Marketplace

The invasion of Ukraine and economic sanctions on Russia caused the ruble to tank on Monday, and everyday Russians are already starting to feel the pinch. The Russian Central Bank had already grown a rainy day fund of more than $600 billion in securities and reserves in foreign countries as a hedge against future sanctions. But the U.S. and its allies have frozen Russian assets and made them near-impossible to access. Also on today’s program, a look at why Russia’s valuable energy sector is evading sanctions, zooming in on Ukraine’s role in the global economy and explaining SWIFT, the global interbank messaging service.

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With Russia’s invasion of Ukraine came a new fleet of American sanctions against the oligarchs close to President Vladimir Putin. Cutting these barons of industry off from their billions involves untangling the web of shell companies and legal tricks they use to hide their wealth. Today, we look at the forensic accountants on the frontlines of U.S. sanctions. Plus, a look at Putin’s vast currency reserves and the quiet dread gripping New York City’s Little Ukraine.

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We’ve talked quite a bit the past couple of days about the Ukraine conflict, sanctions against Russia and their impacts on the global economy. But it’s been six months since President Joe Biden withdrew troops from Afghanistan. American sanctions on the Taliban government are wreaking havoc, international aid has dried up and food insecurity is growing. Today, we check in on the state of humanitarian and economic crises currently playing out there. Also on the program: how home improvement stores are benefitting from the aging housing stock, and why more economic data doesn’t necessarily mean better economic forecasts.

Today, President Joe Biden announced that the U.S. would join the European Union in sanctioning Russia for its military actions in Ukraine. The restrictions are targeted but could push up grain prices and are stirring anxiety about global energy prices. Economic blowback, along with COVID-19, inflation and supply chain issues, amount to a “central banker’s ultimate nightmare.” We’ll explain. Plus: Why some apparel wholesalers are waiting to sell their inventory and how rising prices are affecting the service sector.

The United States has threatened Russia with “swift” and “severe” economic sanctions if the country further invades Ukraine. The unprecedented sanctions would target Russian financial institutions and potentially affect any company or individual with links to the Kremlin. Today, we’re joined by Marketplace’s London bureau chief, Stephen Beard, to hear about the global economic ripple effects — from inflation to an energy crisis — that trade restrictions on Russia could have. We’ll also look at the precarious existence of pandemic-era museums and hear how poachers are pushing some West Texas cactuses to extinction.

Bargain hunters be warned: It’s rough out there. Consumers are sensitive to inflation and searching for deals right now. But supply chain issues are producing scarcity and a willingness to pay a little more. Today, we look at the deals consumers can expect as companies aim to benefit from rising prices and increased retail sales. We also parse corporate performance metrics and break down the week’s biggest economic news with our panel of experts.

The economic gap between Americans with college degrees and those without has been growing for decades. That’s been driven in part by “degree inflation,” which puts millions with military, community college or on-the-job experience at a disadvantage, even in a tight labor market. Today, we hear from the nonprofits, companies and individuals trying to shrink that gap and prioritize skills over formal education. Plus: Permits point to a much-needed bump in home construction, the economy appears to be coping with COVID and a Brooklyn-based toymaker envisions the new Lego.

January’s retail numbers show that Americans are buying a lot. They’re purchasing furniture to make themselves more comfortable at home and are switching up that business-casual wardrobe for something more “business comfortable.” Even when accounting for inflation, there’s a boom in spending and demand — something the Federal Reserve is likely making note of as it eyes interest rate hikes. We’ll also examine the tiff over U.S.-China flights and why more students aren’t filling out the federal financial aid application.

This morning’s inflation numbers tell a story: Prices are going up faster than they have in 40 years, cutting into profits. But Tyson Foods saw its profits soar by double digits last quarter. Aren’t companies like Tyson feeling supply chain disruptions and inflation the same as the folks who are buying meat at the grocery store? Plus: The holdover law from the 1970s stopping universal access to fentanyl tests and a $5 billion plan to get electric vehicles road trip-ready.