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By David Goldman and Matt Egan, CNN Business The US Strategic Petroleum Reserve is a man-made underground government storage complex built inside four separate salt domes on the Texas and Louisiana Gulf coast. Combined, the four SPR locations currently hold about 600 million barrels of crude oil. They’re about to get 30 million barrels lighter.

By Frank Pallotta, CNN Business “The Batman,” which is anticipated to be one of the biggest blockbusters of the year, won’t hit theaters in Russia following the country’s invasion of Ukraine last week. “In light of the humanitarian crisis in Ukraine, WarnerMedia is pausing the release of its feature film ‘The Batman’ in Russia. We

By Frank Pallotta, CNN Business Marvel is Disney’s biggest brand in its media empire, and it’s about to get even bigger on Disney+. A number of Marvel series that originally streamed on Netflix, such as “Daredevil,” “The Punisher,” “Luke Cage,” “Iron Fist” and “Jessica Jones,” will be heading to Disney+ on March 16, Disney announced

By Matt Egan, CNN Business Chevron CEO Mike Wirth expressed support on Tuesday for governments to release emergency stockpiles of oil to offset supply fears triggered by Russia’s invasion of Ukraine. “I do think a coordinated response by multiple countries could help in the near-term,” Wirth said in response to a question from CNN during

By Julia Horowitz, CNN Business A global hunt for spare barrels of crude is underway as sanctions slam Russia, the world’s second largest exporter, following its invasion of Ukraine. But don’t expect Saudi Arabia to step in to fill the gap, at least for now. What’s happening: The kingdom could help ease global oil prices,

By Jordan Valinsky, CNN Business Coors Light is ditching plastic rings on its six-packs and replacing them with an environmentally friendlier option. Beginning later this year, Coors Light will instead be packaged in cardboard wrap carriers that are recyclable and sustainably sourced. Molson Coors announced the change Tuesday, saying Coors Light is the largest beer

By Michelle Toh, CNN Business Cryptocurrency prices are climbing after Russia’s ruble sank to another record low and Moscow was hit with new sanctions. As of 5:25 a.m. ET on Tuesday, bitcoin had jumped 13% over the last 24 hours to $43,163, according to cryptocurrency tracker CoinDesk. Other cryptocurrencies moved higher, too. Ethereum climbed 10%

By Laura He, CNN Business Switzerland, a major hub for storing wealth that is popular with Russian oligarchs, is breaking with its tradition of neutrality to sanction Russia. The Swiss government will adopt EU sanctions imposed following the invasion of Ukraine and immediately freeze any assets belonging to Russian President Vladimir Putin, Prime Minister Mikhail

By Chris Isidore, CNN Business As the United States and Europe ramp up their sanctions on Russia, Western consumers will soon face rising costs. That’s true even for American consumers, even though relatively few Russian exports reach US shores. The higher prices are modest compared to the destruction of life and property in Ukraine. But

By Matt Egan, CNN Business Russia faces the specter of a full-blown financial meltdown. Punishing sanctions leveled by the West have sent the ruble crashing to record lows, shuttered Moscow’s stock market and made Russian assets toxic on the world stage. The White House has even taken aim at Vladimir Putin’s financial fortress, removing access

By Frank Pallotta, CNN Business Disney, Hollywood’s largest and most influential movie studio, is pausing the release of its theatrical films in Russia following the country’s invasion of Ukraine last week. “Given the unprovoked invasion of Ukraine and the tragic humanitarian crisis, we are pausing the release of theatrical films in Russia, including the upcoming

By Matt Egan, CNN Business Red-hot inflation in the United States may not cool off this year as much as many hoped, Goldman Sachs cautioned in a new report. “The inflation picture has worsened this winter as we expected, and how much it will improve later this year is now in question,” Goldman Sachs economists

By Julia Horowitz, CNN Business In less than a week, Russian assets have become practically untouchable for Western investors, who see no reason to expose themselves to a pariah economy that could be crushed by sanctions. Financial transactions also look increasingly difficult to execute and risk running afoul of regulators. “It’s very difficult to see

By Mark Thompson, Anna Chernova and Vasco Cotovio, CNN Business Russia was scrambling to prevent financial meltdown Monday as its economy was slammed by a broadside of crushing Western sanctions imposed over the weekend in response to the invasion of Ukraine. President Vladimir Putin held crisis talks with his top economic advisers after the ruble

