Countries tightened the vise around Russia’s economy on Monday, announcing new sanctions on its Central Bank and individuals, with even Switzerland breaking its neutral stance to join the EU in is actions.
The moves came as Ukrainian and Russian delegations met at the Belarusian border for their first direct talks since Russia’s invasion began on Thursday.Ukrainian President Volodymyr Zelenskyy’s office said it would demand an immediate cease-fire.
In response to Russia’s invasion, the U.N.was meeting in two separate forums: The General Assembly gathered for only its 11th emergency meeting, and the 15-member Security Council came together again to discuss the crisis in Ukraine.
Battered by global sanctions, Russia’s Central Bank dramatically hiked interest rates to try to slow the ruble’s plunge.
Russia’s conventional military assault on Ukraine moved toward the end of its fourth day with fighting in the streets of the country’s second-largest city, Kharkiv, and troops moving closer to the capital Kyiv.
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FACT CHECK: What’s true and what’s false about the Russian invasion of Ukraine
RUSSIA’S RICHEST TARGETED: Biden hits yacht-riding elites with sanctions.Will it help?
Russian infantry GAZ Tigr vehicles destroyed as a result of fighting in Kharkiv, seen on Feb.28, 2022.Kremlin: Sanctions ‘problematic,’ worsened economy At the outset of a brewing financial crisis, the Kremlin conceded Monday that Western sanctions were affecting the economy but remained confident effects could be dampened.
“The economic reality has considerably changed,” Dmitry Peskov, the Kremlin’s spokesperson, said during a press call with reporters, according to Reuters and CNN.
“These are heavy sanctions, they are problematic, but Russia has the potential to offset the harm.”
The U.S.and EU have sanctioned top Kremin officials and Russian elites as well as taken steps to remove Russian banks from the SWIFT network, which allows for payments between financial institutions.The West also took steps to stop the Kremlin from accessing its $640 billion in foreign reserves which Russian banks could use to buoy the isolated economy.
Story continues “Russia has been making plans for quite a long time for possible sanctions, including the most severe ones.
There are response plans, they were developed and are being implemented as problems appear,” Peskov said.
He added that sanctions on Russian elites and Russian President Vladimir Putin himself were “pointless.”
On Monday, the value of Russia’s currency, the ruble, tumbled.The Russian Central Bank stopped the Moscow Exchange, Russia’s stock market, from opening after multiple days of severe losses.The Central Bank also increased interest rates from 9.5% to 20% in a bid to stop bank runs.It also began buying gold again on its domestic market.
– Matthew Brown
EU Foreign Affairs chief: ‘Sanctions have a cost’ Days after the United States and European Union levied stringent sanctions on the Russian elite and financial system, the EU’s foreign affairs chief reiterated that sanctions will have a negative effect on the global economy.It’s a price that the West must be ready to pay, he stressed.
“This is not a free lunch.Sanctions will backlash.
Sanctions have a cost,” Josep Borrell, vice president of the European Commission, said Monday.Borrell said it is important to “explain to public opinion” the costs of sanctions on the global economy.
“We have to be ready to pay this price now because if not, we will have to pay a much bigger price in the future,” Borrell continued.He noted there would be turbulence in global energy markets that would especially impact Europe in the short term, which the EU and U.S.are working to mitigate.
While the U.S.
is more insulated from the economic pain of isolating Russia than Europe, President Joe Biden has also cautioned Americans that the sanctions will have ripple effects for the U.S.economy that will be felt in the stock market and energy prices
– Matthew Brown
Learn more: Mapping and tracking Russia’s invasion of Ukraine
IOC calls for exclusion of athletes from Russia, Belarus GENEVA – In a sweeping move to isolate and condemn Russia after invading Ukraine, the International Olympic Committee urged sports bodies on Monday to exclude the country’s athletes and officials from international events .
The IOC said it was needed to “protect the integrity of global sports competitions and for the safety of all the participants.”
The decision opened the way for FIFA, the governing body of soccer, to exclude Russia from a World Cup qualifying playoff match on March 24.Poland has refused to play the scheduled game against Russia.
The Olympic body’s call also applied to athletes and official from Belarus, which has abetted Russia’s invasion.
