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Economic Times | 01 Mar, 2022 | 02.43PM IST
Russia Ukraine News Live Updates: Russia's isolation grows as Europe closes airspace, international banking gets restricted and sportspeople boycott
Munich orchestra drops Russian conductor Gergiev over Ukraine
- The Munich Philharmonic on Wednesday said it was parting ways with star Russian conductor Valery Gergiev "with immediate effect" after he failed to respond to a request to denounce Moscow's invasion of Ukraine. "With immediate effect, there will be no further concerts by the Munich Philharmonic Orchestra under his direction," Munich mayor Dieter Reiter said in a statement.
Oil prices jump as Ukraine conflict stokes supply concerns
- Oil prices surged on Tuesday as concerns over potential supply disruptions after Russia's invasion of Ukraine and related sanctions outweighing talks of a coordinated global crude stocks release. May Brent crude futures were up $3.04, or 3.1%, to $101.01 a barrel by 0843 GMT. The benchmark touched a seven-year high of $105.79 after the invasion began last week. U.S. West Texas Intermediate (WTI) April crude futures were up $2.56, or 2.67%, at $98.28. The contract touched a high of $99.10 a barrel the previous day, ending up more than 4%. A huge Russian military convoy approached Ukraine's capital Kyiv on Tuesday after ceasefire talks between Russia and Ukraine failed to reach a breakthrough. Russia's economic isolation worsened as the world's biggest shipping firm Maersk on Tuesday said it would halt container shipping to and from Russia.
UK sanctions Russia's largest lender Sberbank, reports AFP
- Britain's Treasury said Tuesday it was adding top lender Sberbank to its list of Russian entities sanctioned over the invasion of Ukraine. The move comes after the government on Monday said it would freeze the UK assets of all Russian banks, and ordered British ports to turn away Russian ships.
European shares fall on weak earnings, Ukraine jitters
European stocks inched lower on Tuesday, as weak earnings reports added to jitters over the Ukraine crisis after ceasefire talks between Moscow and Kyiv failed to reach a breakthrough. The pan-European STOXX 600 index slipped 0.5%, as of 0827 GMT. Gains in mining and oil & gas stocks were outweighed by losses in the travel & leisure sector following disappointing earnings from betting group Flutter. Shell inched up 0.4% after the London-listed energy major said it would exit all its Russian operations, including a major liquefied natural gas plant. Its stock fell 1.4% in the previous session.
EU commission proposes sanction on RT, Sputnik access to Europe
The European Commission is seeking EU countries' approval to sanction Russian state-controlled media outlets RT and Sputnik by restricting their access to the European media market regardless of their distribution channel. The sanction means that EU operators will be prohibited from broadcasting, facilitating or otherwise contributing to the dissemination of any RT and Sputnik content, according to EU industry chief Thierry Breton.
"Prospects for diplomatic resolution to Ukraine crisis slim"
The prospects of a diplomatic resolution to the Ukraine crisis are slim at the moment, Britain's Deputy Prime Minister Dominic Raab said on Tuesday. Asked on LBC Radio whether Russian billionaire businessman Roman Abramovich, who has accepted a Ukrainian request to help negotiate an end to the Russian invasion of Ukraine, could be key to the solution, Raab responded: "Who knows?" "I would say this ... I think the prospects for diplomacy at the moment are slim, but we must always make sure that we keep the door to a diplomatic resolution open without, I think, instilling too many hopes in it," he added.
Russian missiles hit Ukrainian administration building, residential areas
Kharkiv region head Oleg Synegubov said on Tuesday that Russian missile attacks hit the centre of Ukraine's second-largest city, including residential areas and the regional administration building, as Moscow started day six of its invasion. Synegubov said Russia launched GRAD and cruise missiles on Kharkiv but that the city defence was holding. "Such attacks are genocide of the Ukrainian people, a war crime against the civilian population!" he said. Wearing a flak jacket and a helmet, Synegubov said in a video posted on social media on Tuesday morning that it was too early to know the number of casualties.
