SQUAWK BOX, FRIDAY 25TH FEBRUARY, 2022

Ukrainian President Volodomyr Zelenskyy says Russian bombing has resumed, targeting both military and civilians throughout the country. The nation’s health ministry reports 57 casualties and up to 170 injuries. Western allies have outlined a huge package of sanctions designed to hit up to 70 per cent of Russian banks. However, EU leaders stop short of cutting Russia out of the SWIFT payment system. We’re live in Kraków, Poland and in Moscow where President Putin has met with business leaders as the sanctions begin to take effect. Markets see a late reversal in the U.S. and oil prices stabilise, albeit at levels not seen since 2014.