Axios

Hollywood studios are putting projects and releases on pause in Russia, joining tech firms, banks, oil companies and other industries that are boycotting Russia following its brutal invasion of Ukraine.

Why it matters: Studios are putting morals over money by forgoing international box office revenue at a time when the industry is still digging out from the pandemic.

The Biden administration asked Israel three weeks ago if it could help mitigate possible natural gas shortages in Europe in anticipation of a Russian invasion of Ukraine, a senior Israeli official told me.

Why it matters: The U.S. outreach to Israel was part of a wider effort by the Biden administration to prepare for a scenario where a war in Ukraine could lead Russia to cut natural gas supply to Europe, which could cause a severe energy crisis.

The chief prosecutor of the International Criminal Court said Wednesday he will immediately launch an investigation into allegations of war crimes, crimes against humanity or genocide committed in Ukraine.

Why it matters: Ukraine has accused Russian forces of indiscriminately shelling civilian areas and exploiting the definition of "genocide" as a pretense to invade.

The World Bank Group has halted its programs in Russia and Belarus amid Russia's ongoing invasion of Ukraine.

The big picture: The World Bank had partnered with Russia to help the country boost its economy and expand its role in the international domain. It's the latest organization to cut ties as Russian forces continue to barrel down on Ukrainians.

Sen. Tim Scott (R-S.C.) during an Axios event Wednesday responded to former President Trump's praise of Russian President Vladimir Putin for invading Ukraine, saying "there is nothing smart" about invading another country.

Yes, but: Scott stopped short of criticizing Trump for referring to Putin as "very savvy" and for referring to Putin's move to claim two breakaway "republics" in eastern Ukraine as "genius."

Defense Secretary Lloyd Austin has made the decision to cancel a ballistic missile test scheduled for this week "to demonstrate we are a responsible nuclear power," Pentagon press secretary John Kirby announced Wednesday.

Why it matters: Russian President Vladimir Putin has heightened the readiness posture of Russia's nuclear deterrent forces during his invasion of Ukraine, after warning last week that any country that interfered in the operation would face "such consequences that you have never encountered in your history."

Secretary of State Antony Blinken said Wednesday that "it's becoming clearer by the day" that the Russian people and even members of the Russian military oppose Vladimir Putin's invasion of Ukraine, but that they will now "suffer the consequences of their leader's choices."

Why it matters: Unprecedented sanctions imposed by the U.S. and its Western allies are choking off the Russian economy, with the worst effects yet to be seen. Russian authorities have cracked down on anti-war protests and silenced the last remaining independent media outlets, as the Kremlin seeks to paint a domestic narrative divorced from reality.

Some Russian oligarchs are cautiously speaking out against Russian President Vladimir Putin's unprovoked invasion of Ukraine, AP reports.

Driving the news: "President Putin, please stop this war," Evgeny Lebedev, the son of oligarch and former KGB agent Alexander Lebedev, wrote in a front-page statement in London's Evening Standard, which he owns.

Officials from the U.S. and its European allies — France, Germany and the U.K. — say they won't comply with Iran’s demand that an investigation into its undeclared nuclear activity be shut down as a condition for a deal.

Why it matters: Iran says the International Atomic Energy Agency (IAEA) probe is politically motivated, but its demand that it be shut down is a major remaining hurdle as the talks approach the finish line.

AMMAN, Jordan — Public opinion in the Arab world is split on Russia's invasion of Ukraine, with many players taking positions according to their domestic or regional political divides.

Driving the news: The majority of Arab countries kept silent or gave very careful responses after Russia began its assault on Ukraine, trying to balance their relations with the U.S., Russia and Ukraine.

U.S. officials privately urged Israel to take a clearer stance on the Russian invasion of Ukraine, three U.S. and Israeli officials told me.

Why it matters: That contrasts with the Israeli government's public claim that the Biden administration has no complaints about Israeli policy and understands Israel's need to calibrate its reaction to the Russian invasion in order to maintain its security coordination with Russia in Syria.

The UAE's decision to abstain last week from a U.S.-led resolution to condemn Russia's invasion of Ukraine at the UN Security Council was largely due to frustrations over the U.S. response to an attack on Abu Dhabi six weeks earlier, three Emirati, U.S. and Israeli sources tell me.

The big picture: The UAE on Wednesday voted at the UN General Assembly to condemn the invasion, but tensions remain between the U.S. and UAE, who cooperate closely on security, intelligence and trade issues.

The White House on Wednesday announced additional sanctions against Russia and Belarus over the invasion of Ukraine targeting Minsk's technology imports and Moscow's defense sector.

Why it matters: Numerous countries have imposed sanctions on Russian banks, assets and some oligarchs in response to the invasion, though Ukrainian officials are calling for stricter financial punishments on Russia, including a full embargo on its oil exports.

Russian oligarch Roman Abramovich is looking to sell Chelsea FC, the British soccer team he's owned since 2003, amid calls for him to be sanctioned for his ties to President Vladimir Putin, he announced Wednesday.

Driving the news: The walls were closing in around Abramovich's ownership of the club this week, as Britain proposed legislation targeting oligarchs like Abramovich who obtained their wealth through ties with Putin.

141 countries voted in favor of a UN General Assembly resolution "deploring" Russia's aggression against Ukraine and demanding the immediate and complete withdrawal of all Russian forces from Ukrainian territory.

