Russia invades Ukraine; Asian stock market plunges

With large explosions around major Ukrainian cities just minutes after Russian President Vladimir Putin announced a “special military operation” in Ukraine’s Donbas Region, the Russian Federation commenced land and sea military invasion of Ukrainian territories today, February 24, 2022.

Ukrainian President Volodymyr Zelensky has already declared a state of emergency, activated Ukraine’s military reserves, and called on volunteers to join the army.

Last night, Zelensky appealed to the Russian people for peace, saying that he tried to arrange a call with Putin but was left unanswered.

“The people of Ukraine and the government of Ukraine want peace,” Zelensky said.

Moreover, The United States of America (USA) vowed to hold Russia accountable.

In a statement released by the White House, US President Joseph Biden called the Russian invasion “unprovoked” and “unjustified.” He promised wider economic sanctions on Russia and a coordinated NATO response.

“[I will] speak to the American people to announce the further consequences the United States and our Allies and partners will impose on Russia. We will also coordinate with our NATO Allies to ensure a strong, united response that deters any aggression against the Alliance.” Biden said.

Ukrainian Foreign Minister Dmytro Kuleba tweeted that the invasion by Russia is on a full-scale and indiscriminate.

“Peaceful Ukrainian cities are under strikes. This is a war of aggression,” Kuleba stated in a tweet.

In another tweet addressed to all Ukrainians around the globe, Kuleba announced that the Ukranian government continues to function.

“Putin attacked, but no one is running away. Army, diplomats, everyone is working. Ukraine fights. Ukraine will defend itself. Ukraine will win,” Kuleba tweeted.

Answering the calls for sanctions on Russia, European countries condemned the Russian invasion with Germany putting a major natural-gas pipeline on hold and with the United Kingdom still planning a what they dubbed “decisive” response. Traders are concerned that Moscow would withhold gas supply amidst Europe’s dire need this winter in retaliation.

Meanwhile, the Russia-Ukraine geopolitical conflict also adversely affected Asian economies.

The New York Times reported that Hang Seng Index (Hong Kong) fell by 3.1 percent, while the Kospi Composite Index (South Korea) was down 2.7 percent. The report added that the price of Brent crude oil, the global benchmark, rose 5 percent to nearly $102 a barrel.

Likewise, the Philippine economy did not escape the crossfire.

The Philippine Star reported that the Philippine Stock Exchange index dropped 2.06% to close 7,212.23 while the broader All Shares index slumped 1.91%. According to the report, the sub-indices were in a bloodbath, save for shares in the mining and oil index, which inched up 0.31%.

Many economists worry of even greater consequences in the coming days due to the continuing Russia-Ukraine strife.

Putin declared that the goal of the invasion is to demilitarize Ukraine, not occupation. He justified the necessity of the invasion on alleged Ukrainian military aggression against ethnic Russian rebels in Donetsk and Luhansk—two territories that have been led by pro-Russia separatists for nearly eight years.

Donetsk and Luhansk are two renegade Ukrainian territories that were recognized by Russia as independent entities or ‘republics’ just on Monday, February 21, 2022. This paved the way for the entry of Russian military forces in these regions under the pretext of “peacekeeping”.

Experts and world leaders have already warned that the alleged aggression by Ukraine on the Donetsk and Luhansk territories and the subsequent peacekeeping mission of Putin’s troops in Donetsk and Luhansk are only to lay the groundwork and provide the pretext for a larger Russian military incursion into Ukraine.

With the eyes of the world on Ukraine this past week, Zelensky vowed that Ukraine will defend itself.

“But if we come under attack, if we face an attempt to take away our country, our freedom, our lives and lives of our children, we will defend ourselves. When you attack us, you will see our faces, not our backs,” Zelensky declared.