Kaohoon Morning Brief – 22 February 2022

1) Russia marches to breakaway regions in Ukraine after recognizing their independence

Russian President Vladimir Putin announced Monday evening that he would recognize the independence of two breakaway regions of eastern Ukraine while ordering his troops to advance into the two regions to “keep the peace”.

The advancement could and could not be considered  an invasion of Ukraine as the two regions were already controlled by Russian-backed separatists and Moscow in practice.


2) Countries are imposing sanction on Russia

Countries are stepping up to sanction Russia after the Kremlin marched into breakaway regions in Ukraine.

The Biden Administration is planning to issue an executive order that will prohibit new investment, trade and financing in the two regions that have been recognized by Russia as independent.

Canadian Prime Minister Justin Trudeau said that Canada will impose sanctions on Russia, while Japan is joining the U.S. in a chip export sanction against Russia.

The UK government says they will announce sanctions for Russia as well.


3) Oil jumps on escalating tension between Russia and Ukraine

Oil prices soared in the morning of Asian trading sessions on Tuesday, following tensions between Russia and Ukraine, while other nations around the world are planning to impose sanctions on the Kremlin.

The international benchmark Brent crude rose 1.81% to $97.12 per barrel, while the West Texas Intermediate (WTI) rose 3.22% to $94.00 per barrel.


4) UK lifts all Covid restrictions to live with the virus

U.K. Prime Minister Boris Johnson on Monday lifted all remaining Covid-19 restrictions in England, setting out the government’s long-term plan for living with the virus. However, the move prompted concerns among public health specialists and opposition lawmakers.

U.K. is seeing a 7-day average of nearly 43,000 cases with 145 deaths. The outbreak is easing after hitting its all-time high of 200,000 cases a day in early January.