Russian President Vladimir Putin has now made his move as the world quickly scrambles to deal with the invasion.
Around 4 a.m. in Ukraine missiles, bombers, and air raides began at the behest of Vladmir Putin. This comes as a sign of increased aggression from Tuesday, CNBC reported that Russian soldiers entered two eastern regions of Ukraine.
The forces have begun invading from the North, South, and East borders of Ukraine according to Sky News. “A US official said Russian forces were moving on three fronts – from annexed Crimea to Kherson in the south, from Belarus – north of Ukraine – towards Kyiv, and from the northeast to Kharkiv.” As these fronts continue to push into the heart of Ukraine, countries like the US have quickly begun the process of taking action.
Biden previously announced sanctions on the European nation when Russian soldiers first entered Ukraine. On Tuesday, Biden announced new sanctions on Russia as CBS News stated. It also added, “Biden said the sanctions, closely coordinated with allies and partners, will target two large banks in Russia and its sovereign debt.” This means that Russia will be cut off of financing that comes from the West.
Now, more sanctions will be added according to PBS. “The United States and its allies will block assets of four large Russian banks, impose export controls and sanction oligarchs.
Biden also said the U.S. will be deploying additional forces to Germany to bolster NATO after the invasion of Ukraine, which is not a member of the defense organization.”
The sanctions were not, however, targeted at Russia’s energy market. Since the ending of the Keystone XL Pipeline, and with the sanctions not being imposed by the US on the Nordstream 2 pipeline, it is unclear whether or not Europe will be able to maintain their sanctions, considering their dependency on Russian oil.
As for Russians themselves, there have been major protests breaking out in some of the major cities throughout Russia, including Moscow. The Guardian wrote “Police had made at least 1,702 arrests in 53 Russian cities as of Thursday evening, according to the OVD-Info monitor, as they cracked down on the unsanctioned protests. Most of the arrests were made in Moscow and St Petersburg, where the crowds were largest.”
One protester named Nikita Golubev spoke in an interview to The Guardian saying “I am embarrassed for my country. To be honest with you, I am speechless. War is always scary. We don’t want this.” The 30-year-old continued by asking, “Why are we doing this?” This question has been driving many to wonder why Russia is trying to invade Ukraine.
Looking at the citizens of Ukraine, many have begun fleeing the country to escape the Russian force invading from the east. New York Post posted on their news website, “Terrified Ukrainians began a mass exodus Thursday as Russia declared war and started launching missiles — as chilling footage also captured a swarm of helicopters attacking an airport near the capital, Kyiv.”
Finally, the impact of this has already been recognized in the stock market as it continues to fall. Investors continue to debate and fear the fallout of Russia invading Ukraine as Insider wrote. “Still, stocks came off earlier premarket lows as traders weigh the odds of the Russia-Ukraine conflict forcing the Federal Reserve to tighten monetary policy less aggressively.”
With the world economy looking to brace for any impacts that come from the decision made by NATO, US, and several European countries, we may see prices increase even more.