Russian President Vladimir Putin. Photograph courtesy of the Kremlin
Russia has taken de facto control of Crimea without a shot being fired, with thousands of troops on the ground securing the region, despite warnings from Europe and the US of the consequences.
Ukraine has ordered the full mobilisation of its military, issuing call-up papers and asking for more international support from the US and Europe.
Russia claims that it is protecting its interests and its citizens in Crimea in the upheaval since the ousting of former pro-Russia Ukrainian president Viktor Yanukovych and has not recognised the interim government in Kiev. They have set up roadblocks, and a number of Ukrainians have reported telephone and internet signals being blocked.
The US has said that Russia ha “complete operational control of the Crimean peninsula” and announced that secretary of state John Kerry will fly to Kiev in an effort to prevent further Russian advances into Ukraine.
On Sunday, the G7 nations of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States issued a joint statement condemning Russia’s actions, and suspending their participation of the upcoming G8 summit in Sochi, saying:
We note that Russia’s actions in Ukraine also contravene the principles and values on which the G-7 and the G-8 operate. As such, we have decided for the time being to suspend our participation in activities associated with the preparation of the scheduled G-8 Summit in Sochi in June, until the environment comes back where the G-8 is able to have meaningful discussion.
After a meeting on Sunday at Ukraine’s request, NATO issued a statement saying:
The North Atlantic Council condemns the Russian Federation’s military escalation in Crimea and expresses its grave concern regarding the authorisation by the Russian Parliament to use the armed forces of the Russian Federation on the territory of Ukraine.
Military action against Ukraine by forces of the Russian Federation is a breach of international law and contravenes the principles of the NATO-Russia Council and the Partnership for Peace.
As the chaos continues, the Ukrainian economy is suffering, with the finance ministry saying that the country would need $35 billion over the next two years and G7 ministers reportedly prepared to provide support.
Russia’s military intervention in a foreign territory without international backing had an impact on the Russian stock markets on Monday, with Moscow’s MICEX index dropping nearly 9% in the opening hours of trading with energy giant Gazprom and Russian bank Sberbank the hardest hit, falling more than 10%. The Russian Ruble has also fallen to an all-time low against the US dollar.
