Five Things You Need to Know to Start Your Day

Sanctions underwhelm, commodities cool, and inflation risks remain high.

Initial sanctions against Russia announced by the U.S. and its allies yesterday are seen as less severe than expected. While they have been described as a “first tranche” of measures, they fall well short of what some analysts were expecting. In Europe, the most significant move came with the halting of certification of the Nord Stream 2 gas pipeline. President Vladimir Putin said he remained open to diplomatic solutions as long as Russian interests are guaranteed. Ukraine urged its citizens to leave Russia and the country moved toward declaring a nationwide state of emergency. Today is Defender of the Fatherland Day in Russia, a national holiday.