An Overview
The devastating Russian military invasion on Ukraine on February 24th has reached a critical stage on Saturday February 26, with several of Russia’s military tanks closing in on its capital, Kyiv, although the death toll has risen and several civilians have evacuated.
As Ukraine’s pro-Russian president, Viktor Yanvokovych, was over thrown in 2014, after several months of protests done, President Putin has constantly complained of Ukraine being taken over by extremists. Ukraine War and India’s Impact.
Putin’s plans to take over Ukraine
But, Ukraine has not shifted to the right, rather to the west, which Putin hopefully wants to reverse. When Moscow pressurized Ukraine’s president not to sign the 2013 association treaty with the EU, protests erupted. In 2014, Russia had retaliated Crimea’s Southern area, and then sparkling a rebellion there.
Ukraine had wanted to join the European Union and NATO alliance, but Crimea did not allow it. Russia had begun allotting large number of troops near Ukraine’s borders in late 2021. President Putin had denied plans for invasion, but he has revoked the 2015 Minsk peace agreement of the east and had recognized the rebel controlled territories as independent.
Putin accused NATO of endangering “our historic future of a nation” as he sent the troops. The main aim of Russia is for Ukraine to be liberated and “cleansed of Nazis.” Ukrainians are living in fear as shells and bombs have hailed down into their towns, forcing two million people to evacuate and flee to neighboring countries. Poland, Hungary, Romania, Moldova and Slovakia are grappling with tons of refugees.
Impact on the Crisis on India
Markets have been shook since the conflict, which has witnessed uncertainty at a time when the economy worldwide was in the way of recovery from the deadly COVID. With all the markets expected for the Federal Reserve to raise rates. With this war, hopes has been shattered. India’s direct impact will restrict the extent of trade between India and Russia. But Russia is only a part of India’s commerce, so it won’t make a difference.
Inflation is one of the initial reasons. Since the attack began during the days of February, a lot of commodity prices have risen. The main impact of the battle on crude oil is the most evident, but it also includes prices of metals, gas as well as edible oil.
The rupee is the second source of concern. The currency markets all around the world have been extremely vulnerable since the beginning of the war. Ukraine War and India’s Impact Currency depletion has resulted from a series of war as well as sanctions and the rupee has not been spared.
The third reason is due to the large demand of dollars, and yields have become increasingly volatile. Yields have continued to decline on the predictions that the Fed will not raise the rates under these unfortunate circumstances. However there are signs that this will persist inflation.
The fourth and the most important is that doing trade with Russia is concerning about the payment issue. Exporters are in bind as a result of Russia’s exclusion from SWIFT. To make matters worse, shipping companies are very hesitant to ship products to Russia.
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