Ukraine: Russian vehicle convoy blocked by brave citizen
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Ukrainian President Volodymyr Zelenskiy has spent the last few days directing the country’s response from Kyiv, which Russian armed forces reportedly breached today. With the capital city in danger, western nations fear it could soon fall to Vladimir Putin’s advances. But analysts point out that efforts have failed to deter the Russian premier from his aims, which appear to be annexing the country.
So far, NATO and its allies in Eastern and Western Europe have offered sanctions in response.
They have attempted to throttle the Russian economy by targeting institutions and high net-worth individuals in their own nations.
In the UK and US, for example, Boris Johnson and Joe Biden have punished Russian banks.
In Germany, Chancellor Olaf Scholz has ended his country’s support for the Russian-backed Nord Stream 2 gas pipeline.
Analysts have pointed out that these actions have not succeeded so far and may not in the days or weeks to come.
Speaking to Express.co.uk, Shaun Murison, Senior Market Analyst at IG, an online trading provider, gave a brief rundown on their progress so far.
He said: “It would appear that economic sanctions introduced by the west did little to curb Putin’s enthusiasm to initiate his attack on Ukraine.
“If the implementation of sanctions could not disrupt these actions beforehand, we are not sure what level of economic crippling thereafter would be enough to deter the Russian assault.”
“While we would hope that military action in response could be avoided, the likelihood thereof seems to be diminishing exponentially as time passes.”
The likelihood of other nations sending military backing to Ukraine is currently minimal.
Most have so far focussed on backing the country from a distance, resisting anything more than sending equipment.
Mr Zelenskiy confirmed as such earlier today when he revealed he had approached 27 countries for aid.
In a national address, he told Ukrainians that NATO is “afraid” to provide guarantees.
He said: “They answered that they are with us, but they don’t want to take us into the alliance.
“I’ve asked 27 leaders of Europe if Ukraine will be in NATO, I’ve asked them directly – all are afraid and did not respond.”
The consequence of this, he said, is that Ukraine is “by ourselves” and “everybody is afraid”.
One sanction that stands to dent Russian finances is extracting the country from the SWIFT payment system.
The European network connects Russia to the rest of the continent and would prevent the country from receiving funds from its investments.
While it could work, some EU members have dragged their feet on exacting this toll.
Leaders in Hungary, Germany and Italy have, so far, shown they are unwilling to hit Russia in this way.
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