Eurasian crisis

 

Fast changing scenario in the Eurasian region has put the entire globe at the brink of the war as the reports of sending of Russian ‘peacekeeping troops’ in the Luhansk and Donetsk provinces. US President Joe Biden as well as G7 nations have put economic, diplomatic as well as other sanctions on Russia. President Joe Biden has barred any new American investment, trade and financing. US-led NATO nations too have responded with slew of measures for economic sanctions.

While G-7 nations including France, Germany, Canada, Japan, Australia, UK and others have strongly criticized the move and asked for sanctions; UN has clearly said Russian troop in the Ukrainian region is not ‘peacekeeping’ forces. Meanwhile, Russian President Vladimir Putin has clearly said  “Russian interests are non-negotiable” as per reports. India has already made its stand clear that the crisis in the Eurasian region should be resolved diplomatically. However, western nations have alleged that Russia has rejected diplomacy and said that a wider range of sanctions will be imposed if Russia invades Ukraine. Interesting fact is that UK has said, hours after announcement of sanctions, that reports of sending troop is not clear as yet but it promised more sanctions if Russia invades, quoting a UK minister.

However, the Eurasian tussle has suddenly put the globe under undesired energy crisis as the price of crude oil has surged and inching towards $100 per barrel mark. While, it is advantage for middle east as Russia is the second largest supplier of oil and energy in EU region.

Russia has also been thrown out of the SWIFT system putting the nation into a tough economic situation in the coming days. Several other economic and investment related sanctions have been taken place after Biden’s decision. It is notable that India has already started evacuation of students in the region after receiving SoS from students in Ukraine. A helpline of MEA too has been initiated for the purpose and Indian citizens have been advised to avoid travel in the region. (YC)