
<p>The Ukrainian armed forces are attacking along three fronts in the south, east and north, reversing some of the territorial gains the Russian army made in the first six months of Russia’s wider war on Ukraine.</p>



<p>The war’s momentum clearly is shifting—in Kyiv’s favor.</p>



<p>Ukraine’s counteroffensive&nbsp;<a href="https://www.forbes.com/sites/davidaxe/2022/08/29/ukraines-southern-counteroffensive-long-rumored-might-finally-have-begun/?sh=1c42ac4a4b26">began on Aug. 30</a>, in the south. The Ukrainian Southern Theater Command—overseeing around three dozen army, marine and territorial battalions with perhaps 20,000 combat troops—launched assaults across the 100-mile front line stretching along the Inhulets River north of Russian-occupied Kherson, a strategic port on the Black Sea.</p>



<p>The Ukrainians felt out at least three soft spots in the Russian 49th Combined Arms Army’s defenses. The Ukrainian navy’s 35th and 36th Naval Infantry Brigades found the softest spot. In the first week of the counteroffensive, they advanced seven miles south of Ukraine’s main lodgment on the left bank of the Inhulets, <a href="https://www.forbes.com/sites/davidaxe/2022/09/06/russias-main-southern-bridgehead-could-be-ukraines-main-target/?sh=af1872a30b51">seemingly aiming</a> for the 49th CAA’s bridgehead across the Dnipro River in Beryslav, 25 miles south of the Inhulets and 35 miles east of Kherson.</p>



<p>That bridgehead is critical to the Russian defense. In three months of shaping operations starting in late May, Ukrainian artillery, rockets, commandos and saboteurs damaged or dropped all the major spans over the Inhulets and Dnipro in and around Kherson, leaving a handful of pontoon bridges—including the one in Beryslav—as the main lines of communication to the 49th CAA.</p>



<p>Tens of thousands of Russian and allied troops are at risk of starvation and encirclement in Kherson Oblast. The Ukrainians are taking advantage of the occupiers’ worsening fragility, steadily marching south and liberating devastated villages.&nbsp;</p>



<p>In seizing the initiative in the south, Ukraine has forced Russia to <em>react</em> rather than <em>act</em>. The Kremlin since May has shifted around a dozen battalions—a tenth of its force in Ukraine—from the Donbas region in the east to Kherson Oblast.</p>



<p>Conditions are bad enough for the Russians in Kherson that the reinforcing battalions might not make much difference in the south. But pulling those troops from Donbas&nbsp;<em>has&nbsp;</em>made a difference&nbsp;<em>there</em>.&nbsp;</p>



<p>The Russian army this summer captured several small cities in Donbas, expending much of its manpower and firepower reserves in the process. The Russian offensive in Donbas ground to a halt outside Bakhmut last month, apparently signaling to Ukrainian commanders that the time was right for Ukraine to counterattack &#8230;&nbsp;<em>everywhere</em>.&nbsp;</p>



<p>Kyiv’s forces moved on Kherson first. And as the Russians hollowed out their defensive positions in the north and east in order to meet the Ukrainians in the south, the Ukrainians&nbsp;<em>also</em>&nbsp;moved on Donbas and Kharkiv.</p>



<p>Ukrainian president Volodymyr Zelensky on Tuesday&nbsp;<a href="https://te.legra.ph/Dispatch-for-September-5-09-06" target="_blank" rel="noreferrer noopener">confirmed</a>&nbsp;Ukrainian gains in Donetsk Oblast in Donbas when he specifically thanked the 54th Mechanized Brigade and a local territorial brigade for their efforts. Ukrainian troops meanwhile&nbsp;<a href="https://twitter.com/Militarylandnet/status/1567131390260428802" target="_blank" rel="noreferrer noopener">probed</a>Russian positions around Balakliia in Kharkiv Oblast. “Ukraine could give the enemy a few more surprises,” Zelesnky&nbsp;<a href="https://t.me/uniannet/71005" target="_blank" rel="noreferrer noopener">said</a>.</p>



<p>It’s possible that, in the sixth month into the wider war, the Russian and Ukrainian armies are similar in size—each with around 100 battalions. The Russians&nbsp;<em>on paper</em>possess more artillery, helicopters and warplanes, but the Ukrainians with their smaller air force and artillery corps have leveraged high-end American weaponry—High-Mobility Artillery Rocket Systems and&nbsp;<a href="https://www.forbes.com/sites/davidaxe/2022/08/30/watch-the-ukrainian-air-force-lob-american-missiles-at-russian-radars/?sh=55c2920955e5">High-Speed Anti-Radiation Missiles</a>—to strike Russian supply lines and air-defenses.</p>



<p>The precision of Ukrainian deep strikes, combined with the Ukrainians’ shorter supply lines and superior morale, could give Kyiv key advantages as the war’s momentum shifts and the Russians struggle to keep up with ever-bolder Ukrainian maneuvers.&nbsp;https://060d82c014cb357ad7acde8d2553728b.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html</p>



<p>It’s telling that, just a couple months ago, the Ukrainian military struggled—and ultimately failed—to hold the high ground in the city of Lysychansk on the eastern edge of free Donbas. Today the Ukrainians aren’t just holding territory, they’re actively taking it back along three fronts.</p>



<p>The next few weeks are critical. The early winter months in Ukraine are wet and muddy. Traditionally, offensive warfare in Ukraine halts in October or November and resumes only after the ground freezes around the New Year.&nbsp;</p>



<p>Now is the time for Kyiv to free occupied settlements. Ukrainian commanders clearly understand that. It’s apparent they’ve been waiting, and preparing, for this moment.</p>



<p><em><strong>By David Axe, Forbes Staff</strong></em></p>


Russia-Ukraine war

Ukraine Is Attacking Everywhere


<p>It didn’t take long for Russia’s war in Ukraine to impact Africa. Already grappling with soaring inflation and still recovering from the Covid-19 pandemic, Africa now faces a shortage of at least 30 million metric tons of food —especially wheat, maize and soybean imported from Russia and Ukraine.</p>



<p>Fertilizer price hikes of over 300% make it increasingly difficult for African farmers to grow enough wheat, maize, rice and other crops. A growing number of people in Africa can no longer afford the price of bread.</p>



<p>Africa is struggling to mitigate a conflict-induced famine that could throw some 30 million Africans into catastrophic levels of food insecurity. It could deepen economic stress, and political unrest. With millions struggling to buy food, fuel and fertilizer, anti-government protests are a real possibility.</p>



