Opening Bell, February 28

Welcome back, readers. Today we're going over the turmoil in Russian assets including the currency after new Western sanctions, as well as the surge in crypto donations for troops in Ukraine.

Let's dive in.?

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1. Russia is racing to contain the damage to its economy from tough Western sanctions.?The ruble has collapsed by as much as 40% to a record low, prompting the central bank to?essentially double interest rates today and buy gold, after Western leaders came down hard on Moscow at the weekend in retaliation for its war on Ukraine.

On Sunday, Russian President Vladimir Putin upped the ante by putting his country's nuclear forces on high alert, saying NATO countries had made "aggressive statements" while the rest of the world condemned his invasion of Ukraine.

Western powers barred a number of major Russian banks from the SWIFT international payments system and, crucially, froze the central bank's foreign currency holdings, meaning it cannot deploy its massive $630-billion war chest to circumvent sanctions.

By Monday, the ruble had crashed, along with London-listed shares of prominent Russian companies, including its biggest bank, Sberbank, which fell by as much as 70%, while Moscow's stock markets remained closed. Crude oil and natural gas prices have soared in response, as investors prepare for potential disruption to supplies.?

And ordinary Russians were?standing in line for hours?to withdraw money from ATMs, running from one bank to the next in the hope of getting hold of some cold, hard cash. "I've stood in lines for an hour, but foreign currency is gone everywhere, just rubles," Vladimir, a 28-year-old programmer, told Bloomberg.

2. Stocks are tumbling as investors react to the chaos on Russian markets.?Tough new sanctions have sent the ruble plunging, while oil and gold have soared.?Here's what's happening at the moment.

3. The strategist who wrote the book on geopolitical alpha broke down two key developments to watch amid Russia's invasion.?As investors rush for safe-haven assets, some might fare better than others. He recommended?these three flight-to-safety trades investors can make to hedge against the ongoing conflict.

4. A 20-year Wall Street veteran says that shipping and travel stocks are poised for gains.??Even as the world grapples with supply chain snags and other issues,?he explained why this is the best time to buy into those sectors.

5. As European wheat prices soar, you may feel the effects on your wallet.?Ukraine and Russia together account for nearly a third of the world's wheat market, and now consumers will have to pay a hefty price for it.?Here's how the overseas conflict is hitting food supply chains.?

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This newsletter was curated by Phil Rosen.

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