UK says nothing 'off the table' on Russian oil and gas sanctions
Britain's deputy prime minister Dominic Raab said on Tuesday that "nothing was off the table" when asked whether sanctions could be imposed on Russian oil and gas supplies. Asked if western countries should go further in terms of the supply of oil and gas, Raab told BBC TV: "Yes I think we will look at that very carefully ... As we take action to starve the Russian war machine, there is nothing that is off the table.”
Russia will face an economic war, French finance minister says
Russia will face the collapse of its economy as sanctions from the European Union and the United States unleash an "economic war" against it, Finance Minister Bruno Le Maire told France Info radio on Tuesday.
Airspace closures after Ukraine invasion stretch global supply chains
Global supply chains, already hit hard by the pandemic, are facing further disruption and cost inflation as airspace closures after Russia's invasion of Ukraine affect the air freight industry. Transport between Europe and north Asian destinations like Japan, South Korea and China has become particularly problematic due to reciprocal airspace bans that bar European carriers from flying over Siberia and Russia airlines from flying to Europe. Airlines responsible for moving around 20% of the world's air cargo are affected by those bans, Frederic Horst, managing director of Cargo Facts Consulting, told Reuters on Tuesday.
Spice Jet to operate special evacuation flight to Slovakia
A special evacuation flight will depart from New Delhi to Kosice, Slovakia today to bring back Indians stranded in Ukraine. Union Minister for Law and Justice Kiren Rijiju will be on-board the flight, travelling as a special envoy of the Indian Government to oversee the evacuation. The SpiceJet flight is scheduled to depart at 3:30 PM from New Delhi and is scheduled to arrive in Kosice, Slovakia at 7:50 PM IST.
A rundown of the latest updates from Russia's invasion of Ukraine
- Satellite images show a vast military column amassing just north of the Ukrainian capital Kyiv, where residents are braced for a Russian assault. The Russian army tells them they can "freely leave" on one highway going south as it hints of attacks on civilian areas.
- Russian forces shell Ukraine's second city Kharkiv, killing at least 11 civilians in residential areas, its mayor says.
- Russian forces reach the southern city of Kherson near Moscow-controlled Crimea, setting up checkpoints on its outskirts, its mayor says. Moscow claimed to have besieged the city two days ago.
- Kyiv says 352 civilians have been killed, including 14 children, since the invasion began last Thursday.
- Nearly 520,000 people have fled Ukraine in the last five days, the UN's refugee agency says, with tens of thousands more displaced inside the country.
- International Criminal Court prosecutor Karim Khan says he is investigating the "situation in Ukraine", saying there is a "reasonable basis" to believe "war crimes and crimes against humanity have been committed" since 2014.
- Turkey blocks warships from the Bosphorus and Dardanelles strait, limiting the movement of Russian and other naval assets by invoking a 1936 treaty.
- Negotiators from Ukraine and Russia end a first round of talks with no breakthrough. Both sides agree to conduct a second round "soon".
Modi asks Air Force to evacuate stranded Indians
Prime Minister Narendra Modi has asked the Indian Air Force (IAF) to evacuate Indians stranded in Ukraine due to the Russian military offensive against that country, sources said on Tuesday. The IAF is likely to deploy several C-17 aircraft as part of Operation Ganga from Tuesday, they said. Till now, only private Indian carriers were evacuating Indians from Romania and Hungary, countries with land borders with Ukraine on the western side, as the Ukrainian airspace had been shut since February 24.
Over 70 Ukrainian troops killed in military base shelling
More than 70 Ukrainian servicemen were killed when Russian troops shelled a military base in the town of Okhtyrka in Ukraine's northeastern Sumy region on Monday, regional governor Dmytro Zhyvytskyy said on Facebook.
