Russia, Ukraine and Rising Geopolitical Tensions
Image: WSJ
After announcing he would recognize two breakaway “republics” in eastern Ukraine on Monday evening, Russian President Vladimir Putin deployed an unknown number of troops to the regions for "peace keeping" operations.
The White House said the move means Russia is officially invading Ukraine. Yesterday, President Biden announced the “first tranche” of retaliatory sanctions on two Russian banks and the country's sovereign debt, and promised more sanctions targeting its elites and their family members would come today.
🇺🇦 A deeper dive… The two breakaway areas make up ~⅓ of the Donetsk and Luhansk regions. They were created after Russia instigated a separatist war in eastern Ukraine in 2014, though Moscow has consistently denied its involvement.
- Putin on Tuesday said he believes the two republics should include the entire Donetsk and Luhansk regions, not just the area currently controlled by separatists.
🌏 Around the world: Ukrainian President Volodymyr Zelensky projected calm on Tuesday, saying he believes “there will be no mass war against Ukraine, and no broad escalation by the Russian Federation” but will declare martial law if there is.
- Germany suspended the $11 billion Nord Stream 2 pipeline designed to double the flow of Russian gas into the country, which was finished in September but has stood idle pending EU and German certification.
- UK PM Boris Johnson announced the “first barrage” of sanctions against Russia, targeting five banks and three “very high net worth” Russian oligarchs.
- The EU agreed to new sanctions, also chiefly targeting Russian banks and their ability to operate internationally.
🛢️📈 Market reaction… All three major US indexes were down over 1% yesterday, with the S&P 500 closing in correction territory (down at least 10% from a recent peak). Global energy prices jumped nearly 5% amid fears the conflict could stop the flow of Russian gas into Europe.
This week, we decided to split the 360° view to bring you opinions "From the US" and "From the World" – including Ukraine and Russia.
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