By Charles Ike-Okoh
TUE 08 MARCH, 2022-theGBJournal- It has been two weeks since Russian President Vladimir Putin unleashed the Russian army might on Ukraine, a country of about 40 million people, and the cost of the war is beginning to take its toll in an unprecedented form.
The UN estimates that 2 million people has already fled Ukraine since the start of full scale war began on February 24, now viewed as the worst humanitarian disaster since the World War 2.
A host of corporations have since dumped the Russian market including major U.S corporations like Apple, Disney and Ford. ExxonMobile has signalled intention to quit the country. Equinor, BP, Shell, Airbus and Boeing have said they will no longer do business with Russia.
Global rating agency Moody’s have downgraded the country to ‘’junk’’ and announced suspension of operation in Russia.
The list has grown steadily since the U.S and its Western allies removed Russia from SWIFT, the global payment system, and since the EU and U.S imposed sanctions targeting 70% of Russian banking market and key state owned companies, including defence, energy and aviation sectors as well as individuals that have direct dealings with Putin’s Russia.
The IMF Monday warned of ‘’serious global economic consequences’’ from the invasion of Ukraine. Already commodities prices are jumping. Crude oil prices jumped to $130 per barrel, palm oil prices is 40% up. Gold prices is near $2000 per ounce, almost at life time high.
The Russian economy as a consequence has come under siege. The central bank has since raised Interest rates to an unprecedented 20% from 9.5%. Its huge $640 billion foreign reserves have been frozen, the local currency, the roubles, has fallen about a third to the U.S dollar. The country’s stock market is closed and analysts say the economy could shrink by about 9% at the end of it all.
Meanwhile, the world watches on as the wanton bombing of cities in the outnumbered country continues unabated. World leaders are fretting about Mr Putin’s threat to whack Ukraine with nuclear bomb.
America and its allies have scrambled to send military war planes to Ukraine, in their usual half hearted intervention on the side of Ukraine.
The evacuation of besieged cities is bogged down by consistent shelling of evacuation routes by disoriented Russian troops.
Ukraine claims 12,000 Russian fighters have been killed and AFP reports quote Ukrainian paratrooper commander as saying that Russians are now fighting street-street in places such as Irpin and Bucha, and some places hand-to-hand. Two Russian army generals have been reportedly killed in yet another blow to the disoriented Russian troops. The General staff of the Ukrainian armed forces posted on Facebook the Russian losses todate including 999 Combat armoured machines, 290 tanks, 117 artillery systems, 23 aircrafts, 46 helicopters, 454 ships/boats and 60 fuel tanks among others.
The Ukrainian President posted a video of himself still in Kyiv amidst the carnage, reminding world leaders that ‘’Russia has attacked humanitarian corridors used o bring food and medicine and evacuate civilians.’’
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