Ukraine demanded that Russian banks be excluded from the international SWIFT financial transfer network, as the West considered how to ramp up sanctions in the wake of Moscow’s invasion
President Vladimir Putin said that he had ‘no other way’ left apart from invading Ukraine to ensure Russia’s security, hours after his troops launched a wide-ranging attack on ex-Soviet neighbour’s borders on Thursday.
“What was happening left us with no choice,” the Rufssian leader said during a televised meeting with business representatives, adding that “we had no other way of proceeding”.
According to an AFP report, Russia said that its military had achieved its goals set out for the first day of its invasion of Ukraine, after launching the attack despite warnings of sweeping Western sanctions.
“All of the tasks assigned to the groups of troops of the Armed Forces of the Russian Federation for the day were successfully completed,” Defence Ministry spokesman Igor Konashenkov said.
Meanwhile, as many as 40 Ukrainian soldiers and around 10 civilians have been killed by Russian shelling, a Reuters report quoting Ukrainian President Volodymyr Zelenskiy adviser, said on Thursday.
The AFP reported that Ukraine said it killed “around 50 Russian occupiers” without providing details.
Biden hits Russia with new sanctions
President Joe Biden on Thursday announced a new round of sanctions targeting Russia after its invasion of Ukraine, charging that Russian leader Vladimir Putin “chose this war” and that his country will bear the consequences of his action.
The sanctions target Russian banks, oligarchs and high-tech sectors, Biden said. 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 penalties fall in line with the White House’s insistence that it would look to hit Russia’s financial system and Putin’s inner circle, while also imposing export controls that would aim to starve Russia’s industries and military of U.S. semiconductors and other high-tech products.
“Putin is the aggressor,” Biden said. “Putin chose this war, and now he and his country will bear the consequences.”
Biden, for now, held off imposing some of the most severe sanctions, including cutting Russia out of the SWIFT payment system, which allows for the transfers of money from bank to bank around the globe, or Russia’s energy sector.
Biden announced the sanctions while Ukraine’s government reported mounting casualties as Russian forces attack from the east, north and south.
Biden spoke to Americans from the White House hours after holding a virtual meeting with the leaders of Britain, Canada, France, Italy and Japan. European Commission President Ursula von der Leyen, European Council President Charles Michel, and NATO Secretary General Jens Stoltenberg also joined the meeting.
The president also met with his national security team on Thursday morning in the Situation Room as he looked to flesh out U.S. moves in the rapidly escalating crisis.
While Biden described the sanctions as severe, Ukrainian officials urged the U.S. and West to go further and cut the Russians from the SWIFT financial system.
“We demand the disconnection of Russia from SWIFT, the introduction of a no-fly zone over Ukraine and other effective steps to stop the aggressor,” Ukraine President Volodymyr Zelenskyy said in a tweet.
The Biden administration, however, has shown some reluctance to cut Russia from SWIFT, at least immediately, because of concerns the move could also have enormous ramifications for Europe and other Western economies. Biden, answering questions from reporters, appeared to push a decision on SWIFT to European allies.
“It is always an option but right now that’s not the position that the rest of Europe wishes to take,” Biden said. He also contended that the financial sanctions he announced would be more damaging to Russia.
Modi appeals for immediate cessation of violence
Prime Minister Narendra Modi on Thursday held a telephone conversation with Putin on the Ukraine situation and appealed for an immediate cessation of violence while stressing on concerted efforts from all sides to return to the path of diplomatic negotiations.
According to Prime Minister’s Office (PMO), President Putin briefed the Prime Minister about the recent developments regarding Ukraine. Prime Minister reiterated his long-standing conviction that the differences between Russia and the NATO group can only be resolved through honest and sincere dialogue.
“The Prime Minister appealed for an immediate cessation of violence, and called for concerted efforts from all sides to return to the path of diplomatic negotiations and dialogue,” PMO said.
Prime Minister also sensitised the Russian President about India’s concerns regarding the safety of the Indian citizens in Ukraine, especially students, and conveyed that India attaches the highest priority to their safe exit and return to India, ANI said.
Russian troops seize Chernobyl nuclear power plant: Ukraine
Russian troops have seized the Chernobyl nuclear power plant, the State Agency of Ukraine on Exclusion Zone Management spokesperson, Yevgeniya Kuznetsov? told CNN.
“When I came to the office today in the morning [in Kyiv], it turned out, that the (Chernobyl nuclear power plant) management had left. So there was no one to give instructions or defend,” she said.
