Did you follow the news this week? Take our quiz.

As Russia intensified its bombardment of urban areas, Chinese President Xi Jinping found himself faced with the possibility of two interrelated crises.

As the world’s largest oil importer and major food buyer, China’s economy is exposed to the market turmoil that the war and subsequent sanctions have unleashed. It also risks a deep diplomatic backlash, especially in Europe, where many see him as an accomplice to the invasion.

Just last month, Xi and Vladimir Putin, the Russian leader, signed a “no limits” partnership in Beijing, which a senior US official described as a “coming out party” for their growing allegiance. The Chinese president proclaimed that the Sino-Russian relationship is “stronger than an alliance”.

But that close relationship comes at a cost far greater than China ever imagined, as Putin leads a bloody and poorly executed invasion of Ukraine that has tainted Beijing by association.

Follow our live blog for the latest news from Ukraine and our updated maps offer a visual guide to the conflict.

Learn more about Ukraine

• The last: Russia rejected Ukraine’s proposals for a temporary ceasefire and humanitarian aid for the beleaguered city of Mariupol in high-level talks that made little progress yesterday.

• Markets: China will double the permitted trading range between its currency and the Russian ruble to help bolster trade between the two countries as the Russian economy reels from Western sanctions.

• Economic news: Here’s our list of consumer company responses to the Russian invasion. Meanwhile, Putin is looking for “legal solutions” to seize the assets of companies leaving the country.

• Punishments: The British government has imposed a total freeze on the assets of Russian billionaire Roman Abramovich, complicating the sale of Chelsea football club.

• Financial services: Goldman Sachs is the first major Wall Street group to confirm it will leave Russia. Credit Suisse and Pimco stand to lose hundreds of millions of loans to Russian companies.

• Military briefing: The West has supplied military equipment to Ukraine, but mainly defensive equipment. It’s starting to change.

• Opinion: Hannah Murphy argues that the uplifting myths around war mark a dangerous boundary in misinformation. Have you seen examples of misinformation about the war in Ukraine? Talk to us here.

Five other stories in the news

1. The SEC is setting the clock for the delisting of Chinese companies Five New York-listed Chinese companies have been named by US regulators as the first of 270 groups that will be delisted if they fail to hand over detailed audit documents supporting their financial statements.

2. Modi’s BJP scores victory in Indian state elections Narendra Modi’s Bharatiya Janata party has triumphed in a series of state elections in India, asserting its dominance over the country’s politics as its rival Congress party crumbles.

3. US inflation hit a new 40-year high in February Consumer price growth in the United States approached 8% last month before a spike in energy prices following Russia’s invasion of Ukraine, increasing pressure on the Federal Reserve to tighten further its monetary policy. Check out our global inflation tracker here.

4. Australian media thrives after forcing Big Tech to pay Google and Facebook paid Australian media companies around A$200 million ($146 million) last year due to new regulations that have helped the local industry, according to a new report. But the system remains an “opaque mess” and some companies are unable to negotiate easily with Big Tech firms, the Judith Neilson Institute report warned.

5. Amazon Announces $10 Billion Share Buyback The e-commerce giant announced a 20-to-1 stock split and up to $10 billion share buyback, in a bid to boost its share price amid high operating costs and concerns about staff retention.

Summary of coronavirus

• hong kong will keep its international travel restrictions in place until it has its current Covid-19 outbreak under control, chief executive Carrie Lam said. The decision comes despite pressure from businesses for strict pandemic measures. (Nikkei Asia)

• K-pop group BTS yesterday held their first live concert in South Korea since the pandemic began. Covid restrictions still prohibit cheering or singing. (NYT)

• A combination of high levels of immunity and reduced severity of the Omicron variant has made Covid-19 less deadly than the flu for the vast majority of people in England, an FT analysis has found.

The coming days

Industrial production figures in India Price data for January is expected to be released.

Second anniversary of the Covid-19 pandemic Today marks two years since the World Health Organization declared Covid-19 a pandemic. When do we declare the end of the Covid pandemic? asks Anjana Ahuja.

Weekend Elections Turkmenistan will hold early presidential elections on Saturday following the resignation of incumbent President Kurbanguly Berdymukhamedov. On Sunday, Colombians will go to the polls for the legislative elections and Mali is holding its first round of legislative and presidential elections.

What else we read and watch

Evergrande: the end of the real estate boom in China The rapid expansion of China’s property sector has been fueled by a large migration from farms to cities – and backed by cheap credit. The FT tells the story of Evergrande, the world’s most indebted property developer, which is now on the brink of collapse.

How Facebook’s crypto dream fell apart He had the top notch partners, the technology and the right players – none of whom could save him. Hannah Murphy and Kiran Stacey tell the inside story of the most spectacular, if little-noticed, failure of Mark Zuckerberg‘s career: the collapse of the Libra project.

Western consumer brands grapple with the Russian dilemma As Apple suspended sales and BP hastily announced its exit over the past two weeks, the multinationals that make products Russians rely on for daily life, from food to baby formula and by personal care items, struggled to decide whether or not to stay.

What is the true value of a tree? Countless organizations and institutions have tree planting goals. But if what we plant is to survive for future generations, we need to consider climate change. Experts say only five or six of our native species are adapted to our warming climate

FT Business Books: March Edition From creating more connected teams to digital transformation, our Work & Careers team has selected the best titles of the month in the world of professional publishing.

sport

First developed in British Columbia, cat-skiing uses modified tracked snow groomers (also known as piste bashers) to transport skiers to the top of runs, as an alternative to fixed lifts and cable cars. But can sport take off in Eastern Europe? It is gaining popularity in Kosovo.