Ukraine War Update: Russia looks to China as economy stumbles; Airbnb cancels bookings
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Here are the latest headlines in the Russia-Ukraine crisis:
China could fill economic gap in Russia
China could fill the economic vacuum in Russia, as Western governments and companies pull out of the country following its invasion of Ukraine. Chinese diplomat Zhang Hanhui has called on companies in his home country to grab opportunities caused by the conflict.
As an example of the market gains made by China since the Ukraine war began, Huawei reported a 300% increase in Russian phone sales in the first half of March. There were also significant gains from brands like Oppo and Vivo.
Airbnb cancels reservations in Russia and Belarus
Airbnb (NASDAQ:ABNB) is reportedly canceling all reservations made on the homesharing platform for Russia and its wartime ally Belarus. Reuters said the move comes about a month after ABNB suspended all of its business operations within the two countries following the Ukrainian War's outbreak.
Zelenskyy asks UN to bring Russian military to justice


Ukraine's president tells UN Security Council the Russian military must be brought to justice immediately for war crimes.
EU proposes Russian coal ban
The European Unionâs executive branch has proposed a ban on coal imports from Russia in what would be the first sanctions targeting the country's lucrative energy industry over its war in Ukraine.
Treasury takes action
Ratcheting up further pressure on Moscow, the U.S. Treasury has stopped the Russian government from making debt payments via the dollar reserves it holds in American bank accounts. As a result, the Kremlin will be forced to use up dollar reserves held in its own country, spend new revenues or go into default. Russia is already not able to access international borrowing markets due to Western sanctions, while a default would further prohibit it from accessing those markets until creditors are fully repaid and lawsuits are settled.
Zelenskyy addresses U.N.
The United Nations Security Council will meet Tuesday to discuss Russia's alleged war crimes in Bucha. President Volodymyr Zelenskyy will address the Council as he builds support for an investigation into the atrocities. "And this is only one town. One of many Ukrainian communities which the Russian forces managed to capture," he declared in a video. "Now, there is information that in Borodyanka and some other liberated Ukrainian towns, the number of casualties of the occupiers may be even much higher."
Ukraine concerns lead to price target cut for EPAM Systems
Morgan Stanley expressed worries that the conflict in Ukraine would hurt the prospects for EPAM Systems. As a result, the firm cut its price target for the provider software and consulting services, noting that EPAM has much of its operations in Ukraine, Russia and Belarus. Morgan Stanley slashed its target to $450 from $830 but still retained its Overweight rating.
Kinross Gold divests Russian assets
Kinross Gold announced to deal to sell all of its Russian assets for $680M in cash. The sale was made to Highland Gold Mining, one of the largest gold miners in Russia, and includes two major projects, the Kupol mine and the Udinsk project.
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-- The Associated Press contributed to this report