Global Reach is becoming Corpay Cross Border, part of FLEETCOR, to broaden our client offering. Please contact our team or visit to find out more.

‘New Wave of Western Sanctions’

Today's news headlines: 

‘Russia hikes rates to highest since 2003, adds capital controls’. To shield the Russian economy from Western sanctions, the Bank of Russia raised its main interest rate from 9.5% to 20.0% and introduced capital controls this morning. The central bank also banned brokers selling securities owned by foreigners on the Moscow Exchange. The decision follows discussions between the US and Europe regarding blocking up to $640 billion of the currency reserves Russia has built up to protect its economy. (Bloomberg)

‘European gas jumps 36% as sanctions spur energy shortage fears’. European natural gas futures surged 36% this morning as concerns of Russian retaliation to fresh Western sanctions mounted. With Europe reliant on Russia for a third of its gas consumption, and key pipelines flowing through Ukraine, disruptions to gas flow caused by the conflict could affect the continent’s ability to meet demand over winter. (Bloomberg)


Equity futures slid across the board this morning while sovereign bonds and oil prices rallied following further uncertainty caused by new Western sanctions against Russia. Gold prices rose, and the US Dollar remained near multi-year highs on a trade-weighted basis.


Australian Inflation YoY (Feb): 3.5% (prev. 3.0%)
US Wholesale Inventories MoM (Jan): 1:30PM
US MNI Chicago Purchasing Managers’ Index (Feb): 2:45PM

Interbank rates:

GBP/USD – 1.3365
GBP/EUR – 1.1954
EUR/USD – 1.1180
USD/CAD – 1.2771

The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.