– Associated Press
Are Snake Island soldiers alive? A group of Ukrainian soldiers who garnered worldwide attention after telling a Russian warship to “Go f— yourself” may be alive, according to Ukrainian officials.
The soldiers on Snake Island, a small island in the Black Sea, rose to fame last week after a Russian warship asked them to surrender or be bombed, according to a tweet from the Ukrainian Embassy in Georgia.
Ukrainian officials last week said all 13 of the soldiers were killed.But the State Border Guard Service of Ukraine in a statement said the soldiers may have been captured by Russian forces and are still alive.
Read more here.
– Marina Pitofsky
People take shelter inside a building in Mariupol, Ukraine, on Feb.
27, 2022.Street fighting broke out in Ukraine’s second-largest city and Russian troops squeezed strategic ports in the country’s south as the prospect of peace talks remains uncertain.Russia closes its airspace MOSCOW — Russia has closed its airspace to carriers from 36 nations, including European countries and Canada, responding in kind to their move to close their respective airspaces to all Russian aircraft.
The move, announced Monday by the state aviation agency, follows a decision by the EU and Canada over the weekend to close their skies to the Russian planes in response to Moscow’s invasion of Ukraine.
It added that planes from those countries could only enter Russia’s airspace with special permission.
– Associated Press
Putin’s mind: ‘Erratic?’ ‘Delusional?’ Lawmakers question Putin’s stability as he puts nuclear forces on alert
Swiss adopt EU sanctions The Swiss government on Monday took the extraordinary step of joining in the EU’s sanctions against Russia over its invasion of Ukraine.
Switzerland’s Federal Council decided to adopt the financial sanctions, whiich include freezing the assets of individuals and companies, as well as levying sanctions upon Russian President Vladimir Putin, Prime Minister Mikhail Mishustin and Foreign Minister Sergey Lavrov.
The Swiss government is also joining the EU in closing its airspace to all flights from Russia and to aircraft with Russian markings.The Federal Council is suspending visas for Russian nationals, excluding diplomatic passports, and is blocking entry for “a number of individuals who have a connection to Switzerland and are close to the Russian president.”
– Katie Wadington
U.S.imposes sanctions on Russia’s Central Bank The U.S.on Monday imposed new sanctions on Russia targeting the country’s Central Bank, dealing a major blow to Moscow’s economy, which holds more than $630 billion in foreign currency reserves.
The sanctions effectively cut off Russia’s Central Bank from accessing assets either held in the U.S.or in U.S.
dollars, severely restricting any effort by Russian President Vladimir Putin to blunt the effects of previous sanctions that have sent the country’s economy into a free fall.
The new restrictions, in response to Moscow’s invasion of Ukraine, also target Russia’s National Wealth Fund and the Ministry of Finance.
More: What sanctions does Russia face? Here’s a list by country
The measures prohibit foreign financial firms with U.S.dollars from sending it to Russia’s Central Bank, National Wealth Fund or finance ministry, according to a senior administration official who briefed reporters on condition of anonymity in order to discuss the announcement.
The official said the U.S.wanted to put the penalties in place before markets opened Monday after learning from allies over the weekend that the Russian Central Bank was attempting to move assets beginning Monday morning from institutions around the world.
The announcement came after Russia’s Central Bank sharply raised its key borrowing rate from 9.5% to 20% in an attempt to shore up the plummeting ruble amid the crippling Western sanctions hitting the country.
The U.S.and European allies have announced severe economic measures on Russian banks, oligarchs and their families and the country’s access to the SWIFT international payment system that connects the network of global banks.
– Courtney Subramanian
More: What Is SWIFT? How would a removal from SWIFT affect Russia?
Zelenskyy creates ‘international legion,’ enlists foreign fighters President Volodomyr Zelenskyy announced the creation of an “international legion” to enlist non-Ukrainians who want to support the war effort against Russia.
“We already have thousands requests from foreigners, who want to join the resistance to the (Russian) occupiers and protect the world security from Putin regime,” a spokesperson for the Ukrainian Ministry of Defense said Monday.
While no other country has sent its own troops to Ukraine, the U.S., European Union and NATO have all ramped up the delivery of weapons to the eastern European country amid the Russian invasion.
Anyone interested in joining the new unit should reach out to the Ukrainian embassies in their home countries, the statement said.
