Earlier today, President Joe Biden spoke to the nation and took questions from reporters as he announced another round of sanctions against Russia. In his address, Biden said that the attack on Ukraine was “without justification” and “without provocation,” and while he restated his earlier assurance that U.S. forces would not be fighting on the ground in Ukraine, he also made it clear that more U.S. forces, equipment, and supplies were speeding to the area. More troops are to be positioned in Poland and in Baltic states and more materials will continue to flow to Ukrainian forces as they attempt to defend their country. Biden indicated that he expects sanctions to squeeze Russia over a period of weeks or months, crushing Putin’s ability to fund his war machine and turning the Russian dictator into “a pariah on the international stage.”
As Biden was talking, battles continued inside the beleaguered European nation. Russian forces have captured the area around the Chernobyl nuclear plant, an area that lies on the most direct path between Russia and the Ukrainian capitol in Kyiv. However, Russia’s attempts to capture an airfield near Kyiv may have been less successful. While a large force of Russian paratroopers and forces brought in by helicopter were earlier said to be in possession of the airport with aircraft headed to the site from Russia, it appears that the airfield is, for now, back under Ukrainian control after some incredibly fierce combat between Russian forces and members of the Ukrainian national guard.
Meanwhile, as Russia advances along multiple fronts, reports indicate that the plan is to surround Kyiv with a massive force, enabling Putin to install a puppet government—perhaps one willing to sign off on the “surrender agreement” he has already prepared.
Thursday, Feb 24, 2022 · 9:06:26 PM +00:00 · Mark Sumner
Oil has fallen back below the $100 mark after President Biden’s sanctions carefully stepped around cutting off oil and gas exports. Light crude finished the day at $93, up less than 1%.
The S&P index recovered from pre-market jitters and actually closed up 1.5% on the day.
Meanwhile, Russia’s markets have plunged into what’s being described as “a rout” that erased $200 billion of wealth in a day. The market ended up down by 33% as the ruble remains at record lows.
Thursday, Feb 24, 2022 · 9:47:54 PM +00:00 · Mark Sumner
A Russian column that’s banged up and abandoned in Sumy oblast. Earlier reports from Ukrainian sources had indicated that the Russian assault in this area had been turned back, with reports of Russian troops fleeing back across the border. However, later reports have shown hard fighting in the area. It’s not clear if this column represents something new, or if it’s part of that earlier force that was reportedly turned back.
Thursday, Feb 24, 2022 · 11:05:39 PM +00:00 · Mark Sumner
Ukrainian intelligence sources have told CNN that they expect a “large bombardment” of Kyiv in the next three hours.
Russian forces have been maneuvering to surround the city, though the loss of the paratroop force at the airport definitely set those plans back. Multiple sources have indicated that Putin intends to encircle Kyiv and put in place a puppet government.
That government would then likely agree to sign the “surrender agreement” that Putin has prepared. Following which, Putin would declare that everyone still fighting could be treated as a terrorist or criminal, not a combatant.
Really. The fighting between Russian and Ukrainian forces at Hostomel airfield has to be heard to be believed.
The White House has now issued a fact sheet on the new sanctions, which include:
- Severing the connection to the U.S. financial system for Russia’s largest financial institution, Sberbank
- Full blocking sanctions on Russia’s second largest financial institution, VTB Bank (VTB)
- Full blocking sanctions on three other major Russian financial institutions: Bank Otkritie, Sovcombank OJSC, and Novikombank
- New debt and equity restrictions on 13 of the most critical major Russian enterprises and entities
- Additional full blocking sanctions on seven Russian elites and their family members
- Sanctions on 24 Belarusian individuals and entities, including targeting Belarus’ military and financial capabilities by sanctioning two significant Belarusian state-owned banks, nine defense firms, and seven regime-connected official and elites
- Exports of nearly all U.S. items and items produced in foreign countries using certain U.S.-origin software, technology, or equipment will be restricted
- Russia-wide restrictions on technological goods critical to a diversified economy and Putin’s ability to project power; that includes exports of Russian technology
- Tax and fee exemptions for other countries that join in the restrictions on Russia.
