🌍 Biden tackles inflation and Putin

Plus: Russia’s exports in 11 charts. [Quartz]( Good morning, Quartz readers! Was this newsletter forwarded to you? [Sign up here](. Forward to the friend [who sets their own work hours](. Here’s what you need to know Joe Biden promised to fight inflation and stop Vladimir Putin. In the [State of the Union speech](, the US president tried to balance domestic and foreign policy issues, while his approval ratings fall. He also announced [a ban on Russian planes]( from US airspace. Russia continued its assault on Ukrainian cities. It claims to have [taken control of Kherson](, in the south, while shelling in Ukraine’s second city, Kharkiv, continues. More major companies suspended operations in Russia. [Boeing, ExxonMobile, Ford, and Apple]( say they are withdrawing, at least for now, while [Nike says]( it can’t get its products in. Oil hit $112. The US and its allies will release [60 million barrels](, but OPEC+ said it will [stay the course](, as prices reached a [seven-year high](. India’s biggest IPO could be affected by the Ukraine invasion. Finance minister Nirmala Sitharaman [may delay the listing]( of state-owned insurance giant LIC, following concerns over global investors. The UK’s most prominent Russian billionaire is selling London properties, a lawmaker says. [Chris Bryant told Parliament]( that Roman Abramovich, who owns Chelsea Football Club, is “terrified of being sanctioned.” What to watch for Earnings for Kroger and Costco will be out tomorrow. All eyes will be on how the US-based supermarket giants are handling prices, as inflation soars to its highest point in four decades. Globally, food prices are up to levels [not seen since 2011](, driven by extreme weather and pandemic-related supply chain snags. The Ukraine-Russia crisis threatens to cause further spikes, as both countries are big agricultural exporters. Expect to see pantry staples from bread to [pasta]( become more expensive, which would have a particularly dire effect on [less affluent countries](. As of March 1: 🌾 Wheat futures prices have jumped to $9.35 per bushel—the highest since February 2008. Prices are up 21% since the start of the year. 🌽 Corn prices are at $7.26 per bushel, up 17%. 🌱 Soybean oil is trading at 70 cents per pound, up 28%. Russia’s exports, charted [A line chart showing the top buyers of Russian cereals on a rolling 12-month total. Turkey is the top buyer, followed by Egypt and Saudi Arabia.] Wheat and barley make up most of Russia’s exports in cereals, and account for almost 30% of the world’s supply. Turkey and Egypt are the biggest buyers. Grains pale in comparison to Russia’s largest export: fuels and oil. Other stand-out exports are gems, precious metals, iron, and steel, and a curious category of “unspecified commodities.” Quartz reporter Clarisa Diaz charted all of [Russia’s most important exports]( and looked at which countries would feel the greatest pinch if their supplies were disrupted. Pop quiz: Fish sticks Eric Helgas, styling by Alex Citrin-Safadi One food that got an unexpected boost from the pandemic is the unassuming, but always versatile, fish stick. There’s reason to believe the frozen fare can help solve some of our overfishing problems, too. Which of these fish sticks facts is correct? A. The prototype of the fish stick was the fish brick. B. Benito Mussolini almost bankrupted a fish stick maker. C. Fish sticks are served on the game show Cash Cab. D. It doesn’t really matter what fish the sticks are made with. Find out which is true (hint: it’s more than one) by listening to the [newest episode of the Quartz Obsession podcast](. 🐟 Listen on: [Apple Podcasts]( | [Spotify]( | [Google]( | [Stitcher]( Sponsored by Alumni Ventures Handpicked Quartz 🤔 [Why India isn’t voting against Russia at the UN]( 🎥 [Hollywood studios are postponing movie releases in Russia over the war in Ukraine]( 🗓 [There’s one job perk more popular than a four-day workweek]( 👛 [Russians and Ukrainians are piling into crypto]( 🤑 [Russia’s billionaires are the best conduit to apply pressure on Putin]( 🚫 [Hindu nationalists block a Turkish executive’s appointment as head of Air India]( Surprising discoveries California may start naming heat waves. It could be a way to make residents [take the extreme weather seriously](. Ukrainians are messing with highway signs to confuse Russian troops. And the Ukrainian government is [telling them how]( to do it. Be sure to pay your taxes in the metaverse. Second Life said it will [start charging]( state and local sales taxes. A satellite image of the Canadian coast looks like a cat in repose. The Canadian Space Agency [isn’t so sure](, but it appreciates the internet’s jokes. Researchers found the origins of a 30,000-year-old figurine. The crafters of the so-called Venus of Willendorf traveled [hundreds of miles]( with their talisman. SPREAD THE WORD Over 500k readers and counting. You already know why half a million people read the Daily Brief, so why not spread the word? [Share the Daily Brief today]( and get rewarded. Our best wishes for a productive day. Send any news, comments, metaverse tax payments, and landscapes that look like cats to hi@qz.com. Get the most out of Quartz by [downloading our iOS app]( and [becoming a member](. Today’s Daily Brief was brought to you by Hasit Shah, Michelle Cheng, Clarisa Diaz, Morgan Haefner, and Liz Webber. [facebook]( [twitter]( [external-link]( Enjoying Quartz Daily Brief? 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