Earlier today, President Zelensky had tweeted that Russian forces were attempting to seize control of the Chernobyl Nuclear Power Plant. The Ukrainian National Guard was working to protect the nuclear plant from attack, Ukraine’s Ambassador to the United States Oksana Markarova said.
Antonov airport outside Kyiv captured
President Zelensky vowed to retake an airfield close to the capital Kyiv captured by Russian forces.
“Enemy paratroopers have been blocked in Gostomel – our troops have been given the order to destroy them,” Zelensky said in a video address.
Ukraine demanded Thursday that Russian banks be excluded from the international SWIFT financial transfer network, as Western capitals considered how to ramp up sanctions in the wake of Moscow’s invasion.
Evacuation of Indian nationals
With Ukraine closing its airspace after Russia launched a military operation against it, the Ministry of External Affairs (MEA) on Thursday said that teams are being sent to the land borders with Ukraine in Hungary, Poland, Slovak Republic and Romania to assist the evacuation of Indian nationals, news agency ANI said in a report.
Arindam Bagchi, the spokesperson of the Ministry of External Affairs, shared details of teams for Indian nationals in Ukraine near the border points.
The Embassy of India in Ukraine accommodated more than 200 Indian students at a school near the Embassy in Kiev. Russian President Vladimir Putin on Monday recognized Ukraine’s breakaway regions – Donetsk and Luhansk – as independent entities escalating the ongoing tensions between the two countries. Ukraine gained independence in 1991 after the disintegration of the Soviet Union, ANI said.
Earlier today, Putin said special military operations are being launched “to protect” the people in the Donbas region. He also warned other countries that any attempt to interfere with the Russian action would lead to “consequences”.
As per ANI, leaders from a number of countries including the UK, the US, Canada, and the European Union have condemned Russia’s military operations in the Donbas region.
Threat to Indian markets, financial stability
According to an ANI report, Russia-Ukraine conflict rattled the Indian equities markets on Thursday with key indices crashing by nearly five per cent, erasing over Rs 13 lakh crore of investors’ wealth in a day. Extreme volatility was witnessed in all asset classes in India after Russian President Vladimir Putin authorised military troops to carry out attacks against Ukraine.
Oil price soared to over $105 a barrel, the highest level in nearly eight years in the international markets. In the currency market, the Indian rupee plunged 102 paise to end at 75.63 against a US dollar. The Indian stock market’s benchmark Sensex crashed 2,702 points or 4.72 per cent. This is the fourth-worst fall ever in an absolute term in the Sensex. The index suffered a loss of 2,850 points in the intra-day.
The broader Nifty 50 of the National Stock Exchange dipped 815.30 points or 4.78 per cent to 16,247.95 points. This led to massive erosion in the investors’ wealth. The market capitalisation of the BSE-listed companies dipped to Rs 242.24 lakh crore. It suffered a loss of nearly Rs 13 lakh crore in a day, ANI said.
World plans stronger Russia sanctions
World leaders condemned Russia’s invasion of Ukraine as “barbaric” and moved to slap unprecedented economic sanctions on the Kremlin.
The West and its allies showed no inclination to send troops into Ukraine and risk a wider European war. But NATO reinforced its member states in Eastern Europe as a precaution against an attack on them, too.
“Make no mistake: We will defend every ally against any attack on every inch of NATO territory,” said NATO chief Jens Stoltenberg.
In the meantime, the allies began to take steps aimed at isolating Moscow and forcing it to pay so high a price that it changes course.
“Our mission is clear: Diplomatically, politically, economically and eventually militarily, this hideous and barbaric venture of Vladimir Putin must end in failure,” said British Prime Minister Boris Johnson.
As the first major world leader to make a big move, he announced a freeze on the assets of all large Russian banks and plans to bar Russian companies and the Kremlin from raising money on British markets.
European Commission President Ursula von der Leyen and Stoltenberg both called the invasion a “barbaric” attack on an independent nation that threatened “the stability in Europe and the whole of the international peace order.” The European Union scheduled an emergency summit in Brussels.
Von der Leyen threatened to hit Russia with “massive and targeted sanctions.” She said she would put to EU leaders late Thursday a proposal that would target strategic sectors of the Russian economy by blocking access to key technologies and markets.
She said the sanctions, if approved, “will weaken Russia’s economic base and its capacity to modernize. And in addition, we will freeze Russian assets in the European Union and stop the access of Russian banks to European financial markets.”
“We want to cut off Russia’s industry from the technologies desperately needed today to build the future,” von der Leyen said.
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