Cabinet Committee on Security discusses Russia-Ukraine Crisis

February 25, 2022

On February 24, 2022, Prime Minister Narendra Modi presided over a crucial meeting of Cabinet Committee on Security (CCS) to discuss the crisis led by Russia’s military operations in Ukraine.

Key Points

Modi also spoke to Russian President Vladimir Putin on this issue.
Meeting was held on a day when global Brent crude oil increased to more than 8% to cross USD 105 a barrel in intra-day trade. It is the highest since 2014.
Price increased as Russia’s attack in Ukraine raised concerns about disruptions in global energy supply.
During the meeting, macro-economic impact of the Russia-Ukraine crisis on India was deliberated upon, amid increase in global crude oil prices and slide in stock markets.
It was centred around potential steps of minimising spill over effect of this conflict on Indian economy.
If oil prices continue to increase, Indian government might be forced to cut fuel taxes in order to soften the blow to consumers.

New Sanctions against Russia

On February 24, Joe Biden unveiled a fresh round of sanctions against Russia after its invasion of Ukraine. New sanctions target Russia’s largest banks and companies, by cutting them off from western financial markets. Restrictions have also been imposed on the exports of advanced technology that are used to power Russia’s military and tech sector. Latest round of sanctions would impact around 80% of all banking assets in Russia, threatening its economy and weakening the geopolitical posture.

US’s meeting with other countries

United State imposed new sanctions and warned Russia following Joe Biden’s meeting with the leaders of Britain, France, Canada, Japan, and Italy. European Commission president Ursula von der Leyen, NATO secretary general Jens Stoltenberg and European Council president Charles Michel, also attended the meeting. Joe Biden also convened a meeting of US national security council.

US’s warning

US President Joe Biden warned to intervene if Russia moves into NATO countries. Countries on NATO’s eastern flank, specifically Baltic states of Lithuania, Estonia and Latvia, have already received the first batches of US military troops and equipment.

Current situation in Ukraine

Russian forces are pressing their advance towards Ukraine’s capital. On the other hand, Ukrainian President Volodymyr Zelenskiy asked for international help and do more, stating that sanctions announced so far were not enough. According to Ukrainian President, 137 people, including 10 military officers, have been killed while 316 people got injured so far. Ukraine has lost control of Chernobyl nuclear site.

« Previous Post Next Post »