With Russia invading Ukraine, the whole world is in shock and fear as Russia has taken an unprecedented move which was feared to turn into a world war. The war between Russia and Ukraine started in February 2022, but the military presence of the Russian troops around the country was observed in the second half of 2021.
The Russian troops are believed to have encircled the outline of Ukraine, observing which The Northern Atlantic Treaty Organization (NATO), had already accused Russia of a possible invasion, but Russia denied it at that time.
However, on 24th February 2022, the Russian troops invaded Ukraine leading to a war. Around 2,000 Ukrainian civilians have lost their lives till now; the battle doesn’t seem to end soon as it is believed that Russia wants to overthrow the current government and replace it with its regime.
As we go back in history, we understand that Russia and Ukraine, along with 13 other countries, were a part of the USSR. The 15 countries didn’t have their independent identities; they were known as The Soviet Union as a whole.
In 1949, NATO was formed by the US, Canada, and some western countries. It was created to provide collective security against USSR. According to the policy of NATO, if any of the members are attacked by a country, all the other members of NATO will collectively take military action against it.
In 1991, The Soviet Union had dissolved, and 15 independent countries were formed. Ukraine, after independence, became a significant supplier of raw materials to the west.
Post-independence, Ukraine has shown much interest and wants to be a part of NATO, but Russia was never in favor of the idea. According to reports, Russia has demanded that Ukraine refrain from joining NATO.
Intending to be one of the most powerful countries globally, Russia started annexing the states of the Soviet Union in the first decade of the 21st century, capturing Georgia in 2008. Subsequently, it also captured Crimea in 2014, leading to a war between Russian and Ukrainian forces. A peace treaty was signed between Russia and Ukraine in 1997, according to which Russia had promised that it would not invade Ukraine but the treaty expired in 2018.
With the invasion of Ukraine, Russia is facing a lot of heat around the world, especially after breaking the contract. It has met a lot of sanctions from the west, leading to a 30% fall in the value of the Russian Ruble. Moreover, The country has been banned from several international sports competitions like ice skating, basketball, etc.
The Russian attack is impacting the world because of many reasons.
First and foremost, Russia is equipped with nuclear weapons and has much more as compared to the rest of the world.
Last week, The Russian President Vladimir Putin had announced that the nuclear weapons are on high alert, and the war could turn more destructive if another country sends its army against Russia. This has stopped NATO members from sending their support for Ukraine as the country is not a part of the NATO agreement.
Secondly, both Russia and Ukraine don’t import much. Still, they are major exporters of raw materials to the world. The supply chain has already been affected because of the war. Many European countries are heavily dependent on Russia for energy, especially gas. Other sectors such as transport, food supply, etc., have also been affected.
With a surge in oil prices, the stock market suffered a downfall.
The rise of oil and gas would discourage imports from Russia and affect the country’s exports.
According to a report by The Economic Times, a $10 per barrel increase in oil price adds around 0.4-0.5 % to YoY inflation in major economies and could reduce global growth by 0.1-0.2 % in a year.
Therefore, the world economy will also get affected due to this war.
More than anything else, civilians of Ukraine are out on the streets fighting against the brutal Russian forces and sacrificing their lives for the sake of their country.
As per a recent addition, the regional capital, Kherson, has been captured by Russia. The town is just north of Crimea and is the largest town captured yet.
Unfortunately, Ukraine will face the hardships of the war.
This will go down in history as one of the most unnecessary wars and will be remembered for the tough competition shown by Ukraine.