Photo : Zaporizhzhya NPP via YouTube/via Reuters
IN FOCUS
By Joeana Cera Matthews
Top five developments in Ukraine – Day eight of conflict
Russian forces capture Ukraine’s Zaporizhzhia nuclear plant after site hit by a projectile
On 04 March, the Zaporizhzhia nuclear plant which is Europe’s biggest nuclear plant was set ablaze after the site was hit by a projectile. Located in southeast Ukraine, Russian forces doused the fire after seizing the plant. The plant is reported to have returned to normalcy with operations progressing unaffected. The International Atomic Energy Agency (IAEA) Chief Rafael Grossi alleges the projectile to be of Russian origin while the Russian Defense Ministry pointed fingers at Ukrainian saboteurs. Meanwhile, Ukrainian President Volodymyr Zelenskyy called out to the Europeans in a video address: “Europeans, please wake up. Tell your politicians – Russian troops are shooting at a nuclear power plant in Ukraine.”
Russia restricts access to multiple foreign media houses; Parliament passes law declaring jail term for disinformation attempts
On 04 March, Russia curbed access to foreign media houses such as the BBC, Voice of America, Radio Free Europe/Radio Liberty, Deutsche Welle among others. The Kremlin’s media regulator Roskomnadzor claimed that these news organizations were creating false narratives regarding the Ukraine conflict, essentially creating an anti-Russian view. In a statement released by Roskomnadzor, it said: “Access has been restricted to a host of information resources owned by foreigners… The grounds for restricting access to these information resources on the territory of the Russian Federation was their deliberate and systematic circulation of materials containing false information.” Meanwhile, undeterred by the move, the BBC announced that it would return to Cold War technology to provide updates to those Russians and Ukrainians whose “fundamental right” had been denied. The media organization is set to broadcast four hours of news every day in English across Ukraine and parts of Russia using shortwave radio. According to Deutsche Welle, Russian journalists are expected to publish information provided by official Russian sources.
The State Duma (lower house of Parliament) passed a bill approving jail terms of 15 years to those found guilty of spreading false information or “fake” reports regarding the Russian military. Separately, the Kremlin has refuted allegations that it plans to impose martial law in the country. Expecting a declaration of the move to follow the Federation Council’s (upper house of Parliament) extraordinary session on 04 March, thousands of Russians have begun leaving Russia.
Global stocks and RUB fall while oil, gold, metal and grain rates rise; LSE cancels trade with 27 Russia-linked firms
Following the Russian shelling at Zaporizhzhia, European shares witnessed a downslide while the Russian rouble diminished by 2.35 per cent to 108.70 per USD. The Moscow Stock Exchange has been closed since 28 February. Meanwhile, the oil prices are set to see a strong comeback, one not seen since mid-2020. Commodity markets are also expected to have huge gains as the Chicago Board of Trade witnessed a 40 per cent rise in its wheat futures contract, 16 per cent in corn and 5 per cent in soybeans.
On 03 and 04 March, the London Stock Exchange (LSE) ended trading with a total of 35 firms having strong connections to Russia. Major firms suspended include Gazprom, Sberbank, Severstal, EN+, Rosneft and VK. These companies trade global depositary receipts (GDR) and American depositary receipts (ADR) with the LSE. The LSE stated that the decision was taken after considering the “market conditions, and in order to maintain orderly markets”.
Ikea halts retail operations in Russia
Ikea, the furniture giant, announced that it would shut down its stores in Russia as imports and exports would also be brought to a halt. The decision affecting around 15,000 workers, also saw people flocking to its store. The company released an official statement, saying: “The war has had a huge human impact already. It is also resulting in serious disruptions to supply chain and trading conditions… For all of these reasons, the company groups have decided to temporarily pause Ikea operations in Russia.”
UNHRC condemns Russian HRVs in Ukraine, appoints investigative commission; Kuleba accuses Russian soldiers of committing rape in Ukrainian cities
On 04 March, the UN Human Rights Council (UNHRC) met in Geneva to vote on a Ukraine-proposed draft resolution condemning Russia’s alleged human rights violations (HRVs) in Ukraine. The UNHRC saw 32 members voting in favour of the resolution while 13 members abstained; Russia and Eritrea voted against the same. The Council also appointed a three-person commission to investigate the same while considering the possibility of war crimes. The commission, working alongside the ICC and a separate UN team on Ukraine, is expected to produce a report on its findings by early 2023.
Meanwhile, during an event in London’s Chatham House, Ukrainian Foreign Minister Dmytro Kuleba accused Russian soldiers of having committed rape in his country. Kuleba said: “When bombs fall on your cities, when soldiers rape women in the occupied cities - and we have numerous cases of, unfortunately, when Russian soldiers rape women in Ukrainian cities - it's difficult, of course, to speak about the efficiency of international law.”