<p>From the onset, the African Development Bank realized the strategic need to tackle the devastating impact of the war on Africa’s food security. It was important to prevent unrest and even more human suffering. In May, the Bank established a $1.5 billion African Emergency Food Production Facility. In less than 60 days, it put into action $1.13 billion-worth of programs under the facility, and across 25 African countries. Half a dozen more programs are expected to get underway by September as more governments apply to the facility.</p>



<p>The African Emergency Food Production Facility will deliver climate-adapted, certified wheat and other staple crop seeds — and increased access to agricultural fertilizers — to 20 million farmers. Over the next two years, the facility will allow farmers to produce 38 million additional tons of food — a 30% increase in local production —worth an estimated $12 billion. To facilitate even greater global investment in Africa’s agricultural sector, the facility will also support enhanced governance and policy reforms.</p>



<p>While this is a strong start, Africa needs the international community to fill a $200 million financing gap for the facility. President Joe Biden has endorsed the African Emergency Food Production Facility, and this is welcome support, as is his support for the African Development Bank’s Africa Disaster Risk Financing Program.</p>



<p>To help African governments pay drought and flooding insurance premiums and respond better to food insecurity caused by climate change, the Disaster Risk Financing Program, is a much-needed futures element of the Facility.</p>



<p>To boost agricultural production in Nigeria, Tanzania and Côte d’Ivoire, the Japan International Cooperation Agency has recently partnered with the African Development Bank to co-finance African Emergency Food Production Facility programs. International development agencies and a growing coalition of nations are also supporting the Africa Emergency Food Production Facility.</p>



<p>Launched in 2018, the African Development Bank’s successful flagship Technologies for African Agricultural Transformation (TAAT) program is delivering technologies in the form of climate-resilient crop varieties — seeds that are resistant to drought, high temperatures or pests, for example.</p>



<p>In Ethiopia, thanks to TAAT-funded, heat-tolerant wheat seeds, the country boosted cultivated farmland from 50,000 hectares to 675,000 additional hectares in just four years. TAAT’s climate-smart seeds allow the wheat crop to thrive in Ethiopia’s arid, lowlands where ordinary wheat varieties do not generally do well.</p>



<p>More locally grown wheat has reduced Ethiopia’s dependence on wheat imports. By embracing TAAT, the country did not need to import wheat, for the first time, this year. With the Bank’s continued support, Ethiopia will become a wheat exporter in 2023. It will export more than a million metric tons of wheat to Kenya and Djibouti. That is enough food to feed 10 million people for 12 months.</p>



<p>The African Development Bank knows what works.</p>



<p>TAAT has already reached 12 million farmers. We are calling on our international partners and governments to join us as we scale up TAAT through the new African Emergency Food Production Facility.</p>



<p>Our commitment to helping Africa grow more food by adapting to climate change has earned the support of UN Secretary General António Guterres, who recently said the Bank’s allocation of half of its climate finance to adaptation is the standard for international development partners to follow. The US Department of the Treasury has endorsed the African Emergency Food Production Facility as part of the International Financial Institution Action Plan to Address Food Insecurity — a shortlisted guide of programs for donor nation consideration.</p>



<p>Africa does not need food aid to feed itself. Africa needs right investments and seeds in the ground.</p>



<p>The Africa Emergency Food Production Facility will provide an immediate solution to twin global challenges of conflict and climate change, and play immediate, medium and long-term roles in growing Africa’s agriculture sector as a foundation for resilient African economies.</p>



<p>Policy reforms will help trigger structural reforms needed for market-based input distribution and to produce crops more competitively.</p>



<p>Today and well into the future, the African Development Bank is delivering a proven plan to unlock Africa’s food production potential and see Africa become a breadbasket to the world.</p>



<p><strong><em>Dr Akinwumi A. Adesina – The writer is President of the African Development Bank Group</em></strong></p>


PRST Adesina

New African Emergency Food Production Facility Aiming To Avert A Food Crisis On The Continent


<h2 id="h-topline">TOPLINE</h2>



<p>The International Monetary Fund warned on Tuesday of a slowdown in global economic growth as the world economy continues to take a hit from “increasingly gloomy developments in 2022,” including high inflation, a slowdown in China caused by Covid lockdowns and ongoing fallout from Russia’s war in Ukraine.</p>



<h2>KEY FACTS</h2>



<p>The IMF&nbsp;<a href="https://www.imf.org/en/Publications/WEO/Issues/2022/07/26/world-economic-outlook-update-july-2022" target="_blank" rel="noreferrer noopener">slashed</a>&nbsp;its global growth projections, now expecting global GDP to grow 3.2% this year and 2.9% in 2023, down from&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2022/04/19/imf-sounds-alarm-on-significant-slowdown-as-ukraine-war-and-inflation-slam-global-economies/?sh=5a14ef5f469f">previous estimates</a>in April of 3.6% GDP growth for both years.</p>



<p>The group cited a slowdown in the world’s three largest economies—the United States, China and the euro area—as a reason for the revised estimates, warning that the risks to the outlook remain “overwhelmingly tilted to the downside.”</p>



<p>Several “shocks” have hit the global economy as it tries to recover from the pandemic, including higher-than-expected inflation worldwide–especially in the United States and Europe, a worse-than-anticipated slowdown in China caused by Covid lockdowns and “further negative spillovers” from the war in Ukraine.</p>



<p>The IMF also said that high inflation remains a “major problem” as prices have continued to rise in 2022, led by soaring food and fuel costs, arguing that “taming inflation should be the first priority for policymakers” worldwide.</p>



<p>The group now&nbsp;<a href="https://www.imf.org/en/Publications/WEO/Issues/2022/07/26/world-economic-outlook-update-july-2022" target="_blank" rel="noreferrer noopener">expects</a>&nbsp;global inflation to hit 6.6% in advanced economies and 9.5% in developing economies this year, though prices are expected to return to near-prepandemic levels by the end of 2024.</p>



<p>The IMF also slashed its growth estimates for the U.S. economy, now forecasting GDP to rise 2.3% this year and 1% in 2023, down from previous estimates of 3.7% and 2.3%, respectively, amid the impact of tighter monetary policy and reduced household purchasing power.</p>



