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President Vladimir Putin has expressed openness to Western companies considering a return to the Russian market, provided they comply with Moscow’s terms. This stance comes amid ongoing geopolitical tensions and economic realignments following the Ukraine conflict.

In a recent address to the Russian Union of Industrialists and Entrepreneurs, Putin acknowledged the interest of foreign businesses in re-entering Russia but emphasized that any return would not entail preferential treatment. He stated that companies which had previously divested their Russian assets at discounted rates should not anticipate reacquiring them under similar conditions. Putin underscored the necessity of establishing a regulatory framework that preserves the competitive edge of domestic enterprises while accommodating foreign entities.

Despite these overtures, Dmitry Medvedev, Deputy Chairman of Russia’s Security Council, indicated that no formal applications from Western companies seeking to resume operations in Russia have been received. He noted that while there have been informal inquiries, official requests remain absent. Medvedev suggested that the absence of formal applications could be attributed to the complexities introduced by domestic businesses filling the void left by departing Western firms.

The exodus of Western companies from Russia, triggered by the onset of the Ukraine war and ensuing sanctions, led to significant shifts in the Russian market landscape. Major corporations such as McDonald’s and Starbucks ceased their operations, prompting local enterprises to step in and occupy the vacated spaces. This transition has fostered the growth of domestic brands, altering consumer dynamics and market shares within the country.

The prospect of Western companies returning to Russia is further complicated by the nation’s current economic conditions. Russia’s wartime economy is grappling with challenges including inflation and political instability, factors that could deter potential investors. Additionally, concerns over corporate nationalization and asset seizures have heightened apprehensions among foreign investors contemplating re-entry into the Russian market.

The broader geopolitical context also plays a pivotal role in shaping the investment climate. Recent developments, such as discussions around the potential return of blocked Russian foreign exchange reserves, have sparked debates within the European Union. Some analysts caution that releasing these reserves could inadvertently bolster Russia’s war efforts, thereby undermining Ukraine’s position and the EU’s strategic leverage. This underscores the intricate balance that policymakers must navigate in addressing the economic dimensions of the conflict.

Internal documents suggest that Russia may be strategizing to prolong the Ukraine conflict, potentially undermining peace negotiations led by international actors. A Kremlin-affiliated think tank report proposes extending the war and making demands that could derail diplomatic efforts. Such maneuvers add layers of uncertainty to the geopolitical landscape, influencing the calculus of foreign businesses considering a return to Russia.

OPEC+ has announced a revised schedule for seven member nations to implement additional oil output cuts, aiming to compensate for previous overproduction. These measures are set to overshadow the planned production increases slated for next month.

The updated plan mandates monthly reductions ranging from 189,000 to 435,000 barrels per day , with the cuts extending until June 2026. This initiative seeks to address the excess output that has occurred despite the group’s ongoing efforts to stabilize the oil market.

Since 2022, OPEC+, which includes members of the Organization of the Petroleum Exporting Countries along with Russia and other allies, has been implementing output cuts totaling 5.85 million bpd, approximately 5.7% of global supply. These cuts were introduced in phases to support market stability amid fluctuating demand and geopolitical tensions.

Despite these efforts, certain member countries have exceeded their production quotas. Kazakhstan, for instance, has seen a significant production surge due to Chevron’s expansion at the Tengiz oilfield, leading to output levels surpassing its OPEC+ quota.

To address this imbalance, the new compensatory cuts will require substantial contributions from Iraq, Kazakhstan, and Russia, with Saudi Arabia also making smaller adjustments. These measures are designed to offset the previous overproduction and align the group’s output with agreed targets.

Concurrently, OPEC+ has decided to proceed with a modest production increase of 138,000 bpd starting in April, citing healthier market conditions. This marks the beginning of a series of monthly hikes intended to gradually restore a total of 2.2 million bpd over the next 18 months, following repeated delays since 2022.

However, the introduction of compensatory cuts raises questions about the net effect on global oil supply. The scheduled reductions are expected to more than offset the planned production hikes, potentially tightening the market further. This development comes amid new U.S. sanctions targeting Chinese entities involved in supplying Iranian oil, which have contributed to a recent uptick in oil prices.

As of Friday, Brent crude futures rose 0.3% to $72.21 per barrel, and U.S. West Texas Intermediate crude futures increased 0.4% to $68.32 per barrel. Both benchmarks were set to rise about 2% for the week, marking the largest weekly gains since early 2025.

