The Russian economy has been under stress since late February, when pro-Russian forces began seizing control of parts of the Crimean peninsula. Fox News has reported that since pro-Russian President Viktor Yanukovych fled to Russia in late February, Russia has demanded constitutional reforms that would turn Ukraine into a loose federal state. Ukraine Interior Minister Arsen Avakov as described the unrest as “Russian aggression.” According to a report by Bloomberg News, Russia’s Ambassador to the United Nations Vitaly Churkin said at an emergency session of the UN Security Council in New York that, Russia “is spreading fiction — we must stop this tonight,” U.S. Ambassador to the United Nations Samantha Power said at the meeting. “Insecurity in Ukraine is written and choreographed by Russia,” she reported.
A deadline that was set by the Ukrainian government for pro-Russian gunmen to leave the government buildings in eastern Ukraine and surrender their weapons has now passed. USA Today reported that, Ukraine has said that it was launching a massive anti-terrorist operation against pro-Russia militia, a move that will likely heighten the mounting tensions between the two countries. Oil prices have risen amid the increased tension, according to Bloomberg News.
The founder of Spiro Sovereign Strategy in London, Nicholas Spiro, said that “This is crunch time for the West’s response to Russia’s attempts to assert its influence over eastern Ukraine.” According to Bloomberg Spiro stated; This is supposed to be the trigger for more meaningful economic and trade sanctions against Russia. We’re now going to see the extent to which the West is unified in its willingness to face down Russia.”
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