Financial Insights

After a week since Russia’s invasion started, what has happened?

A week has passed since the devastating invasion of Ukraine began. Russia has resorted to using heavy artillery as it has used thermobaric missiles and cluster bombs to damage the country and its citizens. Thousands of citizens are dead as the president of Ukraine, Volodymyr Zelensky, has called on all of his citizens to take arms and fight against the ‘Russian Invaders’.

Over 500,000 people have fled to Poland as the citizens of Ukraine are receiving support from the European Union. Men ranging from 18-60 have been banned from leaving the country as they are asked to take guns and fight against the Russians. The Russians have captured several cities in Ukraine, including Kherson, a strategically important port city. Bombardment has intensified all over the country as Russian forces have begun targeting civilian complexes and key infrastructure like gas pipelines.

Ukrainian president said in his address that the Russian forces have made him their no. 1 target and his family their second. He had the option to fly away to Poland but the actor-turned-President chose not to flee as he sent a recorded message from his home in Kyiv that he was still in the country, willing to fight to the bitter end. His courage has motivated several citizens to collect firearms distributed by the government and use them to repel Russian forces, which seems to be slowing down the advent of the Russian forces.

Indian students are being slowly evacuated out as they face discrimination both in Ukraine and Poland as authorities in both nations are trying to prioritize Ukrainian citizens before non-Ukrainians like Indians, Chinese and citizens from several African countries studying there. Indian students are being allowed to leave after our Prime Minister, Mr. Narendra Modi, talked to the Russian president who has allowed them to fly out of Belarus.

Equity markets have been slowly recovering throughout the world from the initial fall as Indian markets fell around 1.5% in the early trading hours today. Oil prices have been surging as Brent touched $120 per barrel, highest in over a decade. Although the sanctions imposed by the western countries left out oil, expulsion of Russia from SWIFT and the disruption of its supply chains is affecting oil trade from Russia. Speculators are making money as they continue to mint money off of Futures and Options contracts. OPEC+ has vowed to improve production by 400,000 barrels by April 2022.

Highlight by Aman Agarwal.

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