The International Energy Agency has noted that increasing global trade tensions and new U.S. tariffs are negatively impacting oil demand and economic growth, creating uncertainty. The IEA revised its oil-demand growth estimates down to 1.03 million bpd from an earlier 1.1 million bpd, while OPEC projects higher growth at 1.45 million bpd.

With OPEC+ set to raise output beyond April and increased production in regions like Kazakhstan, Iran, and Venezuela, the IEA expects global oil supply to exceed demand, foreseeing a surplus of approximately 600,000 bpd. Total supply could average 104.5 million bpd by 2025, driven by non-OPEC+ production growth.

South Korean prosecutors conducted a raid on the headquarters of Bithumb, one of the country’s largest cryptocurrency exchanges, as part of an investigation into allegations of misappropriation of company funds. The probe centers on suspicions that Bithumb provided a rental deposit of 3 billion Korean won for an apartment in Seoul’s Seongdong-gu district, intended for its former representative director and current advisor, Kim Dae-sik. Authorities suspect that a portion of these funds may have been diverted for Kim’s personal apartment purchase, raising concerns about potential financial misconduct within the company.

The investigation was initiated following a referral from the Financial Supervisory Service , South Korea’s primary financial regulatory body. Prosecutors from the Seoul Southern District Prosecutors’ Office executed the search and seizure operation at Bithumb’s headquarters located in the Yaksu-dong area of Seoul. The objective was to gather evidence related to the alleged misappropriation of funds and to scrutinize the company’s financial transactions pertaining to the apartment lease agreement.

Bithumb has not yet issued an official statement regarding the raid or the allegations. The company has faced legal challenges in the past, including investigations into potential tax evasion and fraudulent activities. In previous instances, Bithumb’s executives have been implicated in legal controversies, further intensifying scrutiny of the exchange’s operations.

The current investigation adds to a series of legal challenges faced by Bithumb in recent years. In 2018, the exchange was investigated for alleged tax evasion, resulting in a substantial back-tax payment. Additionally, Bithumb has been the target of multiple hacking incidents, leading to significant financial losses. These recurring issues have raised concerns about the company’s internal controls and governance practices.

The cryptocurrency industry in South Korea operates under stringent regulatory oversight, with authorities actively monitoring exchanges to ensure compliance with financial regulations and to protect investors. The FSS has been particularly vigilant in overseeing cryptocurrency exchanges, given the rapid growth of digital asset trading in the country. This latest investigation into Bithumb underscores the regulators’ commitment to enforcing compliance and addressing potential misconduct within the industry.

The outcome of this investigation could have significant implications for Bithumb’s reputation and operations. If the allegations are substantiated, the company may face legal penalties, and its leadership could be held accountable for any financial improprieties. Moreover, such developments could impact investor confidence and influence the broader perception of the cryptocurrency market in South Korea.

As the investigation progresses, stakeholders within the cryptocurrency community and the financial industry at large will be closely monitoring the situation. The case highlights the importance of robust corporate governance and the need for transparency in financial dealings, particularly within the rapidly evolving digital asset sector.

While Bithumb has previously navigated legal and regulatory challenges, the current allegations present a critical test for the company’s leadership and operational integrity. The exchange’s response to the investigation and its cooperation with authorities will be pivotal in determining its future trajectory and standing within the industry.

In light of these developments, industry observers emphasize the necessity for cryptocurrency exchanges to implement stringent internal controls and to adhere to ethical standards to mitigate risks associated with financial misconduct. Such measures are essential to foster trust and to ensure the sustainable growth of the cryptocurrency market.

As the legal proceedings unfold, the focus will remain on Bithumb’s internal practices and the actions of its former and current executives. The findings of the investigation are anticipated to influence regulatory policies and could lead to more rigorous enforcement measures within the cryptocurrency sector in South Korea.

The Uniswap community has approved two governance proposals, allocating a total of $165.5 million to bolster the development of its ecosystem. This substantial funding is directed towards advancing the recently launched Unichain Layer 2 network and Uniswap v4 protocol, as well as initiating new liquidity incentive programs.

The first proposal earmarks $95.4 million for the Uniswap Foundation’s grants budget, accompanied by an additional $25.1 million designated for operational expenses over the next two years. These funds aim to enhance capital efficiency, activate revenue streams, and attract active contributors to the platform. The second proposal allocates $45 million to support liquidity incentives, a strategic move to attract new users and sustain ecosystem growth through developer-centric activities.