<h2>CRUCIAL QUOTE:</h2>



<p>“The outlook has darkened significantly since April,” IMF chief economist Pierre-Olivier Gourinchas said in a <a href="https://blogs.imf.org/2022/07/26/global-economic-growth-slows-amid-gloomy-and-more-uncertain-outlook/" target="_blank" rel="noreferrer noopener">statement</a>. “The world may soon be teetering on the edge of a global recession, only two years after the last one.” </p>



<h2>WHAT TO WATCH FOR:</h2>



<p>“The slowdown in China has global consequences,” the IMF said. “Lockdowns added to global supply-chain disruptions and the decline in domestic spending are reducing demand for goods and services from China’s trade partners.” The group now sees China’s economy growing 3.3% in 2022—its lowest pace in four decades and down over 1% from previous estimates.</p>



<h2>SURPRISING FACT:</h2>



<p>The World Bank similarly slashed its forecasts for the global economy last month, predicting GDP growth in 2022 of just 2.9%, down from an earlier estimate of 4.1%.</p>



<h2>FURTHER READING:</h2>



<p><a href="https://www.forbes.com/sites/sergeiklebnikov/2022/04/19/imf-sounds-alarm-on-significant-slowdown-as-ukraine-war-and-inflation-slam-global-economies/?sh=5a14ef5f469f">IMF Sounds Alarm On ‘Significant Slowdown’ As Ukraine War And Inflation Slam Global Economies</a> (<em>Forbes</em>)</p>



<p><strong><em>By Sergei Klebnikov, Forbes Staff</em></strong></p>


Stock exchange market display screen board on the street showing stock market crash sell-off in red colour

IMF Warns Of ‘Gloomy Outlook’ For Global Economy, Slashing Growth Estimates


<h2 id="h-topline">TOPLINE</h2>



<p>NATO Secretary General Jens Stoltenberg said Sunday that Russia’s war in Ukraine could last for years, but he urged countries to continue providing support to Ukraine, even as the war drags on for nearly four months and&nbsp;<a href="https://www.forbes.com/sites/jonathanponciano/2022/06/10/inflation-unexpectedly-spiked-86-in-may-hitting-40-year-high-as-gas-prices-surge-again/">pushes up</a>&nbsp;global food and energy prices.</p>



<h2 id="h-key-facts">KEY FACTS</h2>



<p>Stoltenberg told German newspaper<em>&nbsp;</em><a href="https://www.bild.de/politik/ausland/politik-ausland/nato-chef-jens-stoltenberg-der-krieg-koennte-jahre-dauern-80442594.bild.html#fromWall" target="_blank" rel="noreferrer noopener"><em>Bild am Sonntag</em></a>&nbsp;“nobody knows” when the war will end, but supplying Ukraine with modern weapons would increase its chances of driving Russian forces out of the Donbas region of eastern Ukraine.</p>



<p>The British Ministry of Defense said in a Sunday&nbsp;<a href="https://twitter.com/DefenceHQ/status/1538401448404434944" target="_blank" rel="noreferrer noopener">intelligence update</a>&nbsp;that both Russian and Ukrainian troops are likely experiencing “variable morale” amid “intense conflict” in the Donbas, with both sides carrying out bombardments near the strategic eastern city of&nbsp;<a href="https://www.understandingwar.org/backgrounder/russian-offensive-campaign-assessment-june-18" target="_blank" rel="noreferrer noopener">Severodonetsk</a>.</p>



<p>Ukrainian soldiers have likely suffered desertions,&nbsp;<a href="https://twitter.com/DefenceHQ/status/1538401448404434944" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the Ministry of Defense, but Russian troops’ morale is “especially troubled” as there have been cases of entire Russian units refusing orders and armed stand-offs between officers and their troops.</p>



<h2 id="h-crucial-quote">CRUCIAL QUOTE</h2>



<p>Stoltenberg urged allies ”not to weaken support for Ukraine, even if the costs are high, not only in terms of military aid, but also because of the increase in energy and food goods prices,” according to an&nbsp;<a href="https://apnews.com/article/russia-ukraine-boris-johnson-kyiv-nato-054bce8206809df75269cb9060324c36" target="_blank" rel="noreferrer noopener">Associated Press</a>&nbsp;translation. “The costs of food and fuel are nothing compared with those paid daily by the Ukrainians on the front line.”</p>



<h2 id="h-key-background">KEY BACKGROUND</h2>



<p>As Russia’s war in Ukraine nears its fourth month, Russia has&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2022/03/25/russia-appears-to-scale-back-goals-of-ukraine-invasion/">shifted its goals</a>&nbsp;to focus on consolidating control of the entire Donbas region—which consists of the Donetsk and Luhansk provinces—after its attempts to capture large cities like Kyiv failed due to strong resistance from Ukrainian troops. Russian-backed separatists in the Donbas region had fought Ukrainian forces for years prior to the invasion, seizing control of large parts of the region after 2014. Intense fighting has continued for days in key cities like&nbsp;<a href="https://www.forbes.com/sites/davidaxe/2022/06/08/whos-winning-in-severodonestk-its-anyones-guess/">Severodonetsk</a>, which&nbsp;<a href="https://www.forbes.com/sites/annakaplan/2022/05/28/russia-claims-full-control-of-lyman-advances-into-strategic-city-of-severodonetsk-as-it-tries-to-seize-control-of-donbas/">if captured</a>, would give Russia control of the entire Luhansk province.</p>



<h2 id="h-big-number">BIG NUMBER</h2>



<p>$5.6 billion. That’s how much security assistance the Biden Administration has sent to Ukraine since Russia invaded in February, Pentagon spokesperson J. Todd Breasseale said in a&nbsp;<a href="https://www.forbes.com/sites/juliecoleman/2022/06/15/us-giving-ukraine-1-billion-military-aid-package-including-artillery-anti-ship-missiles/?sh=7b1927465800">statement to&nbsp;<em>Forbes</em></a>&nbsp;last week. U.S. lawmakers also approved a&nbsp;<a href="https://www.forbes.com/sites/joewalsh/2022/05/19/senate-passes-40-billion-ukraine-aid-package-after-weeklong-delay/">$40 billion</a>&nbsp;spending package last month that includes additional military and economic aid to Ukraine.</p>



