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Here are five things you must know for Monday, February 28:

1. — Stock Futures Slump As Russia Extends Ukraine Invasion, West Doubles-Down on SanctionsU.S. equity futures slumped lower Monday, while oil prices tested fresh 2014 highs amid a broader rally in commodities prices, as fighting between Russia and the Ukraine entered its fifth day and western world leaders moved to isolate Moscow from the global financial system.

Russia’s central bank was effectively blocked from accessing hundreds of billions of U.S. dollars stocked away to help defend its currency, with the ruble left to fall another 30% to an all-time low against the greenback as a result. Several major Russian lenders, meanwhile, were locked out of the international SWIFT payment system, a move that added to the pressures on domestic financial markets and forced the central bank to raise its base lending rate to 20% — the highest since 2003 — and introduce capital controls in an effort to prevent a run on banks around the country.

President Joe Biden is set to speak with NATO leaders later today, while reports suggest Ukraine’s Defense Minister will meet with Russian officials near the Belarus border for talks aimed at brokering at least a near-term ceasefire.

The harsher weekend sanctions — which, thus far, have excluded the energy sector — compelled President Vladimir Putin to put the country’s nuclear arms facilities on high alert, while triggering significant price upheavals in markets around the world.

Oil were sharply higher in overnight trading, alongside wheat, aluminum and other base metals, in anticipation of supply disruptions and sanctions on the export of Russian crude, which comprises around 10% of global supply.

WTI futures for April delivery soared $4.64 to a $96.23 [er barrel while Brent contracts for the same month surged $4.93 to $102.86 per barrel.

On Wall Street, futures linked to the Dow Jones Industrial Average are priced for a 380 point opening bell decline, a move that would take the average to its lowest levels in around 9 months, while those linked to the S&P 500 are priced for an 56 point retreat.

Nasdaq Composite futures are indicating a 180 point slump for the tech-focused benchmark as 10-year Treasury note yields held at 1.92% in overnight trading.

2. — Week Ahead: Earnings Season Closes, Jobs Report In FocusWhile markets are likely to focus on the day-to-day dynamics of the Russia-Ukraine conflict, investors will also need to navigate the tail end of the corporate earnings season as well as a key reading on February jobs growth slated for Friday. 

With around 94% of the S&P 500 reporting December quarter earnings thus far, collective profits are set to rise 31.5% from last year to a share-weighted $462.6 billion.  Just 23 companies are slated to report this week, with Target TGT, salesforce.com CRM, Broadcom AVGO and Costco COST highlighting the late-season slate.

Earnings growth is expected to slow precipitously over the first quarter, to just 6.2%, a move that, alongside the Federal Reserve’s hawkish stance on inflation, is beginning to stoke investor concerns of a near-term recession: the Atlanta Fed’s GDPNow forecasting tool suggests a first quarter growth rate of just 0.6%.

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3. — BP Dumps Rosneft Stake in $25 Billion Russia Exit  BP Plc  (BP) – Get BP Plc Report shares slumped lower in pre-market trading Monday after Europe’s second-largest oil company said it would dump its near 20% in Russian energy giant Rosneft.

The decision to effectively abandon one of the group’s key assets, comprising around half of its oil and gas reserves and a third of its overall production, will likely result in charges amounting to around $25 billion, BP said in a weekend statement. Both current CEO Bernand Looney and former boss Bob Dudley will also step down from the Rosneft board, effective immediately. 

“Like so many, I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to everyone affected,” Looney said. “It has caused us to fundamentally rethink bp’s position with Rosneft. I am convinced that the decisions we have taken as a board are not only the right thing to do, but are also in the long-term interests of bp.” 

BP’s U.S.-listed share were marked 7.4% lower in pre-market trading Monday to indicate an opening bell price of $28.46 each. Shares in London fell 6.35% to 354.45 pence each. 

4. — Warren Buffett Posts Record Earnings For Berkshire Hathaway Berkshire Hathaway  (BRK.A) – Get Berkshire Hathaway Inc. Class A Report shares edged lower in pre-market trading after the investment group controlled by billionaire Warren Buffett posted record fourth quarter earnings.

Buffett, who hasn’t had a major acquisition in six years, bought back another $6.9 billion in shares over the three months ending in December, taking his 2021 total to a record $27 billion.

Buybacks are set to slow notably this year, to $1.2 billion, suggesting Buffett may be tempted to put his $146.7 billion cash pile to work in finding more companies. That said, 2021 wasn’t a bad year for the Sage of Omaha, with record operating profits of $27.46 billion and net income of just under $90 billion.

Berkshire Hathaway’s ‘B’ shares were marked 0.9% lower in pre-market trading to indicate an opening bell price of $319.24 each.

5. —  New York To End School Mask Mandates, Vaccine Status ProofThe state of New York, as well as New York City, will end indoor mask mandates, as well as the need to show proof of vaccination status, in the coming days, officials said Sunday.

Citing a reduction in infections, hospitalizations and deaths linked to the Omicron variant, still the nation’s move-prevalent, New York Governor Kathy Hochul said indoor mask requirements for schools would end Wednesday, with New York City Mayor Eric Adams removing the requirement Thursday. 

City-dwellers will also no longer have to show proof of their vaccination status in bars, restaurants, gyms and other indoor facilities. 

“We’ve fought a long, hard battle. And we’re winning it because of the grit and determination of every day New Yorkers like you,” Adams said through his verified Twitter account.