Gauntlet, a Web3 risk management protocol, has been entrusted with managing these liquidity incentives. They have deployed and configured an Aera vault on the mainnet for the Uniswap Foundation, injecting over 7.5 million UNI tokens, valued at approximately $52 million at current prices. This initiative is designed to draw in new users and maintain growth across both networks.

The approval of these proposals also lays the groundwork for the long-discussed ‘fee switch’ mechanism. This feature would redirect a portion of protocol fees, currently earned by liquidity providers, towards UNI token holders. The Uniswap Foundation has indicated that it will proceed with the necessary legal steps to activate this switch, aligning the interests of governance members with the protocol’s long-term success.

The community’s decision to allocate substantial funds to ecosystem development reflects a strong commitment to increasing the network’s scalability and creating new opportunities for growth. The foundation’s long-term goal is to transition Uniswap from a decentralized exchange into a platform that can also cater to developers, bringing significant value to the Uniswap community.

Uniswap v4, launched in mid-January 2025, introduced the concept of ‘hooks’—contracts that allow developers to customize interactions within pools, swaps, and fees. The launch of Unichain, built on the Optimism tech stack, further enhances Uniswap’s scalability by providing a Layer 2 network capable of supporting more transactions at lower fees.

The activation of the fee switch represents a significant step in Uniswap’s ongoing efforts to align the interests of its governance members with the protocol’s long-term success. Over $1 billion in annualized fees have been generated by the Uniswap protocol, and this shift would allow token holders to capture a portion of that revenue.

This development has had a positive impact on the market perception of Uniswap’s native token, UNI. Following the announcement, the price of UNI experienced a notable surge, reflecting growing optimism among investors regarding the platform’s future prospects.

Ethereum’s decentralized finance ecosystem has experienced a substantial contraction, with total value locked plummeting by $29 billion over the past 30 days. This decline has raised concerns about Ethereum’s dominance in the DeFi landscape, especially as rival blockchains gain traction.

As of March 19, Ethereum’s TVL stands at $89 billion, down from $118 billion recorded on February 19, marking a 25% reduction in total deposits within its DeFi platforms. This downturn coincides with a surge in the Bitcoin to Ethereum ratio, which has reached an all-time high. Currently, with Bitcoin trading at $83,000 and Ethereum at $1,900, one BTC can now purchase over 44 ETH, reflecting a 30% increase from the 1:33 ratio observed on February 25.

Several factors have contributed to this sharp devaluation. The introduction of new trade tariff policies has unsettled global markets, prompting crypto investors to seek safety in Bitcoin over Ethereum. Additionally, Ethereum’s ongoing network scalability issues and unsuccessful updates have dampened investor confidence. Historical data indicates that Ethereum’s devaluation has accelerated post-Merge, with multiple failed network upgrades pushing ETH supply above pre-Merge levels.

The Ethereum Foundation attempted to regain control by reshuffling leadership in February, but investor sentiment remains bleak following the disappointing Pectra and Hoodi updates. This has led to a massive capital outflow from Ethereum’s DeFi ecosystem, with TVL dropping from $118 billion on February 19 to $89 billion on March 19, marking a $29 billion capital loss within a month—a 25% decline in total deposits across Ethereum DeFi.

The declining on-chain statistics align with lower demand for leveraged longs in ETH futures. The premium of these futures over spot markets has dropped below the 5% neutral level to only 3%—the lowest in over a year—indicating diminished trading confidence.

Ethereum’s decentralized exchange volumes have seen a significant decline, with volumes decreasing approximately 30% over the last week. Specific protocols within the Ethereum network have exhibited notable drops in activity, with the Maverick Protocol experiencing an 85% reduction and Dodo’s volume decreasing by 45%.

Despite these challenges, Ethereum maintains its leadership in total value locked, currently at $47.2 billion. However, a 9% weekly drop has significantly narrowed the gap with competitors. In contrast, BNB Chain’s deposits increased by 6% in the past week, while Ethereum’s key DeFi projects saw major losses, including an 11% drop in Stargate Finance’s TVL, a 9% decline in Maker’s deposits, and a 6% reduction in Spark Finance.

The $29 billion drop in Ethereum’s DeFi TVL, coupled with continued scalability struggles and external economic pressures, heightens bearish risks. As liquidity diminishes in the DeFi ecosystem, ETH coins previously locked in smart contracts are entering the short-term market supply. If capital outflows persist, ETH could face further downward pressure, potentially retesting the $1,500 support zone. Additionally, with Bitcoin’s dominance widening, ETH risks losing more market share in the near term, especially if upcoming economic policies do not meet market expectations.

