Kaohoon Morning Brief – 2 March 2022

1) EU accepts Ukraine’s application to join the bloc

The European Parliament on Tuesday agreed to accept Ukraine’s application for a member of the union after the Ukrainian President Volodymyr Zelensky filed an application earlier that day and asked for a fast-track process.

Being a member of the EU would allow Ukrainians to move freely between the other 27 member nations, which could help its people fleeing the country amid Russian invasion.

637 parliament members voted in Ukraine’s favor, while 13 voted no and 26 abstained, according to Reuters.


2) Russia could use China CIPS as SWIFT alternative

Amid heavy sanctions from western countries for the invasion of Ukraine, Russia has been mostly cut off from the SWIFT banking system. Some are speculating that the Russian can use China’s Cross-border Interbank Payment System (CIPS) for its international trade. Meanwhile, Russia has reportedly developed its own payment system – the System for Transfer of Financial Messages (SPFS) – since the Crimea crisis in 2014.


3) US bans Russian aircraft from its airspace

In the latest sanction by western countries, the United States of America President Joe Biden announced Tuesday that Washington will ban Russian aircraft from flying through U.S. airspace. The move is attempting to pressure Moscow to stop invading Ukraine as it continues for the seventh day.


4) Apple also slap sanction on Russia

Apple has stopped selling all of its products through the Apple Store in Russia, said that company on Tuesday several days after Moscow decided to invade Ukraine last week.

The company also said that it has removed Russian state-controlled outlets RT News and Sputnik News from its App Store around the world except for Russia.