<h2 id="h-chief-critic">CHIEF CRITIC</h2>



<p>Russia has criticized NATO’s support for Ukraine, which isn’t a member of the 30-country alliance but has expressed a desire to join. Russian Foreign Minister Sergey Lavrov&nbsp;<a href="https://www.bbc.co.uk/news/world-europe-61825525" target="_blank" rel="noreferrer noopener">told the BBC</a>&nbsp;last week Russia invaded Ukraine partly because of the prospect of Ukraine&nbsp;<a href="https://www.nytimes.com/2022/01/13/us/politics/nato-ukraine.html" target="_blank" rel="noreferrer noopener">joining</a>&nbsp;NATO—even though Ukraine didn’t appear to be on the cusp of joining the alliance. “We declared a special military operation because we had absolutely no other way of explaining to the West that dragging Ukraine into NATO was a criminal act,” Lavrov claimed.</p>



<h2 id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.bild.de/politik/ausland/politik-ausland/nato-chef-jens-stoltenberg-der-krieg-koennte-jahre-dauern-80442594.bild.html#fromWall" target="_blank" rel="noreferrer noopener">NATO Boss Jens Stoltenberg &#8211; “The war could last years”</a>&nbsp;(<em>Bild am Sonntag</em>)</p>



<p><a href="https://www.forbes.com/sites/juliecoleman/2022/06/15/us-giving-ukraine-1-billion-military-aid-package-including-artillery-anti-ship-missiles/?sh=7b1927465800">US Giving Ukraine $1 Billion Military Aid Package Including Artillery, Anti-Ship Missiles</a>&nbsp;(<em>Forbes</em>)</p>



<p><a href="https://www.forbes.com/sites/davidaxe/2022/06/17/with-launchers-and-missiles-from-different-countries-ukraine-assembles-a-new-anti-ship-arsenal/">With Launchers And Missiles From Different Countries, Ukraine Assembles A New Anti-Ship Arsenal</a> (<em>Forbes</em>)</p>



<p><strong><em>By <a href="https://www.forbes.com/sites/annakaplan/"></a>Anna Kaplan, Forbes Staff</em></strong></p>


NATO Secretary General Jens Stoltenberg

NATO Chief Stoltenberg Says Russia’s War In Ukraine Could Last Years


<h2 id="h-topline">TOPLINE</h2>



<p>The Ukraine government and organizations supporting its fight against a Russia invasion have amassed more than $52 million in cryptocurrency donations—and already deployed at least $14 million—amid an influx of support as the country starts accepting a wider array of tokens and digital assets, including proceeds from the sale of one of the most expensive non-fungible tokens in history.</p>



<h2>KEY FACTS</h2>



<p>Wallet addresses linked to the Ukrainian government and nongovernmental organizations supporting its military have received nearly 60,000 donations since Russian President Vladimir Putin&nbsp;<a href="https://www.forbes.com/sites/joewalsh/2022/02/23/russia-orders-special-military-operation-in-ukraine/?sh=6145da562321">ordered</a>&nbsp;an invasion of Ukraine early Thursday, including an all-time high of more than 10,000 on Wednesday morning, according to blockchain analytics firm Merkle Science.</p>



<p>The donations include $6.5 million in proceeds from a&nbsp;<a href="https://www.coindesk.com/tech/2022/03/02/ukrainian-flag-nft-raises-675m-for-countrys-war-efforts/" target="_blank" rel="noreferrer noopener">Ukrainian flag NFT</a>&nbsp;auctioned off Wednesday by the Ethereum-based group Ukraine DAO—marking the tenth most expensive NFT ever sold, according to Tom Robinson, chief scientist at blockchain analytics company Elliptic.</p>



<p>As of 12 p.m., wallet addresses directly linked to the Ukrainian government have received about $34 million in bitcoin, ether, tron and polkadot, including $5.8 million from Polkadot founder Gavin Wood and a highly sought-after CryptoPunk NFT worth over $200,000, Elliptic&nbsp;<a href="https://www.elliptic.co/blog/live-updates-millions-in-crypto-crowdfunded-for-the-ukrainian-military" target="_blank" rel="noreferrer noopener">notes</a>; the government also started accepting dogecoin Wednesday morning.</p>



<p>On Twitter Wednesday morning, Ukraine’s Kuna Exchange founder Michael Chobanian, whose firm has been helping the country manage the cryptocurrency received,&nbsp;<a href="https://twitter.com/ChobanianMike" target="_blank" rel="noreferrer noopener">noted</a>&nbsp;about $14 million worth of the donations had already been used, with a majority of spending happening exclusively in cryptocurrency transactions.</p>



<p>In an interview with CoinDesk on Tuesday, Chobanian <a href="https://www.coindesk.com/policy/2022/03/01/ukraines-defense-ministry-decides-where-crypto-funds-are-spent/" target="_blank" rel="noreferrer noopener">said</a> funds have gone to Ukraine&#8217;s military and special forces to help purchase equipment, food and gas, but he stopped short of providing additional specifics &#8220;due to a level of secrecy involved.&#8221;</p>



<p>He also said ether and bitcoin—which have represented about 69% of donations, per Merkle Science—were his “preferred” method for spending, given their ease of convertibility.&nbsp;</p>



<h2>KEY BACKGROUND</h2>



<p>Ukrainian officials took to Twitter on Saturday to&nbsp;<a href="https://www.forbes.com/sites/jonathanponciano/2022/02/26/ukraine-receives-4-million-in-crypto-donations-within-hours-including-19-million-tied-to-julian-assange-nft-auction/?sh=754901853062">ask</a>&nbsp;for cryptocurrency donations to help in the fight against the Russian military after a number of nongovernmental organizations and volunteer groups successfully raised more than $5 million within days. Coming a week after the Ukrainian parliament&nbsp;<a href="https://www.cnbc.com/2021/09/08/ukraine-legalizes-bitcoin-and-cryptocurrencies.html" target="_blank" rel="noreferrer noopener">passed</a>&nbsp;a bill to legalize cryptocurrencies, the donations to Ukraine “add to a trend of nation-states turning to crypto assets as a means of raising funds,” Elliptic noted in a&nbsp;<a href="https://www.elliptic.co/blog/ukrainians-turn-to-bitcoin-to-crowdfund-the-fight-against-russia" target="_blank" rel="noreferrer noopener">report</a>&nbsp;this month. “Iran is using bitcoin mining as a way to monetize its energy reserves, while North Korea is&nbsp;<a href="https://www.bbc.com/news/world-asia-60281129" target="_blank" rel="noreferrer noopener">believed</a>&nbsp;to be stealing cryptocurrency to support its missile development program.”</p>



<h2>WHAT WE DON&#8217;T KNOW</h2>



<p>Though Ukraine’s government has made use of a large portion of proceeds, it&#8217;s still unclear whether it has yet sold any of the NFTs it’s received. The CryptoPunk donated Tuesday evening reportedly last sold for about $31,300 in February 2021, roughly one sixth of its latest estimated value.</p>