The declining interest in Ethereum-based exchange-traded funds further exacerbates the situation. Over the past seven days, these digital assets have suffered cumulative outflows of $265.4 million, reflecting diminished institutional interest.

In response to these challenges, Ethereum’s developers are under increasing pressure to address scalability issues and restore investor confidence. The upcoming Hoodi update is anticipated to tackle some of these concerns, but its success remains uncertain. Meanwhile, competitors like Solana and BNB Chain are capitalizing on Ethereum’s setbacks, attracting users and liquidity with their own DeFi offerings.

Asset management firm Ninety One Plc is increasing its investments in United Arab Emirates equities to mitigate exposure to the ongoing trade tensions initiated by U.S. President Donald Trump. The company’s emerging-markets equity team, overseeing $11 billion in assets, is targeting markets less affected by U.S. tariffs, according to co-portfolio manager Varun Laijawalla. This strategy includes acquiring shares in UAE-based companies such as Emaar Properties PJSC and Abu Dhabi Commercial Bank PJSC.

Emaar Properties, a leading real estate developer in the UAE, has experienced fluctuations in its stock performance. On March 14, 2025, the Dubai Financial Market index declined by 0.9%, influenced by losses in the real estate sector due to new tariff threats from President Trump. Emaar Properties and its construction subsidiary, Emaar Development, saw their shares decrease by 2.2% and 2.8%, respectively.

Despite these short-term declines, Emaar Properties has demonstrated resilience over the past year. The company’s stock has shown a 69.91% increase over the last 12 months, indicating strong growth potential.

Abu Dhabi Commercial Bank , another focus of Ninety One’s investment strategy, has also shown notable financial performance. In 2024, ADCB reported revenues of AED 16.61 billion, marking a 19.64% increase compared to the previous year’s AED 13.88 billion. Earnings for the same period reached AED 8.74 billion, reflecting an 11.80% increase.

The bank’s stock has been trading within a 52-week range of AED 7.61 to AED 12.60, with a market capitalization of approximately AED 76.67 billion.

Ninety One’s strategic move to invest in UAE markets aligns with its objective to find “uncorrelated markets” less susceptible to the adverse effects of U.S. tariffs. The firm, formerly known as Investec Asset Management, rebranded to Ninety One in 2020 to reflect its founding year and has since been listed on both the London and Johannesburg Stock Exchanges.

As of December 31, 2022, Ninety One managed approximately $159 billion in assets, offering a range of active strategies across equities, fixed income, multi-asset, and alternative investments.

The firm’s decision to bolster investments in the UAE comes amid broader market reactions to global trade tensions. On March 11, 2025, major Gulf markets experienced declines due to investor concerns over a potential U.S. recession triggered by widespread trade conflicts. The Saudi Arabian index fell by 1.3%, with significant decreases in Al Rajhi Bank and Saudi National Bank. Similarly, Dubai’s index decreased by 1.1%, affected by a 2.3% drop in Emaar Properties and a 1.9% decline in Emirates NBD.

However, by March 12, 2025, Gulf stock markets displayed mixed results amid hopes for a Ukraine ceasefire and ongoing concerns over U.S. tariffs. Dubai’s main index rose by 0.7%, led by gains in Emaar Properties and Dubai Islamic Bank, while Abu Dhabi’s index increased by 0.4%. Conversely, Saudi Arabia’s index experienced a slight decline of 0.1%.

The UAE’s economic environment presents opportunities for investors seeking markets less correlated with U.S. trade policies. Ninety One’s targeted investments in companies like Emaar Properties and ADCB reflect a strategic approach to navigating global trade uncertainties while capitalizing on the growth potential within the UAE.

Emaar Properties continues to be a significant player in the UAE’s real estate sector, with a market capitalization of AED 122.42 billion and a dividend yield of 7.22%. The company’s earnings per share stand at AED 1.53, and it is scheduled to release its next earnings report on May 8, 2025.

Abu Dhabi Commercial Bank maintains a strong presence in the UAE’s banking industry, with a public float of 2.91 billion shares. The bank’s robust financial performance and strategic initiatives position it well to navigate the challenges posed by global trade dynamics.

Ninety One’s emphasis on identifying investment opportunities in markets less affected by U.S. tariffs underscores its commitment to delivering value to its clients while mitigating risks associated with global trade tensions. By focusing on the UAE’s resilient sectors, the firm aims to achieve sustainable growth in an increasingly complex economic landscape.