Japan to take action on energy projects in Russia
Japan said on Tuesday it would will take "appropriate action" on energy projects in Russia involving Japanese state-owned companies, as major Western oil companies led a withdrawal from Russia in the wake of the invasion of Ukraine. Industry minister Koichi Hagiuda told a news conference that Japan's decisions would be based on understandings reached in discussions with G7 nations and other governments over how to respond to the invasion, which Russia calls a "special military operation."
US coordinating with Allies to seize Putin's assets
The West is preparing further restrictive measures against Moscow, including Russian President Vladimir Putin, US Senator Chris Murphy, a member of the Foreign Relations Committee, said after a classified briefing from US President Joe Biden's top national security officials on the Ukraine situation. "The U.S. and allies are coordinating to not only freeze the assets of Putin and his oligarch allies, but to seize those assets as well. This is likely a further step than Putin's inner circle anticipated," Murphy said on Twitter on Monday.
'India's evacuation programme most active among all nations'
The central government on Tuesday compared its response to help Indian citizens in war-hit Ukraine with those of several other countries, including the US, the UK and China, vis-à-vis their nationals to assert that while its 'Operation Ganga' continues and embassy remains functional, others have been unable to work at such a scale with some even expressing inability to help their citizens. There has been criticism from some quarters, especially opposition parties, over the alleged delay in India's response to evacuate its citizens, mostly students, with some videos surfacing of Indian citizens facing harassment.
Mastercard blocks multiple institutions over Russia sanctions
Mastercard Inc said late on Monday it had blocked multiple financial institutions from its payment network as a result of sanctions imposed on Russia over Moscow's invasion of Ukraine. Mastercard will continue to work with regulators in coming days, the company said in a statement. It also promised to contribute a $2 million for humanitarian relief. Separately, Visa Inc said in a statement that it is taking action to ensure compliance with sanctions and would also comply with any additional sanctions that may be implemented.
Russia invasion convoy masses near Ukraine capital
A huge Russian military convoy was massing on the outskirts of Ukraine's capital Tuesday as fears grew the invading forces were set to launch devastating assaults aimed at taking control of Kyiv and other major cities. Satellite images showed a long build-up of armoured vehicles and artillery starting 29 kilometres (18 miles) north of the city, as Moscow defied mounting global pressure and a wave of international sanctions that have smashed Russia's economy. Initial ceasefire talks between Moscow and Kyiv on Monday failed to secure a breakthrough, with Russia shelling residential areas in Ukraine's second city Kharkiv and other areas of the country after the negotiations.
Russia eyes sanctions workarounds in energy, gold, crypto
Tyler Kustra, an assistant professor of politics at the University of Nottingham who has studied economic sanctions, said Moscow had already been adopting a "Fortress Russia economy" - producing many goods domestically even if it was easier to import them - to shield the economy from sanctions.
Oil prices rise as Ukraine conflict stokes supply concerns
Oil prices climbed on Tuesday as concerns over potential supply disruption amid Russia's invasion of Ukraine outweighed talk of a coordinated global release of crude stocks to calm markets. May Brent crude futures, which began trading as prompt on Tuesday, advanced 0.9% to $98.88 by 0440 GMT. The benchmark touched a seven-year high of $105.79 after Russia's invasion of Ukraine began last week.
Russia's security concerns
"Russia's security concerns must be taken into account for settlement in Ukraine," said President Putin in a phone call with France's Emmanuel Macron.
Japan, U.S. finance chiefs pledge "maximum costs" for Russia
Japan and the United States pledged on Tuesday to work together to force Russia to "pay the high price" for its invasion of Ukraine, Finance Minister Shunichi Suzuki said on Tuesday. Speaking shortly after his online talks with U.S. Treasury Secretary Janet Yellen, Suzuki said both sides agreed to continue to coordinate with each other in acting against Russia, which invaded neighboring Ukraine on Feb. 24.