<h2>SURPRISING FACT</h2>



<p>Despite the booming support in cryptocurrency, the large majority of aid is still expected to come in the form of traditional currency. On Tuesday, the United Nations put out a&nbsp;<a href="https://www.unhcr.org/news/press/2022/3/621e0aa74/un-seeks-us17-billion-humanitarian-needs-soar-ukraine-neighbouring-countries.html" target="_blank" rel="noreferrer noopener">call</a>&nbsp;to raise $1.7 billion for humanitarian support in Ukraine and for refugees in neighboring countries.&nbsp;</p>



<h2>FURTHER READING</h2>



<p><a href="https://www.coindesk.com/policy/2022/03/01/ukraines-defense-ministry-decides-where-crypto-funds-are-spent/" target="_blank" rel="noreferrer noopener">Ukraine&#8217;s Defense Ministry Decides Where Crypto Funds Are Spent</a>&nbsp;<em>(CoinDesk)</em>&nbsp;</p>



<p><a href="https://www.forbes.com/sites/jonathanponciano/2022/02/26/ukraine-receives-4-million-in-crypto-donations-within-hours-including-19-million-tied-to-julian-assange-nft-auction/?sh=754901853062">Ukraine Receives $4 Million In Crypto Donations Within Hours—Including $1.9 Million Tied To Pak, Julian Assange NFT Collection</a>&nbsp;<em>(Forbes)</em></p>



<p><a href="https://www.forbes.com/sites/forbesstaff/2022/02/25/bitcoin-donations-to-ukrainian-army-surpass-4-million/">Bitcoin Donations To Ukrainian Army Surpass $4 Million</a>&nbsp;<em>(Forbes)</em></p>



<p><a href="https://www.forbes.com/sites/jonathanponciano/2022/02/28/russia-may-use-cryptocurrency-to-try-and-evade-sanctions-but-heres-why-it-will-be-hard/">Russia May Use Cryptocurrency To Try And Evade Sanctions—But Here&#8217;s Why That Will Be Hard</a>&nbsp;<em>(Forbes)</em></p>



<p> </p>


Sakura Bitcoin Exchange Inc. Store in Shibuya

Crypto Donations To Ukraine Top $52 Million As Funds Pour In From Bitcoin, Ether, PolkaDot And NFTs


<h2 id="h-topline">TOPLINE</h2>



<p>Ukraine’s capital city, Kyiv, witnessed multiple explosions and what government officials called “horrific rocket strikes” early on Friday as Russian forces continued to press deeper into the country in an attempt to capture the city, home to nearly 3 million people.</p>



<h2>KEY FACTS</h2>



<p><a href="https://forbes.ua/news/putin-ogolosiv-pro-pochatok-viyskovoi-operatsii-na-donbasi-ta-proignoruvav-zvernennya-zelenskogo-golovni-novini-24022022-3843" target="_blank" rel="noreferrer noopener">According to</a>&nbsp;<em>Forbes Ukraine</em>, explosions were heard throughout Kyiv early on Friday morning.</p>



<p>Ukraine’s Deputy Interior Minister&nbsp;<a href="https://www.cnn.com/europe/live-news/ukraine-russia-news-02-24-22-intl/h_e6c92eba96f9436542099ad74eef40e7" target="_blank" rel="noreferrer noopener">claimed</a>&nbsp;that one of the major explosions heard over the city—videos of which were&nbsp;<a href="https://twitter.com/ChristopherJM/status/1497043832168493067?s=20&amp;t=Mt30Qbyk8uFKyYcIkHgQ7w" target="_blank" rel="noreferrer noopener">circulating</a>&nbsp;on social media—was the result of a Ukrainian air defense system shooting down a Russian missile out of the sky.</p>



<p>Interior ministry adviser Anton Gerashchenko in a separate statement said Kyiv had been hit by Russia “cruise or ballistic missiles,” on Friday and shared several photos of residential buildings on fire.</p>



<p>Ukraine’s Foreign Minister Dmytro Kuleba reiterated these claims of “horrific Russian rocket strikes on Kyiv” in a <a href="https://twitter.com/DmytroKuleba/status/1497058048430460934" target="_blank" rel="noreferrer noopener">tweet</a> and compared the situation to the 1941 invasion of the country by Nazi Germany.</p>



<p><strong>By Siladitya Ray, Forbes Staff</strong></p>



<div class="wp-block-image"><figure class="aligncenter size-full is-resized"><img decoding="async" loading="lazy" src="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732613.jpg" alt="" class="wp-image-54426" width="720" height="480" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732613.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732613-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732613-768x512.jpg 768w" sizes="(max-width: 720px) 100vw, 720px" /></figure></div>



<p>A man walks his dog in front of a damaged residential block hit by an early morning missile strike on February 25, 2022 in Kyiv, Ukraine. Yesterday, Russia began a large-scale attack on Ukraine, with Russian troops invading the country from the north, east and south, accompanied by air strikes and shelling. The Ukrainian president said that at least 137 Ukrainian soldiers were killed by the end of the first day. <strong>(Photo by Chris McGrath/Getty Images)</strong></p>



<div class="wp-block-image"><figure class="aligncenter size-full is-resized"><img decoding="async" loading="lazy" src="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732743.jpg" alt="" class="wp-image-54427" width="700" height="467" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732743.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732743-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732743-768x512.jpg 768w" sizes="(max-width: 700px) 100vw, 700px" /></figure></div>



<p>A member of the congregation bows their head to pray as Reverend Simon Ckuj delivers a service at St Andrew&#8217;s Ukrainian Catholic Church, Lidcombe on February 25, 2022 in Sydney, Australia. Russia has launched a military invasion of Ukraine, despite facing financial sanctions and condemnation from Australia, the United States, the United Kingdom and several other nations. <strong>(Photo by Lisa Maree Williams/Getty Images)</strong></p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372731108.jpg" alt="" class="wp-image-54424" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372731108.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372731108-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372731108-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>



<p> A burnt, damaged bedroom of an apartment is seen in a residential block hit by an early morning missile strike on February 25, 2022 in Kyiv, Ukraine. Yesterday, Russia began a large-scale attack on Ukraine, with Russian troops invading the country from the north, east and south, accompanied by air strikes and shelling. The Ukrainian president said that at least 137 Ukrainian soldiers were killed by the end of the first day. <strong>(Photo by Chris McGrath/Getty Images)</strong></p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238746109.jpg" alt="" class="wp-image-54423" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238746109.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238746109-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238746109-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>



