Russia attacks Ukraine

Defiant Vladimir Putin warns US, NATO as world leaders decry start of a long-anticipated invasion as global financial markets plunge and oil prices soar

Russian troops launched a wide-ranging attack on Ukraine on Thursday, as President Vladimir Putin cast aside international condemnation and sanctions and warned other countries that any attempt to interfere would lead to “consequences you have never seen.” Ukraine’s leadership said at least 40 people have been killed so far in what it called a “full-scale war” targeting the country from the east, north and south.

Ukrainian border guards released footage of what they said were Russian military vehicles moving in, and big explosions were heard in the capital Kyiv, Kharkiv and Odesa. As the Russian military claimed to have wiped out Ukraine’s entire air defenses in a matter of hours, Ukrainians fled some cities and European authorities declared Ukrainian air space an active conflict zone. World leaders decried the start of a long-anticipated invasion with far-reaching consequences, as global financial markets plunged and oil prices soared. Governments from US to Asia and Europe readied new sanctions after weeks of failed efforts for a diplomatic solution, but said they will not intervene militarily to defend Ukraine.

Smoke and flames rise near a military building after an apparent Russian strike in Kyiv on Thursday. Pics/AP

Ukrainian President Volodymyr Zelenskyy cut diplomatic ties with Moscow and declared martial law, saying Russia has targeted Ukraine’s military infrastructure. “The Ukrainian military is waging hard battles, repelling attacks in Donbas and other regions in the east, north and south,” Zelenskyy said at a briefing. He said the Ukrainian authorities will hand weapons to those willing to defend the country.

‘Will demilitarise Ukraine’

Putin justified his actions in an overnight televised address, asserting the attack was needed to protect civilians in eastern Ukraine — a false claim the U.S. had predicted he would make as a pretext for an invasion. He accused the US and its allies of ignoring Russia’s demands to stop Ukraine from joining NATO. He claimed that Russia does not intend to occupy Ukraine but will move to “demilitarise” it and bring those who committed crimes to justice.

People stand near damaged military equipment on the street in the aftermath of an apparent Russian strike in Kharkiv

NATO Secretary-General Jens Stoltenberg said in Brussels, “This is a deliberate, cold-blooded and long-planned invasion. ... Russia is using force to try to rewrite history.” US President Joe Biden pledged new sanctions to punish Russia. NATO will beef up its land, sea and air forces on its eastern flank near Ukraine and Russia after Putin ordered the military offensive.

US, G7 allies meet after Russian invasion

USPresident Joe Biden met his counterparts from the Group of Seven allies on Thursday morning to map out more severe measures against Russia. Biden convened his National Security Council earlier on Thursday to discuss  developments in Ukraine, according to a White House official. He planned to make his first public remarks on the conflict 12:30 p.m. EST. Biden and his G7 colleagues are scrambling to respond to a worst-case scenario by imposing harsh sanctions on Russia that may cause gasoline prices in the West to go up. The G7 is comprised of the US, Germany, Britain, France, Italy, Canada and Japan.

Traffic jams as people leave Kyiv

Shares dive, oil soars after Russian action

Stocks plunged and oil prices surged by more than $5 per barrel Thursday after Putin launched the military action in Ukraine, prompting Washington and Europe to vow sanctions on Moscow that may roil the global economy. Market benchmarks in Europe and Asia fell by as much as 4% as traders tried to figure out how large Putin’s incursion would be and the scale of Western retaliation. Wall Street futures retreated by an unusually wide daily margin of 2.5%. Brent crude oil briefly jumped above $100 per barrel in London for the first time since 2014 on unease about possible disruption of supplies from Russia, the No. 3 producer. Benchmark U.S. crude briefly surpassed $98 per barrel. Prices of wheat and corn also jumped. The ruble sank 7.5% against the dollar. The president of the European Commission said Thursday the 27-nation European Union planned “massive and targeted sanctions” on Russia. “We will hold President Putin accountable,” Ursula von der Leyen said.

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