Why it matters: The resolution is non-binding, but reflects Russia's historic isolation on the world stage just one week into its unprovoked invasion of Ukraine.

Oksana Masters, already primed to be one of Team USA's biggest stars at the upcoming Paralympics, will be under an even bigger spotlight given her Ukrainian roots.

Driving the news: Masters, 32, was born in Ukraine with several radiation-induced defects due to the nearby Chernobyl nuclear disaster.

President Biden's State of the Union address was "a total disappointment" for Ukraine, a member of the country's parliament said in an interview with NBC's "TODAY," urging for the U.S. to establish a no-fly zone over the country.

The big picture: Biden reiterated in his the address that the U.S. will not send troops to Ukraine to fight Russia. This extends to a no-fly zone, which would require the U.S. military to potentially directly engage Russian air forces.

The West must "show Russia — in painful terms — the mistake it has made" by invading Ukraine by imposing even stricter sanctions on Moscow, Andriy Yermak, head of President Volodymyr Zelensky's office, wrote in a New York Times op-ed Wednesday.

Why it matters: Numerous countries raised sanctions on Russian banks, assets and some oligarchs in response to the invasion. But Yermak said more needs to be done, specifically calling for a full embargo on Russian oil exports, cutting all of its banks from SWIFT and financial restrictions on all of Moscow's elite.

Kids too sick to leave Okhmatdyt Children's Hospital in Kyiv have been sheltering in beds and on mattresses in the hospital basement this week amid growing fears it could be hit by a Russian airstrike.

Why it matters: It's a stark reminder that many civilians in need of care can't comply with evacuation orders and leave amid the increasingly desperate situation.

The Swiss-based company behind the Nord Stream 2 pipeline denied on Wednesday that it filed for bankruptcy but confirmed it terminated employee contracts.

Why it matters: Long viewed as a Kremlin influence project that would increase Europe's energy dependence on Russia, Nord Stream 2 was one of the first targets of the flurry of Western sanctions triggered by Vladimir Putin's invasion of Ukraine.

The International Paralympic Committee announced Wednesday that athletes from Russia and Belarus will be allowed to compete at the upcoming 2022 Beijing Paralympic Games but not as representatives of their countries.

Why it matters: IPC's decision adds to the growing list of teams, athletes and international sports organizations, including FIFA and Formula 1, that have announced boycotts or other restrictions against Russia's government over its unprovoked invasion of Ukraine.

Explosions rang out on in Kyiv and Kharkiv as Russian forces intensified their bombing campaign on Ukrainian cities Wednesday on the seventh day of the invasion.

The latest: At least 21 people were killed and 112 others wounded in the Kharkiv bombardment after Russian airborne troops landed in the city about 8:30pm Tuesday ET, according to Ukrainian officials.

Russia's central bank said the Moscow Exchange wouldn't open for stock trading through at least Thursday. The exchange has been closed since Monday.

Why it matters: It's the latest financial fallout of Russia's invasion of Ukraine, which triggered massive sanctions from several other countries that have sent the ruble plummeting to record lows against the dollar.

Ukraine's President Volodymyr Zelensky posted a video on Facebook Wednesday in which he praised Ukrainians for being "a symbol of invincibility," as the Russian invasion entered a seventh day.

What he's saying: "Another night of Russia’s full-scale war against us, against the people, has passed," Zelensky said. "We've hardly slept for seven nights."

Russian military rocket attacks on Kharkiv killed at least 21 people and wounded 112 others on Wednesday, the mayor of Ukraine's second largest city said.

The big picture: Ukrainian authorities said Russian airborne troops had landed in Kharkiv about 8:30pm Tuesday ET. The city has been the scene of some of the worst shelling by Russian troops since the invasion began.

Ford is suspending its operations in Russia due to the invasion of Ukraine, the automaker announced Tuesday.

Driving the news: The company said in a statement that it "informed our JV partners" on Tuesday that it was suspending operations, "effective immediately, until further notice."

Tens of thousands of people in southeastern Australia were under evacuation orders Tuesday, as days of heavy flooding that have killed at least 12 people showed no signs of abating.

The big picture: Torrential rains that began last week triggered flooding that caused several towns in Queensland and New South Wales to be submerged. The storm system on Wednesday unleashed heavy rains on Sydney, where forecasters warned flooding was expected.

President Biden confirmed during his State of the Union address Tuesday that the U.S. will bar Russian-owned and -operated flights from entering American airspace.

The latest: Boeing announced on Tuesday evening that it has suspended major operations in Moscow and temporarily closed its office in Kyiv.

President Biden began his first State of the Union address with an homage to the "iron will of the Ukrainian people," and a pledge to choke off Russia's economy to ensure Vladimir Putin pays the ultimate price for his unprovoked aggression.

Why it matters: Russia's economy is in free fall. The ruble has lost 30% of its value and trading on the Russian stock market remains suspended, as Putin scrambles to implement capital controls in response to Western sanctions that have been far more swift, united and painful than many could have predicted.

Former national security adviser John Bolton said in an interview with Newsmax on Tuesday that it's inaccurate to say that former President Trump's behavior "deterred the Russians."

What they're saying: Newsmax's Rob Schmitt said Russia did not act aggressively until Trump was out of office and that the former president was "pretty tough against Russia in a lot of ways."