The Russia-Ukraine tussle claims new lives everyday as over 1.5 million Ukrainians have fled the country to enter countries like Poland, Moldova and Germany. Russia is now in control of several major cities in the country as it continues it assault on the citizens. Recently, the Russian armed forces attacked the largest nuclear power plant in Europe which is located in Zaporizhia, Ukraine. If the reactors explode, the impact would be 6 times worse than Chernobyl.
Russia has been hit with several sanctions from major western countries as the country has been excluded from SWIFT banking system. Almost all exports have been restricted from the country as the economy of Russia suffers. People of Russia are facing dire conditions of inflation as all protesters against this war are being arrested. Recently a media outlet, heralded as the last independent media outlet in the country, was forced to stop its operations and its entire staff resigned on air. Several Russian oligarchs have openly protested Russia’s assault as the Big 4 accounting firms announced that they were halting its operations in Russia.
But it is not just Russia or Ukraine that is suffering. The entire world suffers from Russia’s unprovoked attack. Stock indices all over the world have fallen as the war continues to spook investors. Oil prices soared above $130 per barrel which hasn’t happened since 2008. Both Nifty and Sensex fell over 2% as Nifty fell below 16,000. Rupee touched the level of 76.96, its lowest ever. FIIs sold their holdings as panic was hit on the bourses. The International Monetary Fund said that the war in Ukraine will have ‘severe impact on the global economy’.
Currently the Ukrainians are putting up resistance against the Russian forces but they lack armaments to put up a proper fight. Ukrainian president, Volodymyr Zelenskky, urged the Russian citizens to protest against their country. Russia has said that it is willing to talk as long as Kyiv agrees to all his demands.
Highlight by Aman Agarwal.