Hey folks, welcome to this week's rundown of the top news.
[Russia] Aircraft owners are coming to grips with the loss of hundreds of Airbus SE and Boeing Co. jets that Russian carriers have effectively shielded from seizure behind a new incarnation of the Iron Curtain. With the window just about closed, foreign leasing firms have succeeded in repossessing only about two dozen of the more than 500 aircraft rented to Russian carriers, according to Dean Gerber, general counsel for Valkyrie BTO Aviation. The planes in limbo have a market value of about $10.3 billion, aviation analytics firm Ishka estimates.
Over60: Bloomberg
[Oil] President Joe Biden has banned imports of Russian oil and gas into the US as Washington steps up economic sanctions on Moscow over the invasion of Ukraine in an attempt to deprive it of revenue. The move was matched by a UK phase-out of Russian oil imports, but the EU did not follow suit and instead unveiled a plan to cut Russian gas imports by two-thirds within a year.
Over60: F.T.
[Economy] U.S. inflation rose 7.9% in February, as food and energy costs pushed prices to the highest in more than 40 years amid the escalating crisis in Ukraine. The February acceleration was the fastest pace since January 1982, back when the U.S. economy confronted the twin threat of higher inflation and reduced economic growth.
Over60: CNBC
[Meta] One week after placing a ban on Facebook in Russia, the country’s communications agency Roskomnadzor announced it will ban Instagram, too. While the Facebook ban cited “discrimination against Russian media,” this time, the government claims it’s happening because of a decision by parent company Meta directing moderators to allow posts calling for violence against Russian soldiers if they originate from certain countries, including Ukraine. The Instagram ban goes into effect on Monday.
Over60: The Verge