<p>Hundreds of residents from a residential building damaged by a missile gather in a bomb shelter in the basement of a school on February 25, 2022 in Kyiv, Ukraine. Yesterday, Russia began a large-scale attack on Ukraine, with Russian troops invading the country from the north, east and south, accompanied by air strikes and shelling. The Ukrainian president said that at least 137 Ukrainian soldiers were killed by the end of the first day. <strong> (Photo by Pierre Crom/Getty Images)</strong></p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="684" src="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238745910-1024x684.jpg" alt="" class="wp-image-54422" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238745910-1024x684.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238745910-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238745910-768x513.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238745910-1536x1027.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238745910.jpg 1616w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>



<p>Civilians are seen after a missile struck a residential building during Russiaâs military intervention in left bank Kyiv, Ukraine on February 25, 2022 (Photo by Wolfgang Schwan/Anadolu Agency via Getty Images)</p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732824.jpg" alt="" class="wp-image-54428" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732824.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732824-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732824-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>



<p> Ukranians gather in protest outside the Russian Consulate on February 25, 2022 in Istanbul, Turkey. Yesterday, Russia began a large-scale attack on Ukraine, with Russian troops invading the country from the north, east and south, accompanied by air strikes and shelling. Turkish President Tayyip Erdogan said this week that his country, which is a NATO member, did not &#8220;recognize any step against Ukraine&#8217;s sovereignty and territorial integrity.&#8221; <strong>(Photo by Burak Kara/Getty Images)</strong></p>


UKRAINE-RUSSIA-CONFLICT

Photos Show Devastating Impact Of Rocket Strikes And Shelling On Kyiv


<h2 id="h-topline">TOPLINE</h2>



<p>Global stock indexes and major cryptocurrencies dived on Thursday while commodities like oil and precious metals rallied as Russia’s&nbsp;<a href="https://www.forbes.com/sites/joewalsh/2022/02/23/russia-orders-special-military-operation-in-ukraine/?sh=72e111fc2321">invasion</a>&nbsp;of Ukraine sent shockwaves through international markets.&nbsp;</p>



<h2 id="h-key-facts">KEY FACTS</h2>



<p>European stocks tumbled as markets opened on Thursday morning, with key indexes including London’s FTSE 100 down 2.46%, Germany’s Dax 3.48%, France&#8217;s CAC40 3.01%, Spain’s Ibex 2.58%, Euronext 100 2.62% and Euro Stoxx 50 3.37%.</p>



<p>The slump mirrors falling stocks in the Asia Pacific region Thursday, with Japan’s Nikkei down 1.81%, Hong Kong’s Hang Seng 3.21%, Australia’s All Ordinaries 2.95% and Shanghai’s Composite 1.70%.&nbsp;&nbsp;&nbsp;</p>



<p>U.S. markets are on a similar path for when markets open, with the Dow down 1.38% in pre-market trading, Nasdaq 2.57% and S&amp;P 500 1.84%, with the latter&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2022/02/23/sp-500-falls-deeper-into-correction-territory-as-ukraine-declares-state-of-emergency/?sh=793035b35e67">continuing</a>&nbsp;a days-long downwards trend.</p>



<p>The Moscow stock exchange, which uses the Russian ruble, suspended all trading Thursday amid enormous volatility in the currency and benchmark index MOEX was down nearly 40%.</p>



<p>Oil prices, meanwhile, jumped past $100 a barrel with the highest prices since 2014—Brent crude rose nearly 7% to $103 a barrel—and safe haven&nbsp;<a href="https://www.reuters.com/markets/europe/gold-rises-escalating-ukraine-crisis-spurs-safe-haven-bids-2022-02-24/" target="_blank" rel="noreferrer noopener">assets</a>&nbsp;like gold, silver platinum and palladium grew between 1.5% and 3%.&nbsp;&nbsp;&nbsp;&nbsp;</p>



<p>Major cryptocurrencies also crashed in the wake of the invasion, with&nbsp;<a href="https://www.forbes.com/digital-assets/assets/bitcoin-btc/?sh=23274a6d4357">bitcoin</a>&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2022/02/23/bitcoin-falls-below-35000-as-putin-orders-military-operation-in-ukraine/?sh=56d6315f4a3a">down 8%</a>&nbsp;in the last 24 hours,&nbsp;<a href="https://www.forbes.com/digital-assets/assets/ether-eth/?sh=6457a2717b0e">ether 12%</a>, Binance’s&nbsp;<a href="https://www.forbes.com/digital-assets/assets/binance-coin-bnb/?sh=6b8afc44ae78">BNB 11%</a>&nbsp;and&nbsp;<a href="https://www.forbes.com/digital-assets/assets/ripple-xrp/?sh=38a7ebe1535a">Ripple’s XRP 13%</a>.&nbsp;&nbsp;</p>



<h2 id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



<p>More sanctions. World leaders have&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2022/02/23/russia-sanctions-tracker-first-barrage-of-penalties-span-japan-to-us/?sh=3379f45c149a">already imposed fresh sanctions</a>&nbsp;on Russian banks, lawmakers and oligarchs and President Joe Biden warned Thursdays’ G7 meeting would yield more “<a href="https://www.forbes.com/sites/siladityaray/2022/02/24/russias-invasion-of-ukraine-draws-international-condemnation-and-threats-of-more-sanctions/?sh=3f2fd15c7b3b">severe sanctions</a>’ on Russia.&nbsp; The sanctions—which could be severe given the scale of Russia’s incursion—could cripple Russia’s economy and bar it from key markets. European&nbsp;<a href="https://www.politico.eu/article/eu-russia-new-sanctions-package-ukraine/" target="_blank" rel="noreferrer noopener">leaders</a>&nbsp;have already scheduled an emergency meeting to discuss the measures on Thursday evening.&nbsp;</p>



<h2 id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/siladityaray/2022/02/24/russias-invasion-of-ukraine-draws-international-condemnation-and-threats-of-more-sanctions/?sh=3f2fd15c7b3b">Russia’s Invasion Of Ukraine Draws International Condemnation And Threats Of More Sanctions</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/joewalsh/2022/02/23/russia-orders-special-military-operation-in-ukraine/?sh=72e111fc2321">Russia Orders ‘Special Military Operation’ In Ukraine</a> (Forbes)</p>



