By Azuka Christopher in London
THUR 24 FEB, 2022-theGBJournal- Russia has launched a full scale war on Ukraine, asking world leaders to stay away from the conflict. The U.S President Joe Biden immediately condemned the ‘’unprovoked and unjustified attack’’ by Russian military forces.
Biden had earlier spoken to Ukraine President Zelenskyy and briefed him on steps ‘’we are taking to rally international condemnation.” He will be meeting with the Leaders of the G7 today, warning of severe sanctions against Russia. He promised to continue to provide support and assistance to Ukraine and Ukrainian people.
The UN Secretary General Antonio Guterres also has called on Russian President Vladimir Putin to ‘’in the name of humanity bring your troops back to Russia.’’ He said, ‘’this conflict must stop.’’
The New York Times reports that as the Russian invasion of Ukraine began, lines of cars moved out of the capital Kyiv, many heading west and ‘’hoping to find safety in parts of the country closer to Poland and NATO troops.
Several key locations including the Ivano-Frankivsk airport has been targeted by Russian air force, and video footage have shown Russian tanks crossing into Senkivka, a border that marks the intersection of Belarus, Russia and Ukraine. Explosions have also been heard in Kyiv, Kharkiv, Odessa, Mariupol and many other Ukrainian cities.
Ukrainian government has declared martial law, and many Ukrainain citizens have sought refuge at bomb shelters.
Meanwhile, oil price crossed the $100 per barrel mark Thursday as Russia attacked Ukraine, with Brent Crude touching $103 per barrel, highest since 2014, and analysts say the price will likely shoot up even more. Gold price is also surging and prices of all commodities are going up.
JP Morgan say they see Brent oil price averaging $110/bbl in 2022, $100/bbl in 3Q22 and $90/bbl in 4Q22. There are now fears that Russia will cut supply as NATO allies impose sanctions.
Stock markets also reacted to the invasion with Asian markets plunging Thursday. Benchmarks in Tokyo and Seoul fell 2% and Hong Kong and Sidney dropped more than 3%. Wall Street’s Benchmark S&P also 500 fell 1.8% to an eight month low.
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