Russia's isolation intensifies as Ukraine fighting rages
Moscow faced increasing isolation on Tuesday as President Vladimir Putin showed no sign of stopping an invasion of Ukraine, where fierce fighting and Russian bombardment have killed dozens and sparked a refugee crisis. Russia's invasion, launched last week, appears not to have achieved the decisive early gains that Putin would have hoped for. The Russian leader faces mounting diplomatic isolation for launching the biggest assault on a European state since World War Two, and the systemic impact of Western sanctions led to a near 30% collapse in the rouble on Monday before central bank intervention rescued the currency from its lows.
Turkey hikes natural gas price for electricity production
Turkey's natural gas distributor BOTAS said on Tuesday the price of gas used for electricity production was hiked by 18.3%, while there were no changes to price of natural gas used by industrial facilities and households. Turkey has administered steep energy price hikes this year, as inflation soared to near 50% in January after a currency crisis last year. Prices have also surged globally, most recently due to Russia's invasion of Ukraine.
Meghalaya student returns home from war-torn Ukraine
A medical student from Meghalaya has returned home from Ukraine but 16 others from the state are still stranded in the war-torn country, officials said. Ishika Debnath, a resident of Laitumkhrah area in Shillong, has arrived here on Sunday after taking a flight from Ukraine's neighbour Romania, they said. A student of Bukovanian State Medical University, Debnath had taken the flight after crossing the Ukraine-Romania border with the help of the Indian Embassy, her parents said.
Australia commits $50M in support for Ukraine
Australia will provide Ukraine with $50 million in missiles, ammunition and other military hardware to fight Russian invaders. Australian Prime Minister Scott Morrison on Tuesday elaborated on his country's plans after revealing a day earlier that his government would provide Ukraine President Volodymyr Zelenskyy with lethal military equipment. Morrison promised only non-lethal military equipment last week.
Asian shares rise amid Russia-Ukraine talks, oil worries
Asian shares rose Tuesday as global investors eyed talks aimed at ending the Russian military assault on Ukraine, which so far have yielded just an agreement to keep talking. Benchmarks were higher in early trading in Tokyo, Sydney and Shanghai. Hong Kong declined and markets were closed in South Korea for a holiday. U.S. futures edged lower and oil prices rose.
Seventh flight carrying 182 stranded Indians reaches Mumbai
The seventh flight carrying 182 Indian nationals stranded in Ukraine reached Mumbai from Romania's Bucharest as part of 'Operation Ganga' on Tuesday. Union Minister Narayan Rane received the evacuated Indian nationals at the Mumbai airport.
World Taekwondo strips Vladimir Putin of black belt
World Taekwondo has strongly condemned the brutal attacks on innocent lives in Ukraine, which go against the body's vision of "Peace is More Precious than Triumph" and the World Taekwondo values of respect and tolerance. "In this regard, World Taekwondo has decided to withdraw the honorary 9th dan black belt conferred to Vladimir Putin in November 2013," stated an official statement.
Hollywood halts releases in Russia
Warner Bros. is halting the release of ``The Batman'' in Russia, just days before it was to open in theaters there, as Hollywood moved to cease distribution plans in the country following Vladimir Putin's invasion of Ukraine. Warner Bros., the Walt Disney Co. and Sony Pictures said Monday that they would ``pause'' the release of their films in Russia. Each studio has significant upcoming releases that had been set to debut internationally in the coming weeks. ``The Batman,'' one of the year's more anticipated films, launches Friday in North America and many overseas territories, including Russia.
India calls for immediate cessation of violence
India has said that it was deeply concerned over the deteriorating situation in Ukraine and reiterated its call for immediate cessation of violence and end to hostilities, saying all differences can only be bridged through honest, sincere and sustained dialogue. India's Permanent Representative to the UN Ambassador T S Tirumurti told a rare emergency special session of the UN General Assembly on Ukraine convened on Monday that New Delhi is doing whatever it can to undertake immediate and urgent evacuation efforts of Indian nationals still stranded in Ukraine.