<p><strong><em>By <a href="https://www.forbes.com/sites/roberthart/"></a>Robert Hart, Forbes Staff</em></strong></p>


Oil Prices Moving Down

Global Stocks Plummet And Oil Soars As Russia Invades Ukraine


<h2 id="h-topline">TOPLINE</h2>



<p>The price of bitcoin dropped below $35,000 for the <a href="https://www.forbes.com/sites/annakaplan/2022/01/22/bitcoin-falls-below-35000-as-selloff-nears-50-from-record-high/?sh=695298aa6079">first time</a> since January on Thursday as Russia began its military operation in Ukraine, a selloff that some analysts have <a href="https://www.forbes.com/sites/jonathanponciano/2022/02/18/bitcoin-tumbles-as-crypto-market-plunge-erases-150-billion-but-worst-may-be-ahead/?sh=4ba8ff604a10">previously warned</a> could continue to worsen until tensions subside in eastern Europe.</p>



<h2>KEY FACTS</h2>



<p>The price of the world’s most valuable cryptocurrency has slumped more than 7% since Wednesday evening (more than 9% in the previous 24 hours) dropping to about $34,763 by 11.50 pm ET before climbing back over $35,000 after midnight.</p>



<p>Since hitting a record high of more than $69,000 in November, the cryptocurrency has lost more than $600 billion in market value.</p>



<p>Ethereum, the world’s second largest cryptocurrency has taken an even bigger hit losing more than 12% in the past 24 hours.</p>



<p>In contrast, the price of oil continued to shoot up with Brent crude futures jumped more than 4.5%, crossing $100 per barrel for the first time since 2014.</p>



<p><em>This is a developing story.</em></p>



<p><strong><em>By Siladitya Ray, Forbes Staff</em></strong></p>


Bitcoin and candlestick chart

Bitcoin Falls Below $35,000 As Putin Orders Military Operation In Ukraine


<h2 id="h-topline">TOPLINE</h2>



<p>Russian President Vladimir Putin ordered a “special military operation” in Ukraine early Thursday, a chilling announcement that was immediately followed by reports of explosions across Ukraine, propelling the country into war after months of massive Russian troop buildups.</p>



<h2 id="h-key-facts">KEY FACTS</h2>



<p>Russia launched the operation in response to calls for assistance from Russian-backed separatist leaders in eastern Ukraine, Putin claimed in a speech aired on Russian television.</p>



<p>CNN&nbsp;<a href="https://www.cnn.com/europe/live-news/ukraine-russia-news-02-23-22/index.html" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;explosions were audible from Ukraine’s capital of Kyiv and the eastern cities of Kharkiv and Kramatorsk after Putin’s speech.</p>



<p>Ukrainian Foreign Minister Dmytro Kuleba&nbsp;<a href="https://twitter.com/DmytroKuleba/status/1496695889401896964" target="_blank" rel="noreferrer noopener">tweeted</a>&nbsp;that Putin has “launched a full-scale invasion of Ukraine.”</p>



<p>In a&nbsp;<a href="https://dpsu.gov.ua/ua/news/Derzhavniy-kordon-Ukraini-piddavsya-ataci-rosiyskih-viysk-zi-storoni-RF-ta-RB/" target="_blank" rel="noreferrer noopener">statement</a>&nbsp;issued on its website, Ukraine’s State Border Guard said the country was also facing an attack along its northern borders by Russian troops with support from Belarusian forces.</p>



<p>In&nbsp;<a href="https://www.facebook.com/zelenskiy.official/posts/3017478685169154?__cft__[0]=AZUsWu88Ns6ISNqguybw-W6LiMYzgDov6KnJBFAOkSEVR6FuKs4ggYpmWI8Oa0WsxZM-R-u6bprFJ7QDnHs0XfjWoVWRfslIQS-_JXWjY2X5H1oovMYTf3WwiGj3EIqPCY3NO1xlY_OI35QrjZ8DXBZz&amp;__tn__=%2CO%2CP-R" target="_blank" rel="noreferrer noopener">brief video</a>&nbsp;shared on Facebook, Ukrainian President Volodymyr Zelenskyy declared martial law across the whole territory of Ukraine while urging the country’s citizens to not panic.</p>



<p>Putin called on Ukrainians to lay down their weapons and insisted he doesn’t want to occupy the country, claiming the military action is designed to “demilitarize and denazify” Ukraine.</p>



<p>Putin’s speech also included an ominous warning that he will&nbsp; bring to justice “those who have committed numerous bloody crimes against civilians, including citizens of the Russian Federation.”</p>



<p>The Russian leader also issued a stern warning against any international opposition to the move, stating any attempts to impede Moscow’s actions “let alone create threats for our country” will lead to consequences “never seen in history.”</p>



<h2 id="h-chief-critic">CHIEF CRITIC</h2>



<p>In a statement, U.S. President Joe Biden denounced Putin’s actions and vowed to impose additional sanctions for the “needless act of aggression” on Ukraine. “President Putin has chosen a premeditated war that will bring a catastrophic loss of life and human suffering,” Biden said. “Russia alone is responsible for the death and destruction this attack will bring, and the United States and its Allies and partners will respond in a united and decisive way.”</p>



<h2 id="h-crucial-quote">CRUCIAL QUOTE</h2>



<p>In a statement issued after a call with Zelenskyy, Biden said “I condemned this unprovoked and unjustified attack by Russian military forces. I briefed him on the steps we are taking to rally international condemnation&#8230;Tomorrow, I will be meeting with the Leaders of the G7, and the United States and our Allies and partners will be imposing severe sanctions on Russia.:</p>



<h2 id="h-surprising-fact">SURPRISING FACT</h2>



<p>Putin launched the attack during an emergency meeting of the U.N. Security Council in New York called to deal with the Ukraine crisis. Sergiy Kyslytsya, Ukraine’s ambassador to the United Nations, denounced Russia’s actions in a fiery speech: “There is no purgatory for war criminals. They go straight to hell,” he said. Russian ambassador Vasily Nebenzya—who currently serves as the Security Council’s chair—responded by denying that Russia declared war, insisting Putin’s “special military operation” is somehow distinct from a war.</p>



<h2 id="h-tangent">TANGENT</h2>



<p>Shortly before Putin announced the invasion, Ukrainian President Volodymyr Zelenskyy made a final plea for peace in a late-night speech. Zelenskyy said he attempted to contact Putin, but the Kremlin didn’t respond.</p>



