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In a forceful response to Russia’s move to recognise separatist regions of Ukraine, the western leaders moved sanctions of varying degree on Moscow in hopes to avert a full-blown war in Europe.
While the UK slapped sanctions on five Russian banks and three billionaires, Germany froze a new gas pipeline which it shares with Russia. The US called Russia’s actions in Ukraine an “invasion”, setting the stage for stronger sanctions on Moscow.
Meanwhile, Russian President Vladimir Putin ordered the deployment of troops to the two breakaway regions in eastern Ukraine, even as the Kremlin stated that Moscow remains open to diplomacy with the United States and other countries. Follow Russia-Ukraine crisis LIVE updates
Here are the top developments on the Russia-Ukraine crisis:
WEST MOVES SANCTIONS AGAINST RUSSIA
On Tuesday, German Chancellor Olaf Scholz suspended the certification process for the Nord Stream 2 natural gas pipeline, which directly links Russian gas to Europe via Germany. The pipeline is complete but not yet operating.
The move was appreciated by the Ukrainian government, which lauded Germany for its “true leadership”. “This is a morally, politically and practically correct step in the current circumstances,” Ukrainian Foreign Minister Dmytro Kuleba tweeted. “True leadership means tough decisions in difficult times. Germany’s move proves just that.”
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The UK imposed tough sanctions against five Russian banks and three businessmen, which Prime Minister Boris Johnson described as the “first tranche” of measures in response to Russian troops moving into two breakaway regions of Ukraine.
The European Union also mulled to impose sanctions on several Russian officials as well as banks financing the Russian armed forces, according to the Associated Press. The 27-country bloc also intends to limit Moscow’s access to EU capital and financial markets.
US CALLS RUSSIA’s ACTIONS IN UKRAINE ‘INVASION’
The White House has referred to Russia’s action in Ukraine as an “invasion”, paving the way for heavy sanctions by the US against Moscow.
Jon Finer, the principal deputy national security adviser, on Tuesday said, “We think this is, yes, the beginning of an invasion, Russia’s latest invasion into Ukraine.”
Emphasising on “latest”, Finer said “an invasion is an invasion and that is what is under way”.
The US has discussed sanctions on Russia but has so far restricted to the two breakaway regions – Donetsk and Luhansk – which Russia recognised on Monday.
RUSSIA INKS TREATY WITH REBEL REGIONS
In a bid to secure its hold on Ukraine’s rebel regions, Russia moved a legislation in its Parliament which would allow the deployment of troops there. Moscow further said that its recognition of independence for areas in eastern Ukraine extends to territory currently held by Ukrainian forces.
WATCH | Russia-Ukraine crisis: Vladimir Putin recognises Ukrainian separatist regions as independent
According to Reuters, tanks and other military hardware were seen moving through the separatist-controlled city of Donetsk on Tuesday.
However, Russia’s foreign ministry has said that Moscow is not planning to send troops to east Ukraine ‘for now’, according to news agency AFP.
The US claims Russia has amassed 169,000-190,000 troops along the border with Ukraine, including the separatist regions.
Meanwhile, Ukrainian president Volodymyr Zelenskyy has said he would consider breaking off relations with Russia. In reply, the Kremlin said that Ukraine cutting diplomatic ties with Moscow would make ‘everything even more difficult’. This comes after Ukrainian president Volodymyr Zelenskyy said he would consider breaking off relations with Russia.
OIL HITS 7 YEAR HIGH
Amid fears of a full-blown war and the prospect of disruption to energy supplies, oil rose to its highest since 2014 on Tuesday.
Brent crude, the global benchmark, was up $1.93, or 2 per cent, at $97.32 by 1448 GMT, having earlier reached its highest since September 2014 at $99.50, Reuters reported.
US West Texas Intermediate (WTI) crude jumped by $2.96, or 3.3 per cent, from Friday to $94.03, with the market having been closed on Monday for a public holiday. WTI also touched a seven-year high on Tuesday as it peaked at $96.
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(With inputs from agencies)