It is day two of Russia’s invasion on Ukraine’s soil and so far, Russian troops are advancing on Ukraine’s capital Kyiv from several directions after Russia’s leader ordered the invasion.
Throughout 2021 and 2022, Russian military buildup on the border of Ukraine has escalated tensions between the two Countries and strained bilateral relations, with the United States sending a strong message that invasion would be met with dire consequences for Russia’s economy.
Russian President Vladimir Putin claimed Russia could not “feel safe and develop because of what he claimed as constant threat from modern Ukraine. Russian purpose for Invasion is to demilitarisation and protect people subjected to bullying and genocide in Ukraine.”
Sanctions Against Russia
World leaders have put a number of sanctions on Russia even as Ukraine President Volodymyr Zelenskyy pleaded with world leaders to punish Putin with even more severe sanctions.
The United States imposed severe economic sanctions on Russian amid their invasion to Ukraine. Biden’s administration cut off Russia’s largest bank from the US financial system, sanctioned wealthy Russian individuals with close links to the Kremlin, and the US and allies will cut off more than half of Russia’s high-tech imports to stop it developing its military capabilities.
The United Kingdom (UK) froze assets of all Russian major banks and excluded them from all UK financial systems, Russia’s Aeroflot airline will be banned from the UK, export licences suspended for dual-use items which can be used for military purposes, a stop to exports of high-tech items and oil refinery equipment and limit on deposits Russians can make to UK bank accounts.
The European Union (EU) is targeting 70% of Russian banking market and key state owned firms, including defence firms, the energy sector with an export ban on materials Russia uses for oil refineries, banning the sale of aircraft and equipment to Russian airlines, limiting Russia’s access to high-tech, such as semiconductors and software.
German put a hold from the stream 2 gas pipeline from Russia to German to open while Australia and Japan put sanctions on wealthy people and financial institutions from Russia repectively.
The governing body of European Football UEFA has changed the new destination of next champions league from Saint Petersburg to Stade de France in Saint-Denis amid the conflict.
How the conflict will affect Kenya and the rest of the world
On Thursday, investors at the Nairobi’s Stock Market Exchange lost Sh 92 billion as the market went down due to Russians invasion of Ukraine. Oil prices also rocketed past the $100.
Kenya is bracing for a high cost of living since we import our wheat from Russia and Ukraine amongst other countries. The wheat prices are already high since Russia has been limiting exports.
Russia produces 10% of world oil and a third of gas in Europe. It exports its oil in different Countries and trade sanctions from G7 Countries on Russia may see a decline on oil and gas in the world leading to inflation. We are yet to see Russia coming up with their own sanctions.
Meanwhile thousands of people across the globe, including cities in Russia have staged demonstrations to protest the Invasion of Russia in Ukraine’s soil. Some were seen wearing Ukraine’s flag and carrying signs while protesting to show their dissent.