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Key Takeaways

North Korea reports first COVID-19 outbreak. Russia reduces gas supplies to Europe through Ukraine. More Latin American leaders decline to participate in the upcoming US-hosted Summit of the Americas. Analysis: Moscow May Turn to Cybercrime to Offset Economic Losses, Evade Sanctions. Analysis: Ukraine War Update: Drop in Russian Currency Reserves, Cut in Russian Gas Supplies, Beginning of War Crimes Trial.

Condition Updates

A rundown of important global risk developments in markets, in business, and region by region.

Analysis: Moscow May Turn to Cybercrime to Offset Economic Losses, Evade Sanctions

Russia is now the world’s most sanctioned country, well ahead of Iran, Syria, North Korea and Venezuela. Moscow has so far withstood sanctions pressures in the 77 days since the invasion of Ukraine due to soaring prices of key commodities exports and protective policies that have the ruble momentarily surging. However, should the tempo of global sanctions pick up pace as the war drags on, Russia will find itself in a much deeper economic hole. If this happens, the Russian government may tap into cybercrime schemes that are plausibly deniable to generate new revenue streams in an attempt to survive sanctions.

Analysis: Ukraine War Update: Drop in Russian Currency Reserves, Cut in Russian Gas Supplies, Beginning of War Crimes Trial

Russia's foreign currency reserves have declined from a record high before the start of the Ukraine military operation as Moscow faces hard hitting sanctions, the Central Bank figures showed Wednesday. The reserves – about half of which are frozen abroad – fell by $14 billion in a week to $593.1 billion on April 29, according to the data.

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