After a run on its deposits following the failure of Silicon Valley Bank, American officials closed down the San Francisco-based First Republic bank. JPMorgan Chase, the largest bank in the world by market capitalization, agreed to acquire First Republic’s about $93 billion in deposits as well as the majority of its over $200 billion in assets. According to assets, First Republic is the second-largest American bank to go down.
A deal struck with Brussels on Friday will allow imports of agricultural products from Ukraine into Poland and three other EU members. The unilateral actions caused friction with other member nations, who claimed that Poland, Hungary, Slovakia, and Bulgaria had abandoned Kiev when it was most in need of support in its defense against Russian aggression. Accepting that a glut of grain in the countries has put a strain on their farmers, the European Commission will impose temporary limitations on a smaller range of items.
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According to oil sales data gathered by the Kyiv School of Economics, Russia’s revenue from oil exports decreased by about a third in the first quarter of this year, showing that western price caps were beginning to put pressure on the profitable trade for Moscow. According to the data analysis, western limitations are responsible for 75% of the decline in sales of Russian oil and oil-related products between January and March. The first full quarter following the G7 and EU’s introduction of price ceilings in December saw Russia’s revenue from crude and refined products reach $38.8 billion. The revenue for the final three months of 2022 was $54.5 billion.
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