Axios

It can be risky to draw too many historical parallels when analyzing the economy. Whatever the similarities between the current economic moment and any past episode, they're usually dwarfed by the differences.

Driving the news: Still, the surge of commodity prices that has accompanied the Russian invasion of Ukraine makes for a striking parallel between the 2020s and the 1970s.

Money is memory, as the economist Narayana Kocherlakota once wrote. Ultimately, the dollars in a person's wallet, or checking account, are a record of having produced something of value to someone else, an entry in a cosmic ledger.

Driving the news: But memories can be forgotten. The Russian government and countless Russian companies and individuals are learning that the hard way.

RT America is ceasing production and laying off most of its staff, according to a memo from a production company behind the network, CNN reports.

Why it matters: Under pressure to respond to Russian state media's role in spreading disinformation about Russia's war with Ukraine, American TV distributors have begun to drop the network.

At the request of the Biden administration, the Israeli government lobbied the United Arab Emirates to vote for a UN resolution condemning Russia's invasion of Ukraine, after the UAE had abstained in a previous vote, U.S. and Israeli officials tell me.

Why it matters: Both countries initially sat on the fence, but Israel is now actively supporting the U.S. opposition to the invasion while the UAE ultimately voted to condemn it.

The U.S. Department of Treasury announced new sanctions on Thursday against more Russian oligarchs and their family members and companies in retaliation for Moscow's invasion of Ukraine.

Why it matters: Among those targeted are Alisher Usmanov, one of Russia’s wealthiest people, President Vladimir Putin spokesman Dmitry Peskov and businessman Yevgeny Prigozhin, who is wanted by the FBI for interfering in the 2016 election.

In a second round of peace talks near the Ukraine-Belarus border on Thursday, the Ukrainian and Russian delegations agreed to organize humanitarian corridors to allow civilians to flee, but made no progress toward ending the war, according to a Ukrainian official.

State of play: The talks took place under ominous circumstances. Russian President Vladimir Putin has said he'll continue his invasion until Ukraine is "demilitarized." Meanwhile, Ukrainian President Volodymyr Zelensky challenged Putin to meet with him directly.

Costa Rica legalized medical marijuana Wednesday after a two-year debate, becoming the eleventh Latin American nation to take that step.

Why it matters: The decision aims to bring investments to the small Central American country and reduce the illegal market, which has been growing in the past few years.

In How it Happened: Putin's Invasion, Axios World editor Dave Lawler curates the best of Axios' reporting and analysis on the Russian invasion of Ukraine, explaining how the conflict played out in slow motion across eight years and then suddenly escalated.

Lawler will share insights from a career covering global affairs and dozens of interviews with experts and high ranking officials about how Russian President Vladimir Putin came to power and how the autocrat has wielded it.

Ukrainian President Volodymyr Zelensky said at a press conference Thursday that if the U.S. and NATO will not establish a "no-fly" zone over Ukraine, they should provide Ukraine with warplanes to defend itself against Russia's aerial assault.

Why it matters: The U.S. and NATO have said enforcing a "no-fly" zone would potentially require their forces to shoot down Russian aircraft, drawing them directly into a conflict with a nuclear power.

At least half a million children have become refugees in the week since Russia began its unprovoked invasion of Ukraine, according to UNICEF data released on Thursday.

The big picture: UNICEF warned that the the humanitarian crisis could soon become "one of Europe’s largest refugee crises since the Second World War." Overall, more than 1 million people have fled Ukraine in the last week, according to the UN refugee agency.

Seven out of the eight members of the Arctic Council announced Thursday that they would temporarily suspend their participation due to Russia's unprovoked invasion of Ukraine.

Why it matters: The Arctic Council is the main organization fostering cooperation in the Arctic region and is comprised of eight nations — the U.S., Canada, Denmark, Finland, Iceland, Norway, Sweden and Russia.

House Speaker Nancy Pelosi (D-Calif.) said Thursday she supports banning oil import from Russia in response to Moscow's unprovoked invasion of Ukraine.

