Axios

The collapse of Sarah Bloom Raskin's bid to be the Federal Reserve's top banking cop shows how deeply oil industry allies in Congress are dug in against weaving climate change into financial oversight.

Catch up fast: Raskin withdrew her nomination on Tuesday a day after Sen. Joe Manchin (D-W.Va) announced opposition to her nomination as vice chair of the Federal Reserve, effectively dooming her chances amid unified GOP opposition.

The Energy Information Administration is out with a helpful primer on the Europe-Russia energy interdependence.

Why it matters: The chart above captures how this relationship creates vulnerabilities for Europe and huge revenues for Vladimir Putin's regime.

Russia's invasion of Ukraine is spurring European Union and U.S. moves to cut imports from Kremlin-backed energy suppliers.

Why it matters: The efforts are especially urgent in Europe, which unlike the U.S. is extraordinarily reliant on Russian oil, gas and coal.

One reason the Russian invasion has shaken oil markets so much is that the country is a huge exporter.

Driving the news: Russian exports are falling even in the absence of direct petro sanctions, which is causing even more market tightness.

Crude oil prices have tumbled to their lowest levels since Russia began its invasion of Ukraine, with the U.S. benchmark WTI well under $100 per barrel again.

What they're saying: Via MarketWatch, Swissquote Bank analyst said in a note: “The downside correction in oil prices is sure a relief when it comes to the inflation expectations, but the new lockdown measures [in China] will continue worsening the supply chain crisis and add on the inflation worries."

Officials were working to free a container ship owned by Evergreen Marine that ran aground near the U.S. capital over the weekend, per Bloomberg.

Why it matters: The incident comes one year ago to the month after another one of the company's container ships, the "Ever Given," spent a week stuck in the Suez Canal, causing a massive maritime traffic jam that impacted global trade.

A coalition of investors and activists on Monday unveiled a new system to judge corporate lobbying on climate change.

Driving the news: The "Global Standard on Responsible Climate Lobbying" is developed by the Swedish pension plan AP7, BNP Paribas Asset Management and the Church of England Pensions Board alongside sustainable investing advocates.

Russia's war on Ukraine could speed or slow the global transition to clean energy, with pressures already apparent in both directions.

Why it matters: Global CO2 emissions are at record highs, and need to plunge to keep the Paris Agreement goals within reach.

A suite of House Democrats are urging President Biden to revive efforts to salvage major clean energy investment legislation by resuming talks on his stalled domestic spending and tax package.

Driving the news: "The more than $555 billion in climate investments in the House-passed Build Back Better Act can serve as the building block to restart negotiations," over 80 House members tell Biden a letter Monday morning.