built among fir and oak woodlands to the northwest of the Ukrainian capital, Kyiv, has long [attracted]( the middle class. Now, [Aliaksandr Kudrytski]( and [Alan Crawford]( write, they’re places of utter desperation. A satellite photo appears to show a Russian military convoy outside Kyiv. Source” Maxar Technologies War Accelerates Russia’s Shift Toward an Isolated Internet The Russian internet began shrinking rapidly when the country’s troops poured into Ukraine. [Jillian Deutsch]( and [Ivan Levingston]( write that the [shutdowns]( — some imposed by Moscow, others by foreign-based corporations — are unlikely to ease soon. Putin’s War on Ukraine Shows Xi the Dangers of Attacking Taiwan Before Russia invaded Ukraine, U.S. officials warned China would seek insights for a potential [attack]( on Taiwan. Putin’s war looks more like a deterrent to Xi Jinping than a road map. - Xi is trying to stop China from being [dragged]( into the center of another struggle for global supremacy reminiscent of the Cold War. China Markets in Turmoil as Russia Ties Add to List of Risks Global investors are losing faith in China’s ability to [navigate](a complex maze of challenges. [Sofia Horta e Costa]( writes that the war raises the specter of harsh sanctions being applied to Chinese firms if they proceed with plans to acquire stakes in Russian energy and materials producers. War Exposes Europe’s Failure to Heed Warnings Over Russian Gas The European Union still relies on fossil fuels even as it bids to lead the global fight against climate change. But as [Ewa Krukowska]( reports, it failed to [heed]( warnings provided by previous supply cuts by Russia, and renewables are not yet plentiful enough to make the switch. Ukraine Crisis Highlights How Europe Treats Refugees Differently While most people fleeing Ukraine are met with compassion, people of color have found themselves repeatedly pushed back. [Olivia Konotey-Ahulu]( explains that so-called third country nationals — who’d been studying or working in Ukraine — face [uncertainty]( about finding refuge in Europe. - As the tide of people seeking refuge swells, cracks in Europe’s [solidarity]( are beginning to show. A Nigerian student cries after Ukrainian police refused to let him board a train to Poland after six days of being turned away in Lviv on Feb. 28. Photographer: Ethan Swope/Bloomberg Biden Gets New Friend in Asia to Take on China, North Korea Washington may have a new friend in Asia, with South Korea’s president-elect preparing a foreign policy [reboot]( that more closely aligns with Joe Biden’s views of China. [Jeong-Ho Lee]( outlines why Conservative Yoon Suk-yeol’s election win is well-timed for the U.S. president. Best of Bloomberg Opinion This Week - [War Crimes Charges Wouldn’t Scare Putin: Stephen L. Carter]( - [Will Foreign Fighters Help, or Hinder, Ukraine?: Ruth Pollard]( - [From ‘Pax Europa’ to Confronting Costs of War: Lionel Laurent]( - [This Is No Century for Optimists. Can It Change?: John Authers]( - [Putin’s Goodbye Will Be a Long One: Clara Ferreira Marques]( India Blames ‘Accident’ After Missile Fired Into Pakistan The Indian Defense Ministry said a “technical malfunction” led to the accidental [firing]( of a missile that landed in Pakistan this week. As [Muneeza Naqvi](and [Sudhi Ranjan Sen]( report, the incident is unusual because New Delhi test fires missiles in the Bay of Bengal and not on its western borders. Rich Exiles Put Dubai in Spotlight as World Chases Russian Money Dubai’s role as a global financial hub also has a darker side, with the emirate becoming a sanctuary for wealthy exiles facing allegations of wrongdoing. [Ben Bartenstein]( outlines how that’s come under increasing scrutiny as international allies [sanction]( some Russian assets after the invasion of Ukraine. Venezuela Tries Capitalism and Its Migrants Start Coming Home About 6 million people fled Venezuela in the greatest humanitarian crisis in modern history in the Western Hemisphere, but now tens of thousands are returning home. As [Ezra Fieser](, [Nicolle Yapur]( and [Fabiola Zerpa]( report, a key reason is socialist leader Nicolas Maduro’s free-market reforms are beginning to fuel growth. - The government in Caracas is prepared to restart talks with opposition politicians as Maduro tries to [capitalize]( on an opening with the U.S. to improve relations. Visitors at a plaza in Caracas at dusk on Sunday Feb. 20. Photographer: Gaby Oraa/Bloomberg Explainers you can use - Without Nuclear Deal, How Close Is Iran to a Bomb?Â]( - [The Global Task Force That’s Going After Dirty Money]( - [How Russia Pushed Finland and Sweden Toward NATO]( - [World Economy Can Avoid 1970s Rerun, But Not Without Some Hurt]( - [Putin’s War Hobbles Work on Covid Pill in Lab Near Front Lines]( Commodities Giant Latin America is Poised for a Green Revolution Gabriel Boric, Chile’s youngest ever president, is in the vanguard of a new [awareness]( across Latin America of climate change and its link to inequality. As [Andrew Rosati]( and [James Attwood]( report, the nascent green wave has deep implications for a region that is a resources superpower. And finally … Companies are tapping ex-military and law enforcement professionals to help employees in Ukraine navigate congested roads and train stations to reach safety. [Mary Schlangenstein]( and [Ryan Beene]( explain how the secretive and often [dangerous]( work highlights the efforts by employers worldwide to get their people out of a war zone. Displaced Ukrainians seeking to leave the capital at the central train station in Kyiv, on Feb. 28. Photographer: Erin Trieb/Bloomberg Like Balance of Power? [Get unlimited access to Bloomberg.com](, where you'll find trusted, data-based journalism in 120 countries around the world and expert analysis from exclusive daily newsletters. You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( [Ads Powered By Liveintent]( | [Ad Choices]( Bloomberg L.P. 731 Lexington, New York, NY, 10022