Russia has always remained at logger heads with the West. A few years back it was all about who leads the economic system of the world, communism or capitalism. Russia at that time was USSR (United Soviet Socialist Republic) and it had a global vision of communism. Until after Cold War, things took a different trend and Russia was dismembered.
Since then Russians are attempting to get a hold of their economy. They have tried endlessly to get things in a better shape. Russia started an offensive against Ukraine in 2014 which resulted in retaliation from west.
Ukraine declared martial law for 30 days
Recently Russia captured some ships of Ukraine for entering in the sea of Azov which according to Russia is their part of territory. Poroshenko had warned of the “extremely serious” threat of land invasion. This martial law was implemented to bolster the Ukraine’s defenses.
Europeans side with Ukraine
The Europeans have sided with Ukrain on this crisis. This has made an economic impact on the Russia since it trades a lot of things with EU. The rouble has dropped in recent days. It has weakened 1.4 percent against the dollar in Moscow on Monday. Markets are sensitive to the statements coming from EU.
Russian economy depends on the oil. Russia’s biggest source of revenue is from the oil. Nato has also called an emergency meeting on the topic of Ukraine crisis. Jens Stoltenberg called Poroshenko and said that Nato’s full support was with the Ukraine’s territorial integrity and sovereignty. However it’s worth noting that Ukraine is not a part of the US-led alliance.
Britain, EU, France, Poland, Denmark and Canada all condemned the Russian offensive against the Ukraine. The Russian foreign ministry on the other hand has blamed Kiev for the crisis. The world is observing the EU meeting decision.