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22 Feb 2022

Western Sanctions to be Implemented as Russia Invades Ukraine

Western Sanctions to be Implemented as Russia Invades Ukraine

The Index Today

The West is set to impose stringent sanctions on Russia after President Vladimir Putin sanctioned the deployment of troops to two self-proclaimed independent regions in eastern Ukraine. This comes after weeks of warnings from the White House of an imminent Russian attack on Ukraine, a claim which the Kremlin had opposed till date.

A few days prior, U.S. President Joe Biden had agreed to meet Putin “in principle” at a summit organized by French President Emmanuel Macron, so as long as Russia promised to not invade Ukraine.

Ambassadors for the European Union are also set to meet later today to discuss more severe sanctions on Russia. However, the lack of an armed military strike makes it complicated to mete out punishments. As a result, the primary focus of the EU will be to identify the individuals who aided in the current Russian occupation of the two Ukrainian regions, reported Bloomberg News.

Putin signed treaties with the self-declared independent zones of Ukraine which would afford Russia the opportunity to build their military bases in the areas.

This move has contributed to substantial turbulence in the markets with stocks plunging across the globe as oil surges, fueled by potential supply disruptions as a result of the precarious geopolitical situation in Eastern Europe.

©Photo: The Guardian / AP