Ukraine

Saturday

Robert Peston

Expelling Russia from Swift would be a massive economic shock

If Russia is expelled from the Swift banking messaging system, that would be serious economic warfare against Putin. Because Thursday’s decision by the US Treasury to make it almost impossible for Russia’s two biggest banks, VTB and Sperbank, to do any business with US institutions or use US infrastructure to process dollar payments will potentially disrupt tens of billions of dollars of Russian financial transactions every day, much of it related to its huge oil and gas industry. This combined prohibition on international transfers by Russian banks and the US embargo on dollar clearing for them would in theory generate a massive negative economic shock for Russia, that would rapidly

Volodymyr Zelenskyy

‘This is our land. This is our history’: my appeal to the people of Russia

I come today with an appeal to all citizens of Russia. Not as President. I am appealing to the people of Russia as a citizen of Ukraine. We share more than 2,000km of border. Around it, today, is your army: almost 200,000 soldiers; thousands of military units. Your leadership has approved their movement towards us. Towards the territory of another country. This step can become the start of a huge war on the European continent. The whole world is talking about what can happen any day now. A reason can appear at any moment. Any provocation. Any spark. A spark that has the potential of burning everything down. You are

Vladislav Zubok

The post-Soviet roots of the war in Ukraine

In his hour-long speech earlier this week setting out why he was invading Ukraine, Vladimir Putin blamed Vladimir Lenin, the collapse of the Soviet Union, Ukrainian nationalists and the West for starting the conflict. Meanwhile, many in the West believe that the conflict is entirely the creation of one man, Putin himself. It’s worth though remembering the post-Soviet roots of the current Russian-Ukrainian war and how close the two nations came to blows 30 years ago. After the failure of a reactionary coup in Moscow in August 1991, the victorious Russian democrats led by Boris Yeltsin wanted to dismantle the Soviet Union’s ‘totalitarian empire’ and join Nato. The main challenge to

Jacob Heilbrunn

It’s time for Germany to stand up to Russia

In his novel The Loyal Subject, which appeared on the eve of the first world war, Heinrich Mann, the brother of Thomas, satirised Wilhelmine Germany as a hotbed of chauvinistic nationalism. The servile nationalism that Mann mocked could not be further from the ethos of the Federal Republic of Germany today. So pervasive is Germany’s eirenic disposition that on Thursday, as Russian president Vladimir Putin ravaged Ukraine, Lieutenant General Alfons Mais, the head of the German army, took the unusual step of turning to LinkedIn to ventilate his exasperation at the impotence of his own fighting forces. ‘In my 41st year of peace-time service, I would not have thought that

David Patrikarakos David Patrikarakos

Ukrainians are living through a hell on earth

‘Live long enough and you watch everyone go mad,’ the man said to me gloomily. It was around 2009, and I was listening to a former senior civil servant tell me what he had learned from a life spent in diplomacy. I’m not sure even he envisioned seeing proper madness in a world leader until Putin’s televised hour-long pantomime earlier this week. Putin over those 60 minutes was a man marinating in rage and possessed of a worldview built on paranoia and ego. The performance culminated in him recognising the ‘republics’ of Donetsk and Luhansk in eastern Ukraine. The moment he did this he smashed the Minsk peace process designed

Charlie Peters

Putin’s invasion has exposed the frailty of Europe’s armies

Putin’s forces are currently steamrolling Ukraine’s defences, with Russian troops circling the capital and invading from the south and east of the country. Meanwhile European leaders, neutered by their military weakness, have been unable to do little more than offer pointless sanctions and statements of solidarity. As Russian troops streamed across the border, European Commission President Ursula von der Leyen condemned the ‘unprecedented military aggression.’ When the Kremlin moved to recognise the Donetsk and Luhansk oblasts as independent states, the response in Brussels was to pass a fresh package of sanctions. This was repeated in London, with Boris Johnson telling our ‘Ukrainian friends’ that ‘we are with you and we

Friday

Mary Dejevsky

Are Russians turning against Putin?

