U.S. President Joe Biden and Western allies impose a barrage of sanctions against the Kremlin and close associates, spooking markets with the S&P 500 sinking into correction territory. As part of the sanctions measures, Germany freezes the certification of the Nord Stream 2 pipeline but former Russian President Dmitry Medvedev warns of a “brave new world” of spiralling gas prices in Europe. The EU sanctions 351 Duma members and 27 other individuals or bodies suspected of undermining Ukrainian sovereignty. And in corporate news, Rio Tinto boasts its strongest balance sheet in 15 years amid surging global commodity prices.

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