Good morning. The European Union reversed guidance on how to apply its economic sanctions against Russia in a bid to sidestep Moscow’s allegations that the bloc’s measures are leading to a food security crisis in developing countries.

The EU’s executive body, the European Commission, circulated new guidance to member states on Monday that made it clear that fertilizers, coal and some other products from Russia can be transferred to the rest of the world via the bloc, and insurance and other services can be provided on that transport.

The move comes as Western countries and Russia battle to win over countries in the developing world to their narrative over the global food and energy crisis.

The West says President Vladimir Putin’s unprovoked invasion of Ukraine and Russia’s monthslong blockade of Ukraine’s Black Sea coast is responsible. The Kremlin blames the impact of Western sanctions. At a meeting of the Shanghai Cooperation Organization in Uzbekistan last week, Mr. Putin accused the European Commission of a shameful decision to allow its members to import Russian fertilizers but deny them to the rest of the world.

Also:

• Germany to Nationalize Ailing Uniper After Russian Natural-Gas Cuts

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A judge for the Southern District of New York ordered the issuer of the largest stablecoin to produce financial records related to the backing of its coin, tether.

Tether Holdings, the issuer of the world’s largest stablecoin, will need to produce balance sheets, income statements, cash-flow statements and profit-and-loss statements under the order. It also will have to provide documents to establish sufficient reserves for tether, including account statements for all its banks.

Twitch said it would ban users from streaming unlicensed gambling content on its platform in an effort aimed at protecting its users.

The streaming platform, which is owned by Amazon.com Inc., said it won’t allow live streaming gambling sites that are only licensed in countries that don’t have enough protection for consumers. Twitch cited sites such as Stake.com, Rollbit.com, Duelbits.com and Roobet.com that it will ban from its platform, noting it may identify others as well.

• Phoenix Suns and Mercury owner Robert Sarver said on Wednesday that he would begin the process of finding buyers for the basketball teams, after an investigation into his workplace conduct prompted the league to suspend him for a year and fine him $10 million.
   
• The Senate voted to ratify an industry-backed climate treaty amendment that would commit the U.S. to reducing refrigerant chemicals that contribute to climate change.
   
• New York’s attorney general filed a civil fraud lawsuit Wednesday against former President Donald Trump, three of his adult children and his company, alleging they engaged in a decadelong scheme to falsely value their assets and generated $250 million in ill-gotten gains.

Confronted by serious battlefield losses in Ukraine, Russian President Vladimir Putin did what he has often done before when facing setbacks: doubled down.

In a nationally televised speech early Wednesday, an angry-sounding Mr. Putin said he would call up 300,000 reservists to bolster the war effort and hinted he would consider a nuclear strike, saying he would use “all the instruments at his disposal” to prevail.

Meanwhile, President Biden accused Russia of “shamelessly violating” the United Nations charter during an address before the U.N. General Assembly on Wednesday, decrying the war in Ukraine and excoriating Mr. Putin for hinting that he could use nuclear weapons in the conflict there.

• Putin’s Escalation Faces Risks in Russia-Ukraine War
• China, India Stand by Russia Despite Its Setbacks in Ukraine War

• The heads of the largest U.S. banks expressed concerns about the state of the U.S. economy, warning of the risks of high inflation and rising interest rates. Facing questions from House lawmakers Wednesday, bank chief executives, including JPMorgan Chase & Co.’s Jamie Dimon and Citigroup Inc.’s Jane Fraser, offered a favorable picture of an industry they say helped the economy recover from a pandemic-induced recession, while showing uncertainty about the future.
   
• The Federal Reserve approved its third consecutive interest-rate rise of 0.75 percentage point and signaled additional large increases were likely even though they are raising the risk of recession.
   
• Iranian President Ebrahim Raisi dismissed Western criticism over women’s rights after a young Iranian woman died in police custody, as the death toll from clashes rose amid growing unrest over the Islamic Republic’s morality laws.

The U.S. accounting standard-setter allowed insurers that recently sold their long-term insurance business to exclude those from their balance sheets when they comply with a new accounting rule on valuing certain contracts.

Wednesday’s move by the Financial Accounting Standards Board is aimed at helping insurance companies meet new requirements, which are set to go into effect for large publicly traded businesses in early 2023. The FASB in 2019 and 2020 delayed implementing the rule by a year to give companies more time to prepare.

• Jesse Powell, an early bitcoin backer and co-founder of the cryptocurrency exchange Kraken, plans to step down from his role as chief executive, the company said on Wednesday. The company says it expects to hire a new chief compliance officer in the next few weeks.
   
• Warner Music Group named departing YouTube business chief Robert Kyncl as its next chief executive, betting on a tech veteran as the industry expands into social media, games and the metaverse.
   
• Charter Communications Inc. Chief Executive Tom Rutledge is retiring from the company he has led for the past decade, a time of acquisitions that transformed the cable operator into the industry’s second-largest company.
   
• A European private-equity firm agreed to buy a controlling stake in Eataly SpA, with the aim of helping the Italian-marketplace chain continue to expand globally.

• China has long been a coveted assignment for business executives and diplomats, a prestigious posting in a rising power and a valuable addition to one’s résumé. Now, it is an assignment that few are eager to take on, as China’s “zero-Covid” isolation deepens and concerns about geopolitical tensions and economic delinking rise.
   
• Meta Platforms Inc. is planning to cut expenses by at least 10% in the coming months, in part through staff reductions, as the social-media giant confronts stalling growth and increased competition. As part of its own cost-cutting measures, Alphabet Inc.’s Google has also required some employees to apply for new jobs if they wish to remain at the company. 
   
• BP PLC said two employees have died after suffering injuries in a fire at its Husky Toledo Refinery in Ohio.
   
• A big winner from the energy crisis in Europe: the U.S. economy. Battered by skyrocketing gas prices, companies in Europe that make steel, fertilizer and other feedstocks of economic activity are shifting operations to the U.S., attracted by more stable energy prices and muscular government support.
   
• From seaport docks in Los Angeles and Liverpool to rail yards in Chicago and warehouses in Europe and the U.S., clashes between cargo workers and management have been rising this year, adding complications and uncertainty to the flow of goods around the world.
   
• At Walmart Inc., holiday hiring is cooling along with demand for patio furniture and apparel.