DAILY DOSE: March 2, 2022

Posted on 03/02/2022

1. U.S. President Joe Biden gave his State of the Union address. President Biden pumped up his American Rescue Plan and also committed to getting prices back down as U.S. inflation reached a 40-year high and gasoline prices hit their highest level in eight years. When Biden entered office, he immediately killed the Keystone pipeline.

“I get it. That’s why my top priority is getting prices under control,” U.S. President Biden said.

Biden announced that his administration is banning Russian planes from U.S. airspace in retaliation for Moscow’s invasion of Ukraine. Biden also talked about the economic sanctions his government increased on Russia.

“Putin may circle Kyiv with tanks, but he’ll never gain the hearts and souls of the Iranian people,” Biden said in his State of the Union speech. The gaffe was widely circulated in social media. Critics of Biden have harped on his mental faculties as Biden (age 79) is the oldest U.S. president in history and by watching presidential news footage and interviews, the U.S. president often mixes up words.

2. FRANCE SEEKS ECONOMIC WAR ON RUSSIA, PRESSURING OLIGARCHS. On FranceInfo TV on March 1, 2022, French Finance Minister Bruno Le Maire declares (via translation from French) “a total economic war” on Russia to “cause the collapse of the Russian economy.” However, since the airing of the interview, Le Maire has tried to backtrack on the language he used, stating that he misspoke. The French treasury is carefully going through all financial assets, including real estate, yachts, and luxury cars owned by Russians mentioned on the sanctions lists linked to the Ukraine war, according to Minister Bruno Le Maire.

3. RUSSIAN FORCES SURROUND KEY CITIES. Russian forces have surrounded key cities of capital Kyiv, Kharkiv, and other smaller towns.

Caption: Kharkiv building burning (March 2022).

4. The State Bank of India (SBI) has decided not to process any new transactions involving Russian entities that are subject to international sanctions imposed on Russia following its invasion of Ukraine. State Bank of India has a joint venture with Canara Bank in Moscow called the Commercial Indo Bank LLC. While SBI has 60% in it, Canara Bank has 40% stake.

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