Thursday Briefing: Russia bogged down as Ukraine war enters fourth week

The Reuters Daily Briefing Thursday, March 17, 2022 by Linda Noakes Hello Here's what you need to know. Mariupol searches for survivors in the rubble of a bombed theater, Russia accuses the U.S. of "disgusting" Russophobia, and Moscow sets out new controls on foreigners trading Russian assets Today's biggest stories Members of the Ukrainian Territorial Defense Forces take part in tactical exercises near Lviv, March 16, 2022 RUSSIA AND UKRAINE AT WAR Russian forces in Ukraine are blasting cities and killing civilians but no longer making progress on the ground, Western countries said, as a war Moscow was thought to have hoped to win within days entered its fourth week. Local officials said rescuers in the besieged southern port of Mariupol were combing the rubble of a theater where women and children had been sheltering, bombed by Russian forces the previous day. Invoking the fall of the Berlin Wall, Ukrainian President Volodymyr Zelenskiy urged German Chancellor Olaf Scholz to tear down what he called a wall between "free and unfree" Europe and stop the war in Ukraine. Russia warned the United States that Moscow had the might to put the world's pre-eminent superpower in its place and accused the West of stoking a wild Russophobic plot to tear Russia apart. Japan's military said it had spotted four large Russian amphibious warfare ships sailing close to its islands as they traveled west, possibly towards Europe. Here's what you need to know about the conflict right now Traders work as Federal Reserve Chair Jerome Powell is seen delivering remarks on a screen at the New York Stock Exchange, March 16, 2022 MARKETS The Federal Reserve raised interest rates for the first time since 2018 and laid out an aggressive plan to push borrowing costs to restrictive levels next year in a pivot from battling the coronavirus pandemic to countering the economic risks posed by excessive inflation and the war in Ukraine. Investors are racing to work out how much monetary policy tightening the economy can handle as the Fed embarks on its rate-hike cycle, with some expecting an even steeper path ahead as others fret over possible missteps. Russia has set out strict rules for foreigners seeking permits to buy and sell Russian securities and real estate, a client memo by Citigroup showed, as details emerge of new state controls on investment in response to Western sanctions. China's top financial policymaker rescued stock markets from a bloodbath this week with a promise of stability, but plenty of investors reckon mere words will not restore lasting calm in an economy beset with multiple large risks. The Ukraine crisis could knock more than a percentage point off global growth this year and add two and a half percentage points to inflation, the OECD estimated, calling for targeted government spending hikes in response. A car dealership's broken window is seen following a strong earthquake in Koriyama, Fukushima prefecture, Japan, March 17, 2022 AROUND THE WORLD A powerful earthquake off Japan's northeast coast left thousands of homes without water and power and forced factories to suspend operations, adding to supply chain woes for makers of smartphones, electronics and automobiles worldwide. British-Iranian aid worker Nazanin Zaghari-Ratcliffe and dual national Anoosheh Ashoori arrived in Britain from Iran, ending an ordeal during which they became a bargaining chip in Iran's talks with the West over its nuclear program. Figures showing a global rise in COVID-19 cases could herald a much bigger problem as some countries also report a drop in testing rates, the WHO said, warning nations to remain vigilant against the virus. It is unclear if the apparent failure of a missile launch yesterday dealt a lasting blow to North Korea’s plans, but analysts say failures are an important part of any development programme and in the North’s case, have often hinted at progress in more indigenous designs. The ruling military junta in Mali has launched a procedure to suspend broadcasts by French state-funded international RFI radio and France 24 television, accusing the news outlets of reporting "false allegations" of abuse by the Malian army. Quote of the day "When I look at compliance, it's like a taco, wrapped in a burrito, wrapped in a chalupa" Russia sanctions pierce luxury jet world's ultra-private bubble Video of the day Satellite images show scale of Ukraine destruction The footage shows extensive damage to civilian infrastructure and residential buildings in the Ukrainian cities of Sumy, Chernihiv, Kharkiv and Kherson. And finally… NASA's big, new moon rocket set for debut NASA's next-generation moon rocket is due to make a highly anticipated, slow-motion journey from an assembly plant to its launch pad in Florida for a final round of tests that will determine how soon the spacecraft can fly. More from Reuters COVID The Great Reboot Disrupted Legal News Breakingviews Thanks for spending part of your day with us. Share your thoughts You are receiving this email because you signed up for newsletters from Reuters. No longer want to hear from us? Unsubscribe from The Reuters Daily Briefing. 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