The Ukrainian government has also called on the support of its civilians to assist in defending the country from Russian invasion by directly resisting and confusing invading forces.
– Matthew Brown
closes embassy in Belarus The State Department has shut down the U.S.Embassy in Minsk, Belarus, Secretary of State Antony Blinken announced Monday morning.Non-emergency personnel and family members at the embassy in Moscow have also been authorized to leave.
Blinken said the steps were taken “due to security and safety issues stemming from the unprovoked and unjustified attack by Russian military forces in Ukraine.”
Belarus has served as a staging area for Russian troops for weeks ahead of the invasion that started on Thursday.
– Katie Wadington
Ukraine demands cease-fire at talks Ukrainian and Russian delegations met Monday on Ukraine’s border with Belarus but it was unclear what, if anything, those talks would yield.
Ukrainian President Volodymyr Zelenskyy’s office said Kyiv’s delegation would demand an immediate cease-fire.
While Ukraine sent its defense minister and other top officials, the Russian delegation is led by Putin’s adviser on culture — an unlikely envoy for ending the war and a sign of how Moscow views the talks.It wasn’t immediately clear what Putin is seeking in the talks or from the war itself.
– Associated Press
Russia boosts staffing at nuclear command posts MOSCOW — The Russian military says its nuclear deterrent forces have been put on high alert in line with President Vladimir Putin’s order.
Defense Minister Sergei Shoigu has reported to Putin that command posts of all of Russia’s nuclear forces have been boosted with additional personnel.The Defense Ministry said that the high alert status applies to all components of Russian nuclear forces — the Strategic Missile Forces that oversee land-based intercontinental ballistic missiles, the Northern and Pacific Fleets that have submarine-launched intercontinental ballistic missiles, and the long-range aviation that has a fleet of nuclear-capable strategic bombers.
Putin ordered Russia’s nuclear forces to be put on high alert Sunday, citing Western sanctions and “aggressive statements” by NATO powers.It’s not immediately clear what specific steps the measure implies, but it has raised fears that the war in Ukraine could lead to a bigger and even more dangerous confrontation.
– Associated Press
UN: Attacks have killed 102 civilians, including 7 kids The UN’s Human Rights Council reported Monday that at least 406 civilians have been killed our wounded since Russia’s invasion of Ukraine began on Thursday.
Michelle Bachelet, UN High Commissioner for Human Rights, told a meeting of the council in Geneva that between Thursday morning and Sunday night, 102 civilians, including seven children, have been killed, with 304 people injured.
“Most of these civilians were killed by explosive weapons with a wide impact area, including shelling from heavy artillery and multi-launch rocket systems, and air strikes.
The real figures are, I fear, considerably higher,” Bachelet said.Millions of people are hiding to escape the attacks, she added.
The UN High Commissioner for Refugees, Filippo Grandi, tweeted Monday that over 500,000 Ukrainians have fled for neighboring countries.
– Katie Wadington
Kremlin says it didn’t target civilians MOSCOW — The Kremlin has denied that the Russian military targeted populated areas in Ukraine despite abundant evidence that residential buildings, schools and hospitals have been hit during the Russian invasion.
Kremlin spokesman Dmitry Peskov alleged Monday that civilian casualties have resulted from members of right-wing Ukrainian nationalist groups using civilians as shields and putting military equipment in populated areas.
Peskov’s claims couldn’t be independently confirmed and they contradicted statements from Ukrainian officials who accused Russia of targeting civilians.
– Associated Press
Ukraine delegation arrives in Belarus for talks with Russia The Ukrainian delegation has arrived in Belarus for a meeting with Russian officials and the talks are under way, according to reports from CNN and the Associated Press.
Ukraine demanded an “immediate ceasefire and withdrawal of Russian troops,” CNN reported, citing a statement from the Ukraine presidency.
The delegation includes several senior Ukrainian officials but President Volodymyr Zelenskyy was not planning to attend.
– Caren Bohan
Fighting eases overnight in Kyiv KYIV, Ukraine – Outgunned but determined Ukrainian troops slowed Russia’s advance and held onto the capital and other key cities — at least for now.In the face of stiff resistance and devastating sanctions, President Vladimir Putin ordered Russia’s nuclear forces put on high alert, threatening to elevate the war to a terrifying new level.
