March 1, 2022 Russia-Ukraine news

Jaguar Land Rover is suspending the delivery of vehicles into the Russian market due to the "the current global context."

In a statement to CNN, the carmaker said "the current global context presents us with trading challenges so we are pausing the delivery of vehicles into the Russian market and continually monitoring the situation on behalf of our global customer base."

UK Business Secretary Kwasi Kwarteng tweeted that he welcomed this decision, adding "there is now a rapidly growing number of companies and governments joining the whole international community in isolating Russia, both diplomatically and financially."

Other car companies' actions: Jaguar Land Rover follows Volvo, which said it would be stopping shipments to Russia until further notice on Monday, “considering the potential risks associated with trading material with Russia, including the sanctions imposed by the EU and US."

Renault confirmed to CNN on Tuesday that they had paused production at their plant in Moscow and that they were observing some "logistic impacts" there. The plant produced over 75,000 vehicles in 2020. 

As of now, Ford has not stopped production in Russia or shipments to the country, telling CNN on Tuesday "we’re deeply concerned about the situation in the Ukraine and the safety and well-being of people there and throughout the region but have nothing more to add at this time."

The White House says the decision by the US and allies to release 60 million barrels from their oil reserves "is another example of partners around the world condemning Russia’s unprovoked and unjustified invasion of Ukraine and working together to address the impact of President Putin’s war of choice."

As part of the announcement, the US is committing to releasing 30 million barrels from the Strategic Petroleum Reserve. European and Asian nations are releasing another 30 million barrels.

The US has seen more than 400 missiles fired by Russia in the invasion of Ukraine as of this morning, according to a senior defense official.

The Ukrainians still have air missile defense systems that remain “viable and intact and engaged,” according to the official.

The official also said that while Russia still has not achieved air superiority, “there are areas where they have more control than others.”

The Russian advance on Kyiv remains “basically… where it was yesterday” according to a senior defense official.  

The Russians are not only facing “fuel and sustainment” problems, but are showing signs that they are running out of food, the official claimed.  

The official cited a number of possible reasons for the stall, including Ukrainian resistance.

The official also cited the possibility that the Russians were pausing their advance by choice because they could be “regrouping, rethinking, reevaluating.” CNN reported earlier that the US believes Russia is resorting to heavier firepower and more devastating weapons systems 

But the official also noted that the Russian military appears to be “risk averse” when it comes to its own troops.

“There has been in the last six days evidence of a certain risk averse behavior by the Russian military,” the official said. “You’ve seen it on the ground, where units are surrendering, sometimes without a fight. And they’ve got, a lot of these soldiers are conscripts, never been in combat before, some of whom we believe weren’t even told they were going to be in combat. So we’re just seeing evidence of a bit of risk aversion.”

Here's a look at Russia's advance into Ukraine:

The US continues to see “heavy fighting in and around Kharkiv” and the area “remains heavily contested,” a senior US defense official told reporters on Tuesday — the sixth day of the Russian invasion of Ukraine.

In the southern part of the country, the US continues to see Russian forces make “more progress,” and have “more success down there, in terms of moving along their axes,” the official said.

The Russian forces are advancing on two axes in the south. From Crimea, there is one part that goes off to the northwest and one that goes to the northeast, the official said.

The Ukrainian city of Kherson appears “very much to be a contested city at this point,” the official said.

From the northeast, Russian forces are “still outside Mariupol” and “they have not advanced inside the city” yet, the official said.

The US does believe Russian forces are occupying Berdyansk and Melitopol, which is west of Berdyansk and further in from the coast of the Sea of Azov, the official said.

“Again if you draw that line from Mariupol to Kharkiv, we can see a continued desire from the Russians to sort of connect on those two lines, they haven’t made much progress, but we still believe that’s their intent,” the official added.

Here's a map to help understand where the Russians stand in Ukraine:

The US and its allies have agreed to a release of 60 million barrels from their reserves, according to two sources familiar with the decision. Half of it — 30 million — will come from the US Strategic Petroleum Reserve, and the other half will come from allies in Europe and Asia.

