Good morning, Quartz readers!
Was this newsletter forwarded to you? Sign up here. Forward to the friend who likes to stay informed.
Here’s what you need to know
Russian forces reached Kyiv. There are tanks and missile strikes in Ukraine’s capital, and Russia’s military has also taken possession of Chernobyl. The refugee exodus has begun.
The global reaction intensified, up to a point. The US and UK announced new sanctions, with the EU following today, but China is not calling Russia’s actions in Ukraine an invasion. (See more below.)
Russia will no longer host Europe’s biggest soccer game. With the removal of the Champions League final from St Petersburg confirmed, other major events are likely to follow.
US regulators are reportedly investigating trades by Elon Musk and his brother. According to the Wall Street Journal, the Securities and Exchange Commission is looking into whether insider-trading rules were violated.
Coinbase profits surged. The crypto exchange’s fourth-quarter income quadrupled during a bitcoin trading frenzy.
The US government is trying to block a $13 billion health tech deal. The justice department filed a lawsuit to prevent a UnitedHealth subsidiary’s takeover of Change Healthcare, on antitrust grounds.
What to watch for
NATO leaders are meeting today to discuss the attack on Ukraine, and Western countries are expected to roll out additional sanctions in the coming days. In the meantime, the global response to Russia’s actions is changing by the hour:
🇨🇳 All eyes are on China, which signed a pact with Russia earlier this month opposing the US and its international alliances. Chinese leaders have so far declined to call the Ukraine invasion an “invasion,” and instead pointed blame at the US for “fanning the flame.”
🇮🇳 India has refrained from condemning the Ukraine invasion outright, as Russia is a major supplier of defense equipment. Meanwhile, nearly 20,000 Indian students are stranded in Ukraine.
🇧🇾 Belarusian leader Alexander Lukashenko, an ally of Putin, said his country would provide military support to Russia if needed.
Europe’s running out of energy options
Russia, which is the world’s number-three oil and gas producer and supplies 40% of Europe’s gas, will likely face restrictions on fossil fuel production and exports as a result of sanctions on its banks and pipelines.
The crisis is a double-edged sword for clean energy. Some European leaders are already citing it as a reason to accelerate the deployment of renewables and nuclear plants. Yet others are claiming that climate policy in the US and Europe has left them at Russia’s mercy, and that more domestic drilling is the answer.
About $10: Increase in barrel price due to the conflict in Ukraine
Another $10: Further increase by the end of this quarter if the situation escalates
50 days: Time it would take Russia to produce what’s in the US Strategic Petroleum Reserve
About 6 weeks: Time it would take Europe to run out of natural gas if its supply from Russia was cut off
Get up to speed on the Russia-Ukraine crisis
The conflict could and will have lasting repercussions. Here are some stories that add some valuable perspective:
- “Special operation.” Watch Putin’s televised announcement of the attack.
- Brace yourself. The world could see major airline disruptions.
- It gets even worse. The world could also see increased food inflation.
- For some, even worse than that. Lebanon could take a hit to food supply.
- Radical transparency. How Biden defeated Putin’s disinformation campaign.
- Radical humor. Ukraine’s government uses memes to hammer its message home.
Handpicked Quartz (on other topics)
🚀 Is NASA’s new moon rocket ready to take on Elon Musk?
🌴 A pandemic boom has made Miami the least affordable US city
🌍 What ancient DNA reveals about migration in Africa
🎁 The Indian banker who gifted shares worth $500,000 to his private staff
🚼 Black women giving birth in the US are 10 times more likely to die than women in Europe
🔮 Mukesh Ambani says India will have 30 green energy firms as big as Reliance in next two decades
Surprising discoveries
You may be pronouncing Kyiv wrong. Here’s a brief history—and guide—to the Ukrainian capital’s name.
April is the cruelest month. That was certainly true for the dinosaurs, whose extinction-causing asteroid touched down in spring, we now know.
Ever hear of a globular cluster? Us neither, but scientists think it’s where some weird, repetitious radio bursts in space are coming from.
Pets boost their owners’ brain power. We hope the cognitive incline is mutual.
The wedding industry in India is worth $50 billion. But that’s likely an underestimate. Find out why in this week’s episode of the Quartz Obsession podcast.
🥻 Listen on: Apple Podcasts | Spotify | Google | Stitcher
Our best wishes for a productive day. Send any news, comments, words you don’t know how to say, and other reasons to hate April to hi@qz.com. Get the most out of Quartz by downloading our iOS app and becoming a member. Today’s Daily Brief was brought to you by Hasit Shah, Courtney Vinopal, Tim McDonnell, Morgan Haefner, and Susan Howson.