10 things before the opening bell

Welcome back, readers. Today we're going over the turmoil in Russian assets including the currency after new Western sanctions, as well as the surge in crypto donations for troops in Ukraine.

Let's dive in.

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1. Russia is racing to contain the damage to its economy from tough Western sanctions. The ruble has collapsed by as much as 40% to a record low, prompting the central bank to essentially double interest rates today and buy gold, after Western leaders came down hard on Moscow at the weekend in retaliation for its war on Ukraine.

On Sunday, Russian President Vladimir Putin upped the ante by putting his country's nuclear forces on high alert, saying NATO countries had made "aggressive statements" while the rest of the world condemned his invasion of Ukraine.

Western powers barred a number of major Russian banks from the SWIFT international payments system and, crucially, froze the central bank's foreign currency holdings, meaning it cannot deploy its massive $630-billion war chest to circumvent sanctions.

By Monday, the ruble had crashed, along with London-listed shares of prominent Russian companies, including its biggest bank, Sberbank, which fell by as much as 70%, while Moscow's stock markets remained closed. Crude oil and natural gas prices have soared in response, as investors prepare for potential disruption to supplies.

And ordinary Russians were standing in line for hours to withdraw money from ATMs, running from one bank to the next in the hope of getting hold of some cold, hard cash. "I've stood in lines for an hour, but foreign currency is gone everywhere, just rubles," Vladimir, a 28-year-old programmer, told Bloomberg.

2. Stocks are tumbling as investors react to the chaos on Russian markets. Tough new sanctions have sent the ruble plunging, while oil and gold have soared. Here's what's happening at the moment.

3. On the docket: Zoom Video Communications, Workday, and Lucid Group, all reporting.

4. The strategist who wrote the book on geopolitical alpha broke down two key developments to watch amid Russia's invasion. As investors rush for safe-haven assets, some might fare better than others. He recommended these three flight-to-safety trades investors can make to hedge against the ongoing conflict.

5. FTX CEO Sam Bankman-Fried said the crypto exchange gave cash to all Ukrainian users. Since Russia invaded, Ukraine has limited cash withdrawals and access to currencies. As part of his announcement, Bankman-Fried tweeted, "do what you gotta do."

6. Crypto donations to Ukraine's army have surged. A Ukrainian NGO raised over $4 million in bitcoin for the country's army, and one donor alone gave $3 million, according to Elliptic. The data firm said crypto donations are good for those who can't navigate the international banking system.

7. Oil could soar 27% by May as the Russia-Ukraine conflict triggers a "supply shock," according to Goldman Sachs. The bank said oil could hit $125 a barrel amid the possibility of more sanctions and other geopolitical factors. Read why else the bank said prices could go much higher in the coming months.

8. Morningstar investment chief weighed in on which parts of the market he is steering clear of right now. Being light on US stocks in your portfolio can be a good thing, said the firm's global CIO. He also shared the three potential triggers for a stock market crash.

9. A 20-year Wall Street veteran says that shipping and travel stocks are poised for gains. Even as the world grapples with supply chain snags and other issues, he explained why this is the best time to buy into those sectors.

10. As European wheat prices soar, you may feel the effects on your wallet. Ukraine and Russia together account for nearly a third of the world's wheat market, and now consumers will have to pay a hefty price for it. Here's how the overseas conflict is hitting food supply chains.

Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn.)