The goods tied up in supply-chain congestion are weighing more heavily on corporate balance sheets. The combination of big merchandise orders and lengthy shipping delays is tying up cash in supply chains, the WSJ Logistics Report’s Lydia O’Neal writes, straining the finances of a swath of companies and adding to continuing stresses between suppliers and buyers. Inventory carrying costs have been surging even though inventory levels remain at historic lows relative to sales. Logistics experts say that’s in part because billions of dollars’ worth of goods are sitting on ships at backed-up seaports or stuck in sluggish inland distribution networks. Corporate-finance monitors say the bind is particularly tough on smaller companies that can’t afford to charter their own vessels or find other alternatives to jammed ports. One small furniture chain says it had to close a store because of the cash squeeze from delayed imports.

Western companies with operations in Russia and Ukraine are girding for the potential impact of sanctions and readying contingency plans following Russia's invasion. Big oil companies all have substantial investments in Russia, the WSJ’s Alistair MacDonald and Nick Kostov report, while manufacturers ranging from steel companies and auto makers to beer distributors are looking at whether they will have to shut down or move production. The chief executive of French car maker Renault has said the worsening situation could lead “to another supply chain crisis linked to parts that would have to come from abroad.” Renault is heavily exposed in Russia, with around 8% of its operating earnings generated in the country. Stellantis has been increasing production at a Russian plant for exports to Western Europe. Now CEO Carlos Tavares says the auto maker will take geopolitical events into consideration in its future production plans.

The Ukraine crisis could trigger a fundamental shift in Western Europe’s energy markets and boost American exports. The U.S. plans to revive sanctions on the company building the Nord Stream 2 natural-gas pipeline, the WSJ’s Bojan Pancevski and Joe Wallace report, after Germany said it would halt the pipeline’s certification. Both decisions mark a turning point for Germany. After three decades of tying the country to energy supplies from Russia, Berlin is urgently reconsidering the policy in a shift that could inflict high costs on its economy. Liquefied natural gas is a potential alternative, and the government said this month that it would support efforts to build at least two dedicated LNG sea terminals. U.S. LNG exports to Europe have been growing and production capacity is expanding in countries including the U.S. and Qatar. But it would take at least two years for greater volumes to come to market.

Crude oil prices surged past $100 a barrel as Russia’s invasion of Ukraine rocked global markets. (WSJ)

Surveys of purchasing managers show U.S. economic growth accelerated this month. (WSJ)

Law-enforcement officials are preparing for potential disruptions as protest organizers call for truck convoys to head to the Washington area next week. (WSJ)

The Biden administration outlined dozens of measures the federal government can take to strengthen U.S. supply chains following nearly two years of turmoil. (WSJ)

Lowe’s improved its gross margins on strong management of costs and pricing. (WSJ)

Ford says it has no plans to spin off its electric-vehicle business. (WSJ)

Truck-engine maker Cummins is buying powertrain supplier Meritor in a $3.7 billion transaction. (Commercial Carrier Journal)

U.S. drillers are struggling with a fracking sand shortage as they try to scale up crude output. (Reuters)

The Biden administration is more than doubling the grant program for U.S. port projects this year to $450 million. (Dow Jones Newswires)

South Carolina’s Port of Charleston placed a temporary embargo on some export cargo as it copes with a severe backlog of container ships. (Journal of Commerce)

India’s Jawaharlal Nehru Port Container Terminal is diverting vessels to other terminals following a ransomware attack. (Maritime Executive)

Ocean Network Express is shifting intra-Asia container ships to trans-Pacific lanes. (The Loadstar)

The German “bad bank’ formed to take on toxic ship loans has sold 56 vessels to a financial consortium. (TradeWinds)

A trucking research group says per-mile insurance premiums for trucking companies have increased by 47% in the past decade. (Supply Chain Digest)

Electric-truck maker Nikola named former Volkswagen and Opel executive Michael Lohscheller as president. (Barron’s)

TuSimple agreed to some U.S. government oversight to resolve security concerns over the trucking automation startup. (Bloomberg)

Righthand Robotics raised $66 million in a Series C funding round aimed at expanding the reach of its warehouse automation business. (Modern Materials Handling)

Furniture retailer American Freight Management will pay $5 million to settle a federal claim that the company refused to hire women for warehouse jobs. (Supply Chain Dive)

State-owned China Post is starting to open coffee shops. (South China Morning Post)

Paul Page is editor of WSJ Logistics Report. Write to him at paul.page@wsj.com.

Follow the WSJ Logistics Report team: @PaulPage, @pdberger. and @LydsOneal. Follow the WSJ Logistics Report on Twitter at @WSJLogistics.