Why it matters: The U.S. and its allies have sanctioned many Russian oligarchs, banks and large parts of the country's economy but have stopped short of direct sanctions on Russia's oil and gas exports over fears of energy costs spiraling even higher.

Russian airstrikes in Chernihiv, Ukraine, have killed at least 22 people, though rescue worker are still searching rubble for more casualties, Ukrainian emergency services said Thursday.

The big picture: Ukraine's State Emergency Service said Wednesday that more than 2,000 civilians have been killed since Russia invaded on Feb. 24, while the UN says at least 1 million people have fled Ukraine.

Ikea is temporarily closing its stores in Russia and pausing all exports and imports in the country and ally Belarus, the company announced Thursday, as Russian forces escalate their assault on Ukraine.

Why it matters: Ikea, the world's largest furniture brand, is the latest global business to cut ties with Russia over its unprovoked invasion of Ukraine.

Russia spent seven years building a financial “fortress” that could help it withstand the impact of sanctions imposed by the West — and the keystone was $630 billion in central bank foreign exchange reserves.

Driving the news: Presumably, Russia didn’t expect the G7 nations to go so far as to freeze those reserves, which they did this week — a move nearly unprecedented in scope.

French authorities announced Thursday that they seized a yacht owned by Russian energy oligarch Igor Sechin.

Why it matters: Sechin is CEO of Rosneft, Russia's massive state oil and gas company, and a longtime close ally and adviser of President Vladimir Putin, according to the European Union. He has been financially sanctioned by multiple countries after Russia's unprovoked invasion of Ukraine.

In a speech marking one week since the Russian invasion began, Ukrainian President Volodymyr Zelensky praised the ordinary civilians who have laid their lives on the line to repel the unprovoked attack: "We are a nation that broke the enemy's plans in a week."

Why it matters: Zelensky's passionate video addresses have helped rally global support for Ukraine and fuel resistance to a Russian opponent that — according to U.S. and European officials — was expecting a far easier and swifter path to victory.

Russian Foreign Minister Sergei Lavrov said Thursday that Moscow wouldn't stop hitting Ukraine's military infrastructure as a precondition to peace talks.

The big picture: Lavrov said Russia had submitted demands to Ukraine's delegation but added it would see out the war until "the end," per Reuters.

Russian and Belarusian athletes will be banned from competing in the Beijing 2022 Paralympic Winter Games, after the International Paralympic Committee reversed its original decision.

Why it matters: The IPC made clear in its statement Thursday that it faced boycott threats from some member nations after saying a day earlier that athletes from Russia and Belarus could compete at the Beijing Paralympics, but not as representatives of their countries.

Newly released satellite imagery underscores the destruction Russia's invasion has wrought on several Ukraine as the war enters its second week.

The big picture: In the Maxar Technologies images from this week, buildings and factories in residential areas of several towns and cities appear to be leveled.

The U.S. State Department denounced the Russian government on Wednesday evening for cracking down on independent media coverage in Russia of the invasion of Ukraine — including threatening Voice of America.

Why it matters: Russia's Putin-dominated parliament will hold a special session this Friday "to consider a bill that would make 'unofficial' reporting on Russia’s further invasion of Ukraine punishable by up to 15 years in prison," per an emailed statement from State Department spokesperson Ned Price.

At least 1 million people have fled Ukraine since Russian forces invaded the country on Feb. 24, according to UN High Commissioner for Refugees Filippo Grandi.

The big picture: It's the "swiftest exodus of refugees this century," AP notes. More than 2,000 civilians have been killed so far, Ukraine's State Emergency Service said Wednesday.

The State Department has recalled a cable to U.S. diplomats that instructed them to inform counterparts from India and the United Arab Emirates their position of neutrality on Ukraine put them "in Russia's camp," Axios has learned.

Why it matters: The recall of the strongly worded cable indicates either a process error with a fabled and vital work product — or a policy dispute inside the U.S. government involving two key allies.