Massive price spikes for food and energy sparked by Russia’s invasion of Ukraine will push over 40 million people into extreme poverty, the Center for Global Development (CGDEV) said on Friday, warning against export curbs and sanctions on Russian food production.

The Federal Reserve escalated its battle against the wave of price increases battering the US economy, raising the benchmark interest rate on Wednesday even as it acknowledged the risks posed by the war in Ukraine.

Rising costs for gasoline caused US retail sales to grow in February, according to government data released Wednesday, though the expansion was slightly below expectations.

Major US carriers lifted their revenue forecasts Tuesday as a faster-than-expected travel recovery from the latest Covid-19 wave mitigates the drag from higher jet fuel costs.

The Federal Reserve on Wednesday will close the door on its ultra-easy pandemic-era monetary policy and step up the fight against stubbornly high inflation with the first in what is likely to be a series of interest rate hikes this year.

Wild swings in asset prices following Russia’s invasion of Ukraine are prompting some investors to pare risk in their portfolios, fearing that the type of volatility seen in commodities in recent weeks could hit other markets.

US National Security Adviser Jake Sullivan, who is due to meet with China’s top diplomat Yang Jiechi in Rome on Monday, warned Beijing that it would “absolutely” face consequences if it helped Moscow evade sweeping sanctions over the war in Ukraine.

Surging prices for fuel, food and housing have sent US inflation to the highest in four decades, and the Russian invasion of Ukraine has made the situation worse, so the Federal Reserve is preparing to take action this week.

The United States and its allies moved Friday to end normal trade relations with Russia, as President Joe Biden vowed the West would make Vladimir Putin “pay the price” for his invasion of Ukraine.

US President Joe Biden has ordered the federal government to look into creating a digital dollar, a move with the potential to reshape how money is moved and used around the world.

The gusher of money the US government poured into family bank accounts during the coronavirus pandemic, credited with speeding the rebound from the health crisis, may now help limit the economic damage from Russia’s invasion of Ukraine.

Persistent high oil prices prompted by Russia’s invasion of Ukraine could cut a full percentage point off the growth off large oil-importing developing economies like China, Indonesia, South Africa and Turkey, a World Bank official said on Tuesday.

Coca-Cola and PepsiCo are suspending business in Russia, the soft drink giants announced Tuesday, as corporations and Western governments penalize Moscow for its invasion of Ukraine.

A jump in oil and auto imports in January combined with a sharp drop in exports caused the US trade gap to widen again in January, according to official data released Tuesday.

The World Bank on Monday approved an additional $489-million package in support for Ukraine, to be made available immediately and dubbed  “Financing of Recovery from Economic Emergency in Ukraine.”

The International Monetary Fund on Saturday said it expected to bring Ukraine’s request for $1.4 billion in emergency financing to its board for approval as early as next week and was in talks about funding options with authorities in neighboring Moldova.

Global banks face an arduous and costly process if they decide to close businesses in Russia, banking sources and experts say, complicating decisions over whether they should withdraw.

The White House is looking for ways to reduce US consumption of Russian oil while protecting American families from price hikes, an administration spokeswoman said Friday.

Alphabet Inc’s Google barred on Saturday Russia’s state-owned media outlet RT and other channels from receiving money for ads on their websites, apps and YouTube videos, similar to a move by Facebook after the invasion of Ukraine.

Ukraine has requested additional aid from the IMF following the Russian invasion, the fund’s leader Kristalina Georgieva said Friday.