<h2 id="h-key-background">KEY BACKGROUND</h2>



<p>Russia and Ukraine have been locked in a tense relationship since 2014, when Russia invaded and annexed Ukraine’s Crimean Peninsula, an area roughly the size of Vermont whose 2.4 million inhabitants are mostly ethnic Russians. Russian troops and military hardware were also&nbsp;<a href="https://www.files.ethz.ch/isn/191186/Hiding-in-Plain_Sight_0529.pdf" target="_blank" rel="noreferrer noopener">deployed</a>&nbsp;eight years ago in support of separatists in the Donbas, an area of Ukraine bordering Russia, though the Kremlin&nbsp;<a href="https://www.reuters.com/article/us-ukraine-crisis-denial-idUSKBN0GS22Z20140828" target="_blank" rel="noreferrer noopener">officially denied</a>&nbsp;participating in the conflict. In December, Russia moved about 100,000 troops close to its border with Ukraine, a number that swelled to more than 150,000 by last week according to the U.S., prompting the White House to warn that Russia could launch an attack justified by a&nbsp;<a href="https://www.forbes.com/sites/zacharysmith/2022/02/03/russia-plans-fake-explosion-video-to-justify-ukraine-invasion-us-alleges/">“false-flag” operation</a>&nbsp;portraying Ukraine as the aggressor. Violations of a ceasefire in the Donbas have become more frequent over the last week, a trend U.S. officials viewed as an attempt by Russia to create a pretext for war. On Monday, Putin&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2022/02/21/putin-reportedly-said-hell-recognize-pro-russia-states-in-ukraine---heres-why-that-matters/">said</a>&nbsp;Russia will recognize the independence of Ukraine’s partially separatist-controlled Donetsk and Luhansk regions, and accused Ukraine of military aggression, a move the White House called a likely prelude to invasion, though the Kremlin has&nbsp;<a href="https://www.cnn.com/2022/01/31/europe/ukraine-russia-latest-news-monday-intl/index.html" target="_blank" rel="noreferrer noopener">dismissed</a>&nbsp;concerns about a Russian invasion of Ukraine as “madness and scaremongering.” American and European officials have searched for a diplomatic solution to the crisis, but Russia has continued to push for Ukraine to be barred from joining NATO, a demand the U.S. and its allies have not accepted.</p>



<h2 id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



<p>Reactions from Western governments. The U.S. and its allies’ responses to Russian aggression so far have ranged from supplying the Kyiv government with weapons to <a href="https://www.nytimes.com/2022/02/22/business/nord-stream-pipeline-germany-russia.html" target="_blank" rel="noreferrer noopener">halting</a> the activation of Nord Stream 2, an $11 billion natural gas pipeline connecting Russia to Germany—a move that threatens to <a href="https://www.cnbc.com/2022/01/05/nord-stream-2-is-a-major-item-of-leverage-against-russia-ex-german-ambassador.html" target="_blank" rel="noreferrer noopener">deprive</a> Russia of tens of billions of dollars in natural gas revenue. NATO <a href="https://www.nato.int/cps/en/natohq/news_191040.htm" target="_blank" rel="noreferrer noopener">announced</a> January 24 that member states had sent ships and fighter jets to Lithuania and Bulgaria in response to the crisis. Though U.S. troops have been deployed to Eastern European NATO allies, Biden has <a href="https://www.theguardian.com/world/2021/dec/08/russia-talks-of-rapid-ukraine-discussions-after-biden-putin-summit" target="_blank" rel="noreferrer noopener">ruled out</a> the possibility of deploying U.S. troops to defend Ukraine or to evacuate Americans, arguing a clash between U.S. and Russian troops would spark “a world war.”</p>



<p><a href="https://www.forbes.com/sites/joewalsh/"></a><strong><em>By Joe Walsh, Forbes Staff</em></strong></p>



<p><strong><em>By Zachary Snowdon Smith, Forbes Staff</em></strong></p>


Ukraine Warns Of Encirclement As Russia Conducts Exercises In Belarus

Russia Orders ‘Special Military Operation’ In Ukraine


<h2 id="h-topline">TOPLINE</h2>



<p>Several members of the U.N. Security Council on Monday condemned Russia’s moves to escalate its crisis with Ukraine in an emergency meeting of the council after Russian President Vladimir Putin recognized two breakaway regions in eastern Ukraine and deployed Russian troops to them in defiance of international law.</p>



<h2 id="key-facts">KEY FACTS</h2>



<p>Linda Thomas-Greenfield, the U.S. ambassador to the United Nations warned that Putin’s recognition of separatist regions in Ukraine was an attempt to create a “pretext for a further invasion of Ukraine” and termed Russia’s so-called peacekeeping operation in the region as “nonsense.”</p>



<p>U.K. representative Barbara Woodward said that her country will announce a set of new sanctions against Russia adding that there will be “severe economic consequences” to Russia’s actions.</p>



<p>Ukrainian ambassador Sergiy Kyslytsya, who requested the emergency meeting, delivered a defiant statement that Ukraine was not “afraid of anything or anyone” and it will not give away “anything to anyone.”</p>



<p>Despite its&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2022/02/04/putin-meets-xi-in-show-of-unity-amid-tensions-with-west-heres-what-they-discussed/?sh=144b93531b43">growing closeness</a>&nbsp;with Russia, China delivered a terse statement at the meeting saying that “all parties concerned must exercise restraint and avoid any action that may fuel tensions.”</p>



<p>Kenyan Ambassador Martin Kimani criticized Russia’s actions, calling it part of a trend of powerful nations breaching international laws, adding “multilateralism lies on its deathbed tonight.”</p>



<p>India’s representative TS Tirumurti was more guarded in his comments calling for “restraint” and “constructive diplomacy” but stopped short of outright condemning Russia’s actions.</p>



<h2 id="chief-critic">CHIEF CRITIC</h2>



<p>Russia’s ambassador to the UN Vasily Nebenzya dismissed the criticism, calling it “emotional.” He added: “Now, it&#8217;s important to focus on how to avoid war. And how to force Ukraine to stop the shelling and provocations against Donetsk and Luhansk.” Nebenzya also accused the U.S. and its allies of “cramming weapons” into Ukraine and said that Russia will not allow a “bloodbath” to take place in the Donbas region.</p>



<p><strong><em>By Siladitya Ray, Forbes Staff</em></strong></p>


Tag: Ukraine

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