The Loop: US slaps sanctions on Russian oligarchs, floods on east coast, and a huge new (flying) dinosaur

Good morning, it's Wednesday, February 23. Here's what you need to get going today.

One thing to know right now: Joe Biden has slapped sanctions on Russia

In the past hour, the US President has spoken. Here's what he said:

• The United States has placed full blocking sanctions on two Russian banks, including their military bank, cutting off Russia from Western money markets, and will target some members of Russia’s elite
• Mr Biden also described Russia’s actions as the beginning of an invasion of Ukraine
• He vowed steeper punishments are ahead if Russia continues its aggression.

Meanwhile:

• NATO's chief, Jens Stoltenberg, says Russian troops are in combat formation and they're ready to strike 
• Russian troops were shown to have moved into rebel-held areas in eastern Ukraine
• The EU backed Germany's decision to freeze the commissioning of a new gas pipeline linking Russia to the West. The Nord Stream 2 pipeline was to double the direct imports of Russian gas, but German chancellor Olaf Scholz says Moscow's aggression towards Ukraine means he's pausing final approvals.
• And Scott Morrison will convene an urgent meeting of the national security committee of cabinet this morning. An announcement is expected later today.

What you need to know about Russia ordering troops into Ukraine.

One thing you’ll be hearing about today: There's a *lot* of rain in the east

• Queensland's Meteorologists have warned the state's south-east could see significant flash flooding over the coming days, with intense rainfall between now and Friday — that's up to 70mm in the Brisbane area. But Gympie, north of Brisbane, has already been hit hard overnight:

• In Sydney, heavy rainfall drenched the city and the Central Coast yesterday, with more than 100mm in some areas. 
• The SES has responded to hundreds of calls and more than a dozen flood rescues, with the rain moving to the north of NSW today
• Here's the Weather Bureau's Jiwon Park:

• Also: we'll hear about the latest wage price index today — wait, stay with me. It's important because it'll tell us the impact of Australia's low unemployment rate on wages. Its direction is also a big indicator for the RBA and helps decide if they move the cash rate, aka your mortgage.

News while you snoozed

Let's get you up to speed.

• For the first time, Hong Kong will conduct compulsory testing of the city's entire population, as it grapples with a surge of COVID-19 cases. Over three weeks, every one of the 7.4 million residents will have to do three PCR tests at clinics, along with daily rapid antigen tests. The city is recording up to 10,000 new cases a day, but experts think it may be much higher 

Hong Kong's population will be tested three times in March. (AP: Kin Cheung)

• A court in Japan has ruled that victims of a decades-long forced sterilisation program for those with disabilities should be compensated by the state, with three plaintiffs to be paid nearly $300,000. It's estimated 25,000 people underwent sterilisation
• Three white men convicted of murder in Ahmaud Arbery’s fatal shooting were found guilty of hate crimes in the US for violating Mr Arbery’s civil rights and targeting him because he was black — he was jogging down a street in southern Georgia, unarmed, in 2020 when he was chased by the men and killed with a shotgun. The men have already been sentenced to life in prison

This verdict came one day before the second anniversary of Mr Arbery’s death. (Reuters: Octavio Jones)

• And the Queen will miss planned virtual meetings because she's still experiencing mild, cold-like symptoms after testing positive for COVID-19.

The news Australia is searching for

• Masks Victoria: ICYMI, from midnight on Friday, masks will only be required indoors in some settings, including public transport and hospitals
• Abortion Colombia: That's the news that abortion has been decriminalised there (until 24 weeks' gestation). The decision adds Colombia to a list of Latin American countries that have recently liberalised abortion access, including Mexico and Ecuador.

One more thing: A *huge* new dino discovery

Scientists in Britain say a fossil unearthed on the Isle Of Skye has been identified as the largest pterosaur ever discovered from the Jurassic period.

The skeleton of the huge flying reptile has now gone on display at the National Museum of Scotland.

It led palaeontologists at the University of Edinburgh to conclude that winged dinosaurs reached colossal sizes — much earlier than previously thought.

Researcher Steve Brusatte the fossil record shows earlier development of the flying creatures.

That's it for now

We'll be back later on with more of the good stuff.

ABC/wires