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Russian billionaires face new hurdles, Japanese yen slumps and Fed’s Bullard talks 75 basis points.Russian billionairesRussian President Vla [View in browser]( [Bloomberg]( Russian billionaires face new hurdles, Japanese yen slumps and Fed’s Bullard talks 75 basis points. Russian billionaires Russian President Vladimir Putin will meet executives and owners of [big business]( on Wednesday. Sanctioned or unsanctioned, Russian billionaires face fresh hurdles after Putin called time on [foreign stock listings](, with companies required to delist their overseas shares. Russia’s military shelled southern and eastern Ukraine overnight, with President Volodymyr Zelenskiy saying Moscow had launched a new campaign focused on the [Donbas]( region. French Finance Minister Bruno Le Maire renewed calls for European sanctions to extend to Russian oil, while Stellantis idled one of Russia’s last [auto plants](. Europe expects to pay the bulk of Ukraine’s [reconstruction costs.]( Yen slumps The Japanese yen extended its longest losing streak in at least 50 years. The currency raced past [128 against the dollar](, even after Finance Minister Shunichi Suzuki stepped up verbal defense of the currency, with traders looking for more concrete signs of intervention. Selling the yen has become a favorite trade as the dovish Bank of Japan keeps policy rates anchored to the floor while the Federal Reserve starts on a hiking cycle. Fed President James Bullard said the central bank shouldn’t rule out rate increases of [75 basis points.]( Rotations  “Rotations” is the theme of this week’s MLIV Pulse survey. Value versus growth? EM versus DM? And, since some of these rotation suggestions have become famous for false starts, we give you the chance to identify which popular markets theme of recent years has been most misguided. Participation takes one minute and is anonymous, so please [click here]( to get involved. Futures fall [U.S. futures]( extend their decline as of 5:30 a.m. New York time. S&P 500 contracts are down 0.3%, while Nasdaq 100 futures drop 0.5%. In Europe, stocks slump with all sectors are in the red, barring energy. Health care, media and consumer products are the worst performers. Dollar climbs 0.1%. Oil falls. West Texas Intermediate futures contracts trade 1.7% lower at the $105-level. Gold is down 0.1% to $1,976/Oz. Treasuries 10-year yield briefly touches 2.9%, and is now up about 4 bps to 2.8896%. Bitcoin is little changed. Coming up... Today's data is limited to March Housing Starts and Building Permits at 8:30 a.m. New York time. Fed's Charles Evans, a non-voter this year, is scheduled to address the Economic Club of New York at 12:05 p.m. U.S. President Joe Biden will hold a call at 9:45 a.m. with key allies to discuss Ukraine. Halliburton Co., Johnson & Johnson, Lockheed Martin Corp., Netflix Inc. and International Business Machines Corp. are among the companies scheduled to report 1Q earnings. Twitter Inc. continues to be in focus, with news after the close Monday that [Apollo Global is considering]( backing a potential deal and could provide Elon Musk or another bidder like private-equity firm Thoma Bravo with equity or debt. What we've been reading Here's what caught our eye over the weekend. - U.S. stops [mask requirement]( on planes. - World Bank warns of more [downgrades]( to growth. - Why Ukraine’s wheat fields sow [dictators’ megalomania](. - Climate toll on [Arctic bases.]( - Wall Street’s [credit-card](success eases consumer worries. - China unveils [23 measures](to save the economy. - People are [over the pandemic](. And finally, here’s what Joe’s interested in this morning [On the latest episode of our podcast](, Tracy Alloway and I spoke with [James Frith](, an expert on lithium-ion batteries and an investor at Volta Energy Technologies, about the commodities required to go into a battery. It's a timely discussion, with the [CEO of the EV startup Rivian]( warning of a looming battery shortage, owing to booming demand and a tight market for key commodities. Governments around the world are working to guarantee adequate supplies of lithium, nickel, and other important metals. But what's interesting is that governments are also standing in the way of the same goals. As James notes, a lot of the constraints are around environmental permitting for new mines. As is often the case, the key commodities are there in the ground, but not everyone supports pulling them out, because doing so can often be polluting and potentially harmful to local communities. There's a growing split emerging in the environmental world. On the one hand, you have a tremendous amount of interest in greenhouse gas reduction and so forth, with tons of money being poured into decarbonization tech. On the other hand, you have more conservation oriented environmentalists, [opposing things like new transmission lines]( that could be used to transport clean energy. The effects of climate change are diffuse, and in some sense are only seen gradually, whereas the effect of local pollution may be quickly visible but only to an affected community. The political divisions this could create are potentially interesting and complicated. Expect to see more of these divisions become prominent. Follow Bloomberg's Joe Weisenthal on Twitter [@TheStalwart]( Special Daily Brief: Russia's Invasion of Ukraine [Keep up with the latest news]( on the Russian invasion of Ukraine, one of the worst security crises in Europe since World War II. Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close.  Follow Us Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. You received this message because you are subscribed to Bloomberg's Five Things - Americas newsletter. 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