This comes as US President Joe Biden seeks to dampen the effect of Russia’s invasion of Ukraine on gas prices at home.

Earlier CNN reported: Allies include Germany, the UK, Italy, the Netherlands and other major European countries, as well as Japan and South Korea. US officials have spent the last several weeks on calls and in meetings with their counterparts in key energy-supplying countries in an effort to secure commitments to backfill any market disruptions. The effort included an in-person visit to Saudi Arabia from two senior administration officials to discuss the need to address the impact on oil markets. The US informed Saudi Arabia ahead of the oil reserve announcement. 

Biden signaled his intent to release the oil last week.

The Paris-based International Energy Agency is holding a last-minute meeting Tuesday on oil supply with the goal of “stabilizing markets," it said earlier this week. The meeting with be chaired by US Secretary of Energy Jennifer Granholm.

Some background: Tapping the SPR – the stockpile of 600 million barrels of crude oil stored in underground salt caverns in Louisiana and Texas – generally has only a limited effect on gas prices because of how much oil can be released at a time, but would act as a political sign that Biden is confronting the problem.

French Finance Minister Bruno Le Maire told CNN Tuesday that Russian President Vladimir Putin “will be directly and personally responsible for the difficulties of his own population.”

Speaking to Christiane Amanpour in Paris, Le Maire said that the consequences of economic sanctions that have been implemented on Moscow following Russia’s invasion of Ukraine were “first of all on Vladimir Putin, first of all on the oligarchs, first of all on the financial and economic Russian system, but also there will be side effects on the Russian population.”

Earlier Tuesday, Le Maire said that nearly $1 trillion worth of Russian assets have been frozen by western sanctions as the European Union and its allies launch an economic and financial war against Russia. 

The finance minister told Amanpour that the sanctions had been effective in significantly damaging Russia’s economy and sending a message to the Kremlin. 

“When you are looking at the current situation, sanctions prove to be effective,” he told CNN. “There has been a devaluation of the ruble of 30%. Let’s have a look at the Russian market. There has been a decrease on the Russian market by 30%. Let’s have a look at the risk of having bank runs in Russia. We are already inflicting… serious damages to Russian economy, serious damages to the Russian financial system, and we will stick to that line, which is a very strong one for the view of making understandable our determination to say: stop to Vladimir Putin.” 

“I think that we must show our total determination to face the threat by imposing these sanctions and by inflicting this damages on the Russian economy, because that’s the current weapon that we have in our hands,” Le Maire said. 

“I really think that the Russian power has been surprised by the total determination of the European countries,” he added.

The area surrounding a massive TV tower in Kyiv has been hit by military strikes, according to videos and photos posted to social media that have been geolocated and verified by CNN.

On Telegram, the Ukrainian Ministry of Internal Affairs confirmed there was a military strike near the TV tower.

Earlier on Tuesday, the Russian military warned that it would carry out strikes against Ukraine's State Security Agency and "the 72nd Main Center for Information and Psychological Operations [PSO] in Kyiv." 

It's unclear at this time whether these new strikes were targeting either of those Ukrainian state entities. 

CNN's Nathan Hodge contributed to this report.

US oil prices jumped 7% on Tuesday and climbed above $102 a barrel for the first time in more than seven years amid growing worries about the Russia-Ukraine crisis.

Even as energy officials around the world near a deal to release emergency oil stockpiles, oil prices are rising sharply.

US crude climbed 6% and briefly topped $102 a barrel for the first time since July 2014. 

Brent crude rose about 7% to $104.37 a barrel, closing in on the intraday high set last week of nearly $106 a barrel. Brent, the world benchmark, finished above $100 a barrel on Monday for the first time since 2014.

While a coordinated release of oil reserves could be imminent, the market also received fresh signals that OPEC and its allies are not coming to the rescue. 

Despite pressure to ramp up production, Saudi Arabia’s cabinet reaffirmed its commitment to the OPEC+ agreement – a pact that calls for just a modest increase in output, according to a statement from the Saudi state news agency on Tuesday.

The latest march higher in the oil market will only drive up prices at the gas pump, which move with a lag to oil.