The Day at a Glance | March 23 2022

The Top

*Leaders of the European Union and NATO will hold a meeting in Brussels on Thursday; they will discuss additional sanctions to be placed on Russia.

*European Commissioner for Budget and Administration Johannes Hahn discarded that issuing joint debt to fund energy and defense priorities in Europe would be necessary.

*Inflation in the United Kingdom accelerated to a 6.2% annual rate in February; inflation for producers reached 14.7% annual.

Economic environment

Greater sanctions. This morning, President of the United States Joe Biden left for Brussels to meet with European leaders tomorrow and will define new sanctions on Russia because of its invasion of Ukraine – in addition to discussing strategies to toughen current sanctions. Leaders are expected to meet with NATO officials to discuss adjusting their forces positions and containment plans in case nuclear weapons are used in the conflict. In markets, greater sanctions are expected to be carried out on Russia`s energy exports, other European countries may join the embargo. However, Europe`s participation in the Russian oil and gas embargo is still not viable, according to comments made by German officials. Biden`s Advisor, Jake Sullivan, assured that the U.S. President is planning to announce joint action to guarantee energy security in Europe and that conversations will revolve around toughening existing sanctions and guaranteeing their enforcement. Withdrawing Russia from the G-20 is also being talked about. As for the use of nuclear weapons, Dimitri Peskov, the Kremlin`s spokesperson, assured that Russia would only use nuclear weapons if the country`s existence is threatened, according to its national security policy. However, NATO will prepare plans of action and response in case said circumstances are reached. Additionally, the United States will also use the meeting to coordinate and provide greater assistance for Ukraine, on both the military and humanitarian fronts. After his visit in Brussels, Biden will travel to the capital of Poland, an allied country that shares a border with Ukraine; he is expected to meet with U.S. NATO soldiers.