Ukraine opens entry to foreign war volunteers
Ukraine's president has signed a decree temporarily lifting the requirement for entry visas for any foreigner willing to join Ukraine's International Defense Legion and fight on Ukraine's side against invading Russian troops. The decree by President Volorymyr Zelenskyy takes effect Tuesday and will remain in effect as long as martial law is in place.
Flight with 216 stranded Indians departs from Budapest
The eighth flight carrying 216 stranded Indian nationals has departed from Hungary's capital Budapest for New Delhi under Operation Ganga, informed External Affairs Minister S Jaishankar on Tuesday. Taking to Twitter, Jaishankar said, "Eighth Operation Ganga flight leaves from Budapest for New Delhi with 216 Indian nationals. Our endeavour for everyone's safe return continues."
Japan freezes assets of Russia's central bank as part of sanctions
Japan on Tuesday joined the United States and other allies in slapping additional sanctions on Russia, including freezing assets of the country's leaders and three financial institutions. Aside from those held by six individuals including President Vladimir Putin and Foreign Minister Sergey Lavrov, Japan will freeze assets of Russia state-owned Promsvyazbank and Vnesheconombank, as well as the country's central bank. Japan will also prohibit exports to 49 Russian entities as part of the sanctions, the government said in a statement.
IIHF suspends Russian, Belarusian teams until further notice
The International Ice Hockey Federation (IIHF) on Monday suspended Russian and Belarusian teams from its competitions until further notice and revoked Russia's 2023 World Junior Championship hosting rights. The announcement comes as sporting bodies around the globe move to bar Russian athletes from competing in international events amid Russia's ongoing military invasion of Ukraine. . Belarus has been a key staging area for the invasion. "We were incredibly shocked to see the images that have come out of Ukraine," IIHF President Luc Tardif said in a statement.
Shell quits Russia
Shell, Europe’s largest oil company, said on Monday that it would exit its joint ventures with Gazprom, a Russian natural gas giant. It is joining BP, which said on Sunday that it would sell its nearly 20% stake in Rosneft, the Russian state-controlled oil company. The twin declarations, each involving investments of billions of dollars, displayed a sudden revulsion in dealing with Moscow as the Russian army assaults Ukraine and forces hundreds of thousands of refugees to flee. They also highlighted a remarkable reversal of sentiment in an industry that has worked diligently for decades to land Russian projects. Shell had been careful to cultivate a strategic relationship with Gazprom, even providing financing and guarantees for the controversial Nord Stream 2 pipeline from Russia to Germany, which is now blocked.
Western companies' pullout from Russia expected to accelerate
A stream of Western companies pulling out of Russia is expected to grow on Tuesday, as corporations and investors across industries follow the lead of energy firms BP and Shell, which abandoned multi-billion-dollar positions after the invasion of Ukraine. Leading banks, airlines, auto makers and more have cut shipments, ended partnerships and called Russia's actions unacceptable. Many more said they were considering action. "I would expect to see a slew of similar announcements over the next few days,” Sonia Kowal, president of Zevin Asset Management in Boston, said on Monday, adding that divestment by Norway's big sovereign wealth fund would support the move.
US says it is expelling 12 Russian diplomats for espionage
The United States announced Monday it is expelling 12 members of the Russian Mission at the United Nations, accusing them of being ``intelligence operatives'' engaged in espionage. The Biden administration's action came on the fifth day of Russia's invasion of neighboring Ukraine, which has sparked condemnation from the United States and dozens of other countries.
No more MCU for Russia
The Walt Disney Co said Monday it is pausing the release of theatrical films in Russia, including the upcoming Pixar Animation Studios release, "Turning Red," citing the "unprovoked invasion of Ukraine and the tragic humanitarian crisis." Disney is believed to be the first major Hollywood studio to pause theatrical releases in Russia in response to its invasion of Ukraine.
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