Good morning. Microsoft Corp. has agreed to pay more than $3 million in fines for allegedly violating U.S. sanctions on Russia and other countries after its software and services ended up in the hands of blacklisted companies and persons in the Crimea region of Ukraine.

The U.S. Treasury and Commerce Departments on Thursday said they had reached a joint settlement with Microsoft over the apparent violations of U.S. sanctions and export controls rules, which the software giant voluntarily disclosed.

• Mostly Russian entities: The majority of the apparent violations involved blacklisted Russian entities in Crimea, but others were tied to blacklisted entities in Cuba, Iran and Syria, authorities said.
   
• Controls circumvented: At times, employees at Microsoft’s subsidiary in Russia appear to have intentionally circumvented the company’s screening controls in an effort to prevent other Microsoft affiliates from knowing the identity of the ultimate customers, according to the Treasury’s Office of Foreign Assets Control.
   
• Eight-figure sales revenue: In total, Microsoft sold more than $12 million in products and services to blacklisted parties, according to OFAC.

The WSJ Risk & Compliance Forum on May 9 will feature speakers including Assistant Attorney General Kenneth Polite Jr., Assistant Secretary for Export Enforcement Matthew Axelrod, Elizabeth Atlee, chief ethics & compliance officer at CBRE, and Sidney Majalya, chief risk officer at Binance.US. You can register here.

Decentralized cryptocurrency markets threaten U.S. security, Treasury says.

The burgeoning decentralized cryptocurrency market threatens U.S. national security and needs greater oversight and enforcement against money-laundering, the U.S. Treasury Department said on Thursday.

The warning, in a new Treasury report assessing the risk of the so-called DeFi markets, lays the foundation for tougher regulations and punitive action by federal agencies.

Robinhood to pay $10 million to settle multistate regulatory investigation

Robinhood has agreed to pay $10.2 million to resolve a multistate investigation into allegations that it harmed retail investors, including by failing to supervise technology that resulted in outages and locked millions out of trading in March 2020, Risk & Compliance Journal's Mengqi Sun reports.

The settlement, announced Thursday, was based on an investigation led by state securities regulators from Alabama, Colorado, California, Delaware, New Jersey, South Dakota and Texas.

• TikTok’s campaign for survival in the U.S. runs through Montana.
   
• The only drug on the market to help prevent preterm births must stop being sold immediately, a move that comes after scientists at the Food and Drug Administration earlier determined it was ineffective.

Taiwan warns subtle China response to Tsai’s U.S. visit could be deceiving

Following an international tour by Taiwanese President Tsai Ing-wen that highlighted warming U.S. ties, her government cautioned that China’s response could be calibrated to appear low-key but still undercut the island’s security.

Before, during and after a two-leg visit to the U.S. that began last week and ended Thursday, Beijing threatened Ms. Tsai’s travel would have consequences.

Macron urges China’s Xi to help negotiate end to war in Ukraine

French President Emmanuel Macron sought to enlist Chinese leader Xi Jinping in efforts to persuade Russia to stop its war in Ukraine, inviting a U.S. rival that sees itself as an increasingly vital part of global diplomacy to play a more prominent role in ending the conflict.

Mr. Macron made the appeal during a meeting with Mr. Xi on Thursday, part of a three-day trip that French officials say is designed to limit Chinese support for Russia.

• Prices of bonds backed by commercial mortgages have recently dropped to levels not seen since the early days of the pandemic, pointing to a growing economic threat stemming from office vacancies and rising interest rates.
   
• Turnout for strikes and protests against French President Emmanuel Macron’s pension overhaul declined for the second straight week, a sign union-led opposition may be starting to lose steam.
   
• Saudi Arabia and Iran agreed to restore flights between their countries and resume government and private-sector visits, after their top diplomats met in Beijing on Thursday as a thaw begins in one of the Middle East’s thorniest rivalries.

• Movie fans have been trickling back to the cinema after the pandemic upheaval, but the financial pain has intensified for some of the largest theater-industry players, including Cineworld Group and AMC Entertainment.
   
• Private-equity investors looking to stand out as they enter the crowded—and potentially lucrative—playing field of sports are buying into less popular segments such as rugby, where pricing pressure is lower, but risks loom large.
   
• Healthcare has been a bright spot in a slowing exit environment for private-equity firms. In one of the more recent examples, global private-equity firm Warburg Pincus stands to score a lucrative return with the sale of gene therapy technology provider Polyplus, the latest in a string of healthcare exits the firm has produced over the past year.
   
• America is aging, but many companies don’t want to hire older people. Some employers may subtly communicate through their wording in online help-wanted ads that older workers ought not apply. But including this demographic is important for maintaining a healthy labor market.

• The Russian ruble fell Thursday to its lowest level in a year as Moscow’s weakening oil revenue and fears over capital flight weigh on the currency.

• The chipotle burrito bowl battle is over.

• National park visits are surging, and one consulting firm is making unexpected millions.

• Bath & Body Works Inc. is searching for a new finance chief as the fragrance and body-care products retailer recovers from a recent potential proxy fight and battles changes in consumers’ buying habits.
   
• Scores of priests and other people affiliated with the Archdiocese of Baltimore sexually abused hundreds of children over more than 60 years, and church officials often protected the perpetrators while keeping their crimes a secret, Maryland’s attorney general said in a new report.