References:
“Ukraine and Russia: What you need to know right now,” Reuters, 04 March 2022.
Emma Farge, “UN rights body approves probe into alleged Russian violations in Ukraine,” Reuters, 04 March 2022.
“Russia blocks access to BBC and Voice of America websites,” Reuters, 04 March 2022.
Pavel Polityuk, Aleksandar Vasovic and John Irish, “Fire extinguished at Ukraine nuclear power plant, Europe's largest,” Reuters, 04 March 2022.
“Russia restricts access to DW's website,” Deutsche Welle, 04 March 2022.
“Foreign minister accuses Russian soldiers of rape in Ukrainian cities,” Reuters, 04 March 2022.
Mark Sweney, “London Stock Exchange suspends trading in more Russian firms,” The Guardian, 04 March 2022.
Julia Kollewe, “Global shares tumble after Russian attack on Ukraine nuclear plant – business live,” The Guardian, 04 March 2022.
Andrew Roth, “Kremlin denies planning to institute martial law in Russia,” The Guardian, 03 March 2022.
Mark Sweney, “London Stock Exchange suspends trading in 27 firms with strong links to Russia,” The Guardian, 03 March 2022.
IN BRIEF
By Padmashree Anandhan
FRANCE
French President confirms candidacy for election
On 03 March, French President Immanuel Macron confirmed his candidacy for the upcoming presidential election. On winning the election, Macron will become the first French leader to continue his second term. The voting is expected to take place on 10 April. As per the recent polls, Macron is predicted to be on the front with a stable popularity rate competing with opposition leaders, far-right candidate Marine Le Pen, Eric Zemmour, and conservative candidate Valerie Pecresse. In his recent letter Macron said: “I am seeking your trust again. I am a candidate to invent with you, faced with the century's challenges, a French and European singular response.” (“France: Emmanuel Macron confirms he will run for second term,” Deutsche Welle, 03 March 2022)
MOLDOVA
Moldova to submit the application to join the EU
On 03 March, Moldova has officially applied to join the EU. The recent statement released by President Maia Sandu said that the government signed the application to join the Republic of Moldova into European Union. The application is expected to be submitted in Brussels in the coming week. The President said: “The Republic of Moldova must have a clear European path. We are ready to do everything possible to achieve this fundamental national goal,” The initiative to join the EU has risen amongst the non-EU member countries due to the effects of the Russian invasion of Ukraine. So far, Georgia, Moldova, Sweden and Finland are considering joining the EU. (“Moldova asks to join the European Union - a week after Russia invades Ukraine,” Euronews, 03 March 2022)
SWEDEN
Sweden to summon Russian representative for violating its airspace
On 03 March, the Sweden government announced that it will call down Russian officials after it found four fighter jets in its airspace. As reported by Swedish Air Force, two jets SU-27 and SU-24 were under the question of entering Swedish airspace. On the incident, Swedish Foreign Ministry will take the necessary procedures to summon a representative from Russia to hold responsible for the violation. Upon the rise of the conflict situation in Ukraine, both Sweden and Finland have begun to re-think their membership with NATO. (“Sweden summons Russian officials after fighter jets fly near Gotland Island,” Euronews, 03 March 2022)
THE UNITED KINGDOM
BCC forecasts decline in UK economy
On 04 March, the British Chambers of Commerce (BCC) forecasted a decline in the UK economy since the start of the war in Ukraine. It reported that the possibility of the economy falling back to the pre-pandemic level was high, but the challenge of public confidence will persist. According to the Head of the economic at BCC: “Russia’s invasion of Ukraine is likely to weigh on activity by exacerbating the current inflationary squeeze on consumers and businesses and increasing bottlenecks in global supply chains,” Apart from the blocks in global supply chains, the surge in the oil and gas markets due to Russian invasion is another key contributor to inflation. (Phillip Inman, “UK’s economic growth to halve this year says British Chambers of Commerce,” The Guardian, 04 March 2022)
REGIONAL
Former Director-General of WTO comments on EU as a rising bloc against Russia
On 03 March, the former Director-General of WTO has commented that with recent imposing of sanctions by Brussels on Russia reflects the strengthening of the EU as a bloc against Russia. He remarked that Russia which is a big player when it came to economic markets, energy and food is being accurately being targeted by the west with economic sanctions. He said: “Little by little, yes, the European Union is progressing towards, let's say, the shores of power that a certain number of Europeans dream of, not all of them, including in terms of trade policy. Little by little, by building up its arsenal, I believe that this is the case.” (Gregoire Lory, “EU slowly becoming more powerful, says former WTO chief,” Euronews, 03 March 2022)