The White House says President Biden will ask Congress to revoke “most favored nation” trade status for Russia. Russian leaders hit back, ordering an export ban on more than 200 products until the end of the year. A top Kremlin official said Russia may respond by seizing the assets of foreign companies and nationalizing their Russian operations. Economists believe Russia could see a 15% decline in its gross domestic product this year as a result of sanctions. Kremlin spokesperson Dmitry Peskov on Thursday accused the U.S. and its allies of waging an “economic war” on Russia.
Meanwhile, the World Bank’s chief economist is warning the Ukraine crisis will lead to soaring food and fuel prices that could trigger widespread hunger and social unrest, particularly in the Middle East and North Africa, which are highly dependent on imports of Russian and Ukrainian commodities like wheat and cooking oil.