EUROPEAN MIDDAY BRIEFING - Oil Falls, Stocks Rise -3-

Russian prosecutors have issued warnings to Western companies in Russia, threatening to arrest corporate leaders there who criticize the government or to seize assets of companies that withdraw from the country, according to people familiar with the matter.

Prosecutors delivered the warnings in the past week to companies including Coca-Cola Co., McDonald's Corp., Procter & Gamble Co., International Business Machines Corp. and KFC owner Yum Brands Inc., the people said. The calls, letters and visits included threats to sue the companies and seize assets including trademarks, the people said.

U.S. Won't Negotiate Ukraine-Related Sanctions With Russia to Save Iran Nuclear Deal

The U.S. won't negotiate exemptions to Ukraine-related sanctions on Russia to save the 2015 Iran nuclear deal and could try to strike a separate accord excluding Moscow, a senior U.S. official said, a diplomatic effort complicated by an Iranian missile attack on Iraq that sent American troops rushing for shelter.

With one of President Biden's top foreign-policy goals imperiled, the U.S. official said Washington would start exploring alternatives to the deal over the next week if Russia didn't back away from its demands for written guarantees exempting Russia from Ukraine-related sanctions that could curtail its future trade with Iran. Such guarantees could undercut the West's punishing array of sanctions leveled at Russia over the Ukraine invasion.

For Some Countries, Economic Ripples of Ukraine War Bring Windfall

Russia's invasion of Ukraine risks fueling inflation and sapping growth world-wide, but a handful of nations are in line for an export windfall thanks to soaring energy and commodity prices.

Countries including Canada, Australia and energy-rich Gulf Arab states look set to benefit as the invasion sparks record rallies in commodities from oil and gas to nickel and palladium.

GLOBAL NEWS

Investors Dash to Haven Assets During Ukraine Crisis Market Turmoil

The Ukraine crisis is turbocharging a dash for haven investments around the globe.

The Russian invasion and the ensuing jump in commodites prices have sent investors barreling into gold and government bonds and scooping up bets that will pay out if they keep rising.

Ukraine War Has Insurers Worried About Cyber Policies

Insurance for cyberattacks has been a booming business, but Russia's invasion of Ukraine has insurers sweating about the possibility of big losses. They are rushing to plug a possible loophole that leaves them vulnerable.

Sales of cyber insurance more than doubled last year to about $15 billion as companies sought to protect themselves from the costs of ransomware and computer viruses that could cripple their operations.

Russian Prosecutors Warn Western Companies of Arrests, Asset Seizures

Russian prosecutors have issued warnings to Western companies in Russia, threatening to arrest corporate leaders there who criticize the government or to seize assets of companies that withdraw from the country, according to people familiar with the matter.

Prosecutors delivered the warnings in the past week to companies including Coca-Cola Co., McDonald's Corp., Procter & Gamble Co., International Business Machines Corp. and KFC owner Yum Brands Inc., the people said. The calls, letters and visits included threats to sue the companies and seize assets including trademarks, the people said.

JPMorgan Leads Talks to Contain Nickel Crisis Damage

Some of the world's biggest banks worked over the weekend to resolve a crisis in the nickel market that leaves them on the hook for billions of dollars owed by a Chinese metals giant.

JPMorgan Chase & Co., Standard Chartered PLC and BNP Paribas SA were among the banks and brokers seeking to reach an agreement with Tsingshan Holding Group, people familiar with the discussions said. Trades placed by the Chinese steel and nickel producer on the London Metal Exchange contributed to an uncontrollable rise in prices that led the exchange to halt trading and cancel eight hours' worth of transactions last Tuesday.

Hedge Funds' Commodity Bets Soar After Russia's Invasion of Ukraine

Hedge funds that placed bullish bets on commodities are notching sizable returns from the biggest rally in decades following Russia's invasion of Ukraine.

Soroban Capital Partners LP, a $10 billion stock-picking hedge fund in New York, is one of the biggest winners, making at least several hundred million dollars on the trade since February, a person familiar with the matter said. Other winners include New York macro fund Castle Hook Partners and value investor Pilgrim Global. The bet was that a yearslong drop in spending on new commodity supply and efforts to limit carbon emissions would push up materials prices and shares of producers, according to people familiar with the firms.

Chip Makers Stockpiled Key Materials Ahead of Russian Invasion of Ukraine

Almost two years of chip shortages have had an unexpected upside for the semiconductor industry: It is better prepared to manage the turmoil caused by Russia's invasion of Ukraine.

Production of vital raw materials for chip making is concentrated in Russia and Ukraine. The countries are a major source of both neon gas, needed to feed lasers that print minute circuitry onto silicon, and the metal palladium used in later manufacturing stages.

Russia Asked China for Military Assistance, U.S. Officials Say

WASHINGTON-Russia has asked China for military equipment and other assistance for its war effort, according to U.S. officials, who didn't specify what Russia had requested.

News of Russian President Vladimir Putin's request for help from Beijing, first reported by the Washington Post, comes as Russia's war effort in Ukraine has been bogged down and as U.S. national security adviser Jake Sullivan heads to Rome on Monday to meet with a top Chinese official on the conflict inside Ukraine.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

03-14-22 0641ET