Money

By Julia Horowitz, CNN Business A global hunt for spare barrels of crude is underway as sanctions slam Russia, the world’s second largest exporter, following its invasion of Ukraine. But don’t expect Saudi Arabia to step in to fill the gap, at least for now. What’s happening: The kingdom could help ease global oil prices,

By Michelle Toh, CNN Business Cryptocurrency prices are climbing after Russia’s ruble sank to another record low and Moscow was hit with new sanctions. As of 5:25 a.m. ET on Tuesday, bitcoin had jumped 13% over the last 24 hours to $43,163, according to cryptocurrency tracker CoinDesk. Other cryptocurrencies moved higher, too. Ethereum climbed 10%

By Laura He, CNN Business Switzerland, a major hub for storing wealth that is popular with Russian oligarchs, is breaking with its tradition of neutrality to sanction Russia. The Swiss government will adopt EU sanctions imposed following the invasion of Ukraine and immediately freeze any assets belonging to Russian President Vladimir Putin, Prime Minister Mikhail

By Chris Isidore, CNN Business As the United States and Europe ramp up their sanctions on Russia, Western consumers will soon face rising costs. That’s true even for American consumers, even though relatively few Russian exports reach US shores. The higher prices are modest compared to the destruction of life and property in Ukraine. But

By Frank Pallotta, CNN Business Disney, Hollywood’s largest and most influential movie studio, is pausing the release of its theatrical films in Russia following the country’s invasion of Ukraine last week. “Given the unprovoked invasion of Ukraine and the tragic humanitarian crisis, we are pausing the release of theatrical films in Russia, including the upcoming

By Oliver Darcy, CNN Business RT, the Russia-backed media outlet infamous for promoting Vladimir Putin’s talking points, has seen its influence significantly diminish in recent days as cable carriers and social media companies have taken swift measures to block its reach. The actions taken by television providers and technology companies against RT have dealt one

By Frank Pallotta, CNN Business Netflix is refusing to air Russian state TV channels in the country — something that the streamer would have been required to do by Russian law starting this week. “Given the current situation, we have no plans to add these channels to our service,” Netflix told CNN Business in a

By Allison Morrow, CNN Business The US and its European allies on Friday announced new sanctions on Russian President Vladimir Putin, in a rare move targeting a foreign leader’s personal wealth. But the impact of those sanctions may be largely symbolic. Although Putin is believed to hold billions of dollars in personal wealth, little is

By Peter Valdes-Dapena, CNN Business General Motors is joining a host of other companies in cutting off its business with Russia. The Detroit-based automaker announced Friday it is halting all exports to the country which is currently invading neighboring Ukraine. Cutting off exports to Russia will not be terribly costly to GM, though. GM only

By Chris Isidore, CNN Business The price of diesel hit $4 a gallon over the weekend for the first time in nearly eight years. And that means US consumers will soon be paying more for a wide range of goods. On the face of it, Americans may think diesel prices don’t affect them much. But