Explosions and gunfire that have disrupted life since the invasion began last week appeared to subside around Kyiv overnight, as Ukrainian and Russian delegations prepared to meet Monday on Ukraine’s border with Belarus.
Terrified Ukrainian families huddled in shelters, basements or corridors, waiting to find out.Exact death tolls are unclear, but Ukraine’s president says at least 16 children have been killed and another 45 wounded, among hundreds, perhaps thousands, of other casualties.Millions have fled homes or the country all together.
“I sit and pray for these negotiations to end successfully, so that they reach an agreement to end the slaughter, and so there is no more war,” said Alexandra Mikhailova, weeping as she clutched her cat in a makeshift shelter in the strategic southeastern Ukrainian city of Mariupol.
Around her, parents sought to console children and keep them warm.
The relative lull in warfare Monday morning in Ukraine was unlikely to last.
Neighboring Belarus could send troops to help Russia as soon as Monday, according to a senior American intelligence official with direct knowledge of current U.S.
intelligence assessments.The official spoke on condition of anonymity because he was not authorized to speak publicly.
– Associated Press
Ukraine civilian death toll estimated at 352 but is likely much higher, officials say The civilian death toll from Russia’s invasion of Ukraine has risen to 352, including 14 children, the Ukrainian Ministry of Internal affairs said Sunday.The ministry said 1,684 people had been injured.
The United Nations had announced the civilian death toll had reached 240 by Saturday, but stressed that the actual figure was potentially “considerably higher.”
– Jay Cannon
Pope Francis offers to help solve Ukraine crisis ROME – The Vatican is offering to help in any negotiations to end the war in Ukraine.
Cardinal Pietro Parolin, the Vatican’s No.2 official, told several Italian newspapers in an interview published on Monday that the Holy See is “offering its willingness to facilitate dialogue with Russia.”
An employee from the Emergency Situation Inspectorate soothes the crying baby of a family fleeing the conflict from neighbouring Ukraine at the Romanian-Ukrainian border, in Siret, Romania, Saturday, Feb.26, 2022.On Friday, Pope Francis took the extraordinary step of visiting the Russian Embassy to the Holy See to meet with the Russian ambassador.The pontiff urged an end to fighting and a return to negotiations, Parolin said.
While Orthodox Christians are predominant among the faithful in Ukraine, the Catholic Church has a discreet presence in that country through believers who follow the Eastern Rite of Catholicism.
– Associated Press
UK Prime Minister Boris Johnson: ‘Putin must fail’ British Prime Minister Boris Johnson vowed that Western allies would impose the harshest economic sanctions possible against Russian President Vladimir Putin for his “abhorrent campaign against Ukraine.”
The European Union has announced unprecedented new actions against Russia, outlining plans to close its airspace to Russian airlines, fund a weapons purchase to assist Ukraine and ban some pro-Kremlin media outlets, while the Associated Press reported the United States approved the delivery of anti-aircraft Stinger missiles to Ukraine.
Western powers in support of Ukraine could soon be joined by Switzerland, an oftentimes neutral country that on Monday is set to review potential sanctions and asset freezes against Russia, said President Ignazio Cassis via Reuters.
Cassis said it was “very probable” the country would follow suit, the outlet reported.
“Putin must fail,” the British prime minister wrote on Twitter.
– Caren Bohan and Associated Press
Russia, Ukraine to hold talks After rejecting Putin’s offer to meet in the Belarusian city of Homel on the grounds that Belarus was helping the Russian assault, Ukrainian President Volodymyr Zelenskyy agreed to send a Ukrainian delegation to meet Russian counterparts at an unspecified time and location on the Belarusian border.CNN Quote: d a Ukrainian official saying the talks are expected to take place Monday .
Ukraine’s announcement that it would meet came hours after Russia said its delegation had flown to Belarus to await talks.Ukrainian officials initially rejected the location, saying any discussions should take place elsewhere.Belarus has allowed Russia to use its territory as a staging ground for the invasion of Ukraine.
– Associated Press
Russia signals plans for fresh onslaught on Kyiv, offers residents ‘safe corridor’ out The Russian military offered to allow residents to leave Kyiv via a safe corridor while it has beefed up for an onslaught on the capital.