By David Goldman and Laura He, CNN Business Stock markets fell and oil prices surged Monday as investors grew increasingly concerned about the consequences of Russia’s invasion of Ukraine. European markets opened lower, as the West continued to impose fresh sanctions on Russia. In early trade the United Kingdom’s FTSE 100 fell 1%, the German

By Jordan Valinsky, CNN Business Russian-made alcohol is the latest target in the growing backlash against the country’s invasion of Ukraine. So far, officials in Ohio, Utah and New Hampshire have called on liquor stores to remove Russian-made or Russian-branded products from shelves, a move that largely targets vodka since it’s most closely associated with

By Julia Horowitz, CNN Business Russian President Vladimir Putin’s decision to invade Ukraine last week shattered the security order in Europe that has existed since the end of the Cold War. It’s also compelled investors to consider whether they need to adjust to a world that’s changed for good. “I believe that Russia’s invasion of

By Frank Pallotta, CNN Business “Saturday Night Live” returned from a nearly monthlong hiatus without a cold open. Instead of a funny satirical sketch, the NBC variety show chose to present a powerful tribute to the country of Ukraine. The tribute follows Russia launching an unprecedented military assault on the country earlier this week. The

By Alicia Wallace, CNN Business The grocery run, the fuel-up and the utility bill are all costing more these days — not to mention the surging home prices and rising rents. But a trip to the neighborhood dispensary might not elicit similar feelings of sticker shock. While Americans have seen prices climb across most of

By Chris Isidore, CNN Business Union organizers overwhelmingly won a vote Friday to represent workers at a Starbucks in Mesa, Arizona, giving them their third win in an effort to organize the sector. The vote was 25 in favor of the union and only 3 opposed. There were a total of 43 workers eligible to

By Chris Isidore, CNN Business Tesla CEO Elon Musk and his brother are under investigation by the Securities and Exchange Commission for possibly violating insider trading rules, according to media reports. The Wall Street Journal, citing unnamed people familiar with the probe, said the investor watchdog agency is looking into sales of Tesla shares by

Opinion by Gad Levanon for CNN Business Perspectives Over the past 12 months, US consumer prices rose by 7.5%, the highest rate in nearly 40 years. Worse, inflation is showing no signs of slowing. The Federal Reserve typically fights inflation by raising interest rates, which slows the economy by reducing the demand for goods and

By Anneken Tappe, CNN Business Yet another key measure of inflation ticked higher at the start of the year, rising at its fastest pace in nearly 40 years. The price index tracking consumer spending increased by 6.1% between January 2021 and January 2022, according to new data from the Commerce Department released Friday. That was

By Jordan Valinsky, CNN Business International companies that hold a major presence in Russia are bracing for more sanctions from Western countries. Russia has already paid a price for its aggression: the country’s stock markets and currency have tanked this week after President Vladimir Putin ordered troops into Ukraine. Sanctions from the United States and

By Laura He, CNN Business China has relaxed restrictions on imports of Russian wheat, a move that could address food security concerns in the world’s second largest economy and ease the impact of Western sanctions on Russia. The decision to allow imports of wheat from all regions of Russia was made during Russian President Vladimir

By Chris Isidore, CNN Business Russia’s invasion of Ukraine has sent oil futures above $100 a barrel for the first time since 2014 and will probably bring $4-a-gallon gasoline to much of the United States. But it won’t be a major drag on US economic growth. Economists project that at most the nation’s gross domestic

By Mark Thompson, CNN Business British Airways has suspended its flights to Moscow after Russia banned all UK carriers from its airspace. Russia’s Federal Agency for Air Transport said in a statement Friday that it was banning UK registered flights, as well as aircraft owned, leased or operated by a person associated with the United

By Charles Riley, CNN Business The West has announced a barrage of tough new sanctions aimed at cutting off Russia’s banks from the global financial system and depriving the country of vital technology. Yet a punishing financial weapon is being kept in reserve. The United States and the European Union held back from cutting Russia

By Michelle Toh, Junko Ogura, Hira Humayun, Isaac Yee, Eric Cheung, Sam Fossum and Ramishah Maruf, CNN Countries around the world are imposing fresh sanctions against Russia over its invasion of Ukraine. The United States, the European Union, the United Kingdom and Canada banned certain Russian banks from SWIFT on Saturday, the high security network