Russia-Ukraine Coverage

Updates on the Russian invasion of Ukraine as of March 26, 2022.

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Issue 13, Volume 112

RUSSO-UKRAINIAN WAR UPDATES AS OF MARCH 26, 2022

Effects on Russian Economy

Russia’s economy has been suffering since the beginning of the war, seeing its highest inflation rates since 1998. Several nations, including the US, UK, and European Union, have placed sanctions on Russia, implementing restrictions with heavy consequences if violated. For example, gas, oil, and energy imports to the US from Russia are banned as of March 9, and these are some of Russia’s most robust industries. There are also several global corporations that have stopped operations in Russia, including those in finance, retail, entertainment, energy, and travel. Additionally, inside Russia, civilians have been stocking up on essential items, and, coupled with the limitations on imports, products are in high demand. Due to the sanctions, it has become increasingly difficult and costly to purchase outside goods, and inflation rates have jumped. Russia’s gross domestic product has dropped more than $30 billion, two percent lower than before, and the value of the Russian ruble is at 96.5 per USD, compared to the 130 per USD of early March and the average 80 per USD prior to the invasion.

Effects on Ukrainian Economy

In response to the war, several nations have provided hundreds of millions of dollars of military and humanitarian aid to Ukraine. The International Monetary Fund (IMF) has donated over $1 billion to Ukraine since the onset of the war. The United States itself has donated nearly $644 million toward Ukraine since 2014, following the Russian invasion and takeover of the Crimean Peninsula. Due to the number of evacuees, as well as the demand for military supplies, Ukrainian industries have shifted to support the war effort. Several companies have started manufacturing provisions for soldiers and civilians to keep the country going during the war. At this time, Ukraine’s economy follows martial law, with increased government involvement in the economy. The hryvnia, the Ukrainian unit of currency, is under fixed exchange rates, and its value has not changed drastically.

Russian Stalling on the Front Lines

Russian forces were initially concentrated on battering Kyiv, Ukraine’s capital, as well as other major cities, but the Russian Ministry of Defense has announced a shift in focus toward retrieving the Donbas region instead. This change is suspected to be in part because of Ukraine’s unexpected resistance to Russia, preventing the capture of key cities and stalling Russian forces. General Sergei Rudskoy, Russia’s deputy chief of staff of armed forces, said that Russia had succeeded in its initial goal of weakening Ukrainian forces, marking the end of the “first phase” of the war a month after the beginning of the invasion, and would now advance from the east. Donbas, in eastern Ukraine, has been a highly contested area between Russian-backed separatists and Ukrainians since 2014, when Russia took over the Crimean Peninsula. Donetsk and Luhansk are two pro-Russia cities in Donbas that Russia has recognized as independent, but the Ukrainian president refuses to relinquish these regions.

NATO’s Increased Involvement

NATO, the North Atlantic Treaty Organization composed of 30 countries, has helped facilitate aid from its members to Ukraine. It hasn’t sent troops to Ukraine itself in order to keep the war from escalating, but it has recently sent troops to nearby areas to increase its presence. Furthermore, the alliance has been providing Ukraine with protection against the possible use of chemical and biological warfare by Russia, made more likely by the unanticipated response that the Ukrainians have given. Several countries continue pressing sanctions to further pressure the Russian economy as well.

Timeline

March 16, 2022: Ukraine president Volodymyr Zelenskyy addresses a speech to the US Congress, urging them to provide more aid to the Ukrainian people.

March 16, 2022: The UN International Court of Justice orders Russia to cease their military offensive in Ukraine, citing a lack of justification for the invasion.

March 16, 2022: NATO defense ministers plan to increase military supplies, resources, and personnel to Ukraine.

March 17, 2022: Russian troops occupy the city of Skadovsk, Ukraine, using tear gas to stop Ukrainian protesters.

March 17, 2022: The Russian invasion of Ukraine’s capital city Kyiv halts, as Ukraine resistance extends toward the suburban areas.

March 17, 2022: In an address to the German parliament, Zelenskyy criticizes the government for its involvement in the Nord Stream 2 pipeline and unwillingness to inflict harsh sanctions toward Russia.

March 18, 2022: Global lending organizations such as the IMF and World Bank warn nations across the globe of the economic repercussions that can ensue as a result of the conflict.

March 18, 2022: United States President Joe Biden attends a video call with Chinese President Xi Jinping, discussing their countries’ stances on the Russian invasion.

March 18, 2022: The International Organization for Migration reports that around 6.5 million people are now displaced in Ukraine.

March 19, 2022: In a video message, Zelenskyy calls for peace with Russia and urges a resolution with Russian President Vladimir Putin.

March 19, 2022: As reported by the UN, a total of 847 civilians have been killed and 1,399 injured. Most casualties are a result of the wide-range explosive weapons.