With Russian troops closing in around Kyiv, a city of almost 3 million, the mayor of the capital expressed doubt that civilians could be evacuated.Authorities have been handing out weapons to anyone willing to defend the city.Ukraine is also releasing prisoners with military experience who want to fight, and training people to make firebombs.
But Russian Defense Minister Maj.Gen.Igor Konashenkov said the military would let Kyiv residents use a highway that leads out of the city to the southwest — an offer that appeared to signal a new onslaught is coming.
A nearly 40-hour curfew in Kyiv ended on Monday morning.
The curfew will resume each night, from 10 p.m.-7 a.m.Ukraine is seven hours ahead of Eastern U.S.time.
– Associated Press
Neutral Switzerland ‘probable’ to hit Russia with financial sanctions, president says After days of fence-sitting, Swiss President Ignazio Cassis said on Sunday it was “very probable” that neutral Switzerland would follow the European Union’s lead and sanction Russia and freeze Russian assets in the country.
Reuters reported that Cassis , who was interviewed on French-language Swiss public television, said the nation’s seven-member Federal Council would meet Monday and review recommendations by finance and economy officials.
“It is very probable that the government will decide to do so tomorrow, but I cannot anticipate decisions not yet taken,” Cassis said, via Reuters.
Switzerland, a global financial hub and commodities trading center, has so far resisted calls for it to levy sanctions and possibly freeze Russian assets, especially after the EU and U.S.announced sanctions.
It was not known immediately how many wealthy Russian elites, especially oligarchs close to Putin, have stashed money in Swiss banks, known for their strong privacy firewalls.But various leaks of banking documents over the years suggest they have a sizable amount invested in Switzerland.
In 2018, Swiss banks reportedly frozen $1 billion in the accounts of one oligarch alone – Russian metals tycoon Viktor Vekselberg – over fears that they could be fined for doing business with him after Washington levied sanctions against the businessman, the Moscow Times reported at the time.
– Josh Meyer
Roundup: What sanctions does Russia face? Here’s a list by country
KYIV, UKRAINE – FEBRUARY 28: A view of Kyiv during a curfew in the early morning with steam from a heating plant on February 28, 2022 in Kyiv, Ukraine.Explosions and gunfire were reported around Kyiv on the second night of Russia’s invasion of Ukraine, which has killed scores and prompted widespread condemnation from U.S.
and European leaders.US official: Belarus may join Ukraine invasion A senior U.S.intelligence official says Belarus is expected to send troops into Ukraine as soon as Monday to fight alongside Russian forces that invaded Ukraine last week.
Belarus has been providing support for Russia’s war effort, but so far has not taken a direct part in the conflict.
The American official has direct knowledge of current U.S.intelligence assessments and says the decision by Belarus’ leader on whether to bring Belarus further into the war depends on talks between Russia and Ukraine happening in the coming days.The official spoke anonymously to discuss the sensitive information.
— Associated Press
Two United Nations sessions scheduled for Monday The U.N.’s two major bodies – the 193-nation General Assembly and the more powerful 15-member Security Council – will hold separate meetings Monday on Russia’s invasion of Ukraine, a reflection of widespread international demands for an immediate cease-fire and escalating concern for the plight of millions of Ukrainians caught up in the war.
The Security Council gave a green light Sunday for the first emergency session of the General Assembly in decades.It will give all U.N.members an opportunity to speak about the war Monday and vote on a resolution later in the week that U.S.
Ambassador Linda Thomas-Greenfield said would “hold Russia to account for its indefensible actions and for its violations of the U.N.
French Ambassador Nicolas De Riviere announced that the Security Council will hold a meeting Monday afternoon on the humanitarian impact of Russia’s invasion, a session sought by French President Emmanuel Macron to ensure the delivery of aid to growing numbers of those in need in Ukraine.
Both meetings follow Russia’s veto Friday of a Security Council resolution demanding that Moscow immediately stop its attack on Ukraine and withdraw all troops.The vote was 11-1, with China, India and the United Arab Emirates abstaining.
– Associated Press
Contributing: The Associated Press
This article originally appeared on USA TODAY: Russia reacts to economic sanctions from US, EU, others: live updates.