Your Evening Briefing: Jamie Dimon Warns of an Economic ‘Hurricane’

The European Union is trying to complete a sixth sanctions package targeting Russia for its invasion of Ukraine, but the debate is ongoing as Hungary wants yet another change—this one involving lifting sanctions against a Russian religious figure close to Vladimir Putin. The measures, announced earlier this week, include a partial Russian oil ban and removing Russia’s biggest bank from the SWIFT international payments system. Meanwhile, Biden administration officials are divided over how much further the US can push sanctions without sparking global economic instability and fracturing trans-Atlantic unity. The EU is also working to coordinate a ban on providing the insurance services needed to ship Russian oil anywhere in the world, a move that could badly hurt Moscow’s ability to finance its war. In Ukraine, Russian troops have seized more than two-thirds of the city of Sievierodonetsk in Ukraine’s eastern Luhansk region. And new US-provided missile systems for Kyiv have triggered warnings from the Kremlin.

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