One of the reasons why I judged — wrongly — that Vladimir Putin would not order an all-out invasion of Ukraine was the likelihood of a protracted war. But another was the possibility of popular protest in Russia, which could have potentially destabilising effects on the Kremlin. After sporadic protests in the hours immediately after the invasion, all of them ending in arrests or dispersal by police — citing Covid restrictions — Thursday evening sprang a surprise. Young people came out in their hundreds with homemade placards saying ‘nyet voine’, no to war, not just in Moscow and St Petersburg, where political engagement tends to be higher, but in nearly 50 towns

Jonathan Miller Jonathan Miller

Macron’s posturing as a global statesman will get him re-elected

It is bordering on tasteless amidst the horror of war in Europe to question the political impact of the conflict on the first round of the French presidential election in 44 days. But it’s naïve to imagine that such thoughts are not occurring to the politicians themselves, not least Emmanuel Macron. As I write this on Friday, Macron has still to declare his candidacy for the presidency. He’s been letting his opponents on the right and left fight it out amongst themselves for as long as possible. He could declare tomorrow at the Salon d’Agriculture, where he is scheduled to make the customary presidential appearance. Or maybe not. Macron has

James Forsyth James Forsyth

To hurt Putin, go for oil and gas – not Swift

Both the British and the Americans have been explicit that it is the Europeans who are blocking Russia being cut from Swift. Removing Russia would be a sound step, but it is far less important than a western agreement not to buy Russian oil and gas would be. Sadly, though, there is little chance of this happening — too many countries are dependent on Russian gas — which means $700 million a day will continue to flow into Moscow, strengthening the Kremlin’s belief that it can ride out whatever sanctions are imposed on it. Depressing as this may be, there are things the UK can do using domestic law that would inflict pain

Kate Andrews Kate Andrews

Is Britain prepared for the cost of sanctions?

Sanctions hit both sides: this is a point that Joe Biden has made to Americans and Olaf Scholz is making to Germans. But Boris Johnson is not (so far) talking about the economic implications of this war. They will be — and in fact, already are — profound.  When Russian tanks moved into Ukraine, the price of gas for next-day delivery in the UK shot up 40 per cent. A study by Investec yesterday suggested this means typical household energy bills — already expected to approach £2,000 in April — could end up closer to £3,000. Quite a hit for a country already facing a cost-of-living crisis. And this is just

Ross Clark Ross Clark

Will the West shut Russia out of Swift?

You may never have heard of the Society for Worldwide Interbank Financial Telecommunications — or at least not by its full name. Even if you had you may have mistaken it for a fairly inconsequential trade body that holds rather dull conferences in hotel function rooms in places like Frankfurt.  Yet it finds itself at the centre of the West’s response against Vladimir Putin. Swift, as it is otherwise known, is the system by which banks communicate in order to undertake cross-border financial transactions. This morning the Ukrainian foreign minister pleaded with the West to cut off Russia from the system. Britain would like to do just that, as would some

Steerpike Steerpike

Harry and Meghan speak out on Ukraine

Amid all the gloom, a sliver of light has emerged from the rubble of Ukraine. As Sun-Tzu said: ‘In the midst of chaos, there is also opportunity’ – and some have certainly taken the opportunity to heap ridicule on themselves. Steerpike has cast his eye over the most ridiculous, self-involved and outlandish takes on Russia’s invasion as celebrities and politicians trip over themselves to proclaim their thoughts to the world. Harry and Meghan No crisis would be complete without the right royal duo involving themselves. The pair released an online statement claiming that they ‘stand with the people of Ukraine’ – not literally of course, given that they live in an £11million mansion in

Thursday

James Forsyth

Boris Johnson needs even tougher sanctions to deter Putin

Boris Johnson has just outlined a series of further sanctions on Russia. They are considerably more substantial than the ones he announced earlier this week. They exclude Russian banks from the UK financial system, bar Russian firms from raising capital in London and will see the UK join the US’s technology sanctions on Russia. However, Russia will not be cut off from the Swift payments system — it is clear that the UK has, sadly, lost the argument on that for now. This does raise the question of what, if not the unprovoked invasion of a sovereign country, would be enough to lead to Russia being cut off from Swift. In answers

Ross Clark Ross Clark

The Ukraine invasion is good news for Wall Street

Don’t be fooled by the pictures that will shortly start to emerge of traders apparently tearing their hair out against of backdrop of red screens. A proper crisis is exactly what Wall Street traders want — to provoke yet another stimulus package, as well as the cancellation of interest rate rises. In the Alice in Wonderland world of bubblenomics, bad news is good, and good news is bad. If we have good economic figures, there is a danger that the Fed, the Bank of England and other central banks will take away the punch bowl. On the other hand, all we need is a sudden crisis that gives the impression,

Alfons Mais

Head of Germany’s army admits: we’re not ready for war

You wake up in the morning and realise: there is war in Europe. Yesterday the army held a ‘Day of Values’. The core question was ‘what do we serve for?’ It has never been easier to explain this to the generation that did not live through the Cold War. In my 41st year of peacetime service I would not have believed that I would have to experience another war. And the Bundeswehr, the army that I am privileged to lead, is more or less empty handed. The policy options we can offer in support of the alliance are extremely limited. We all saw it coming and we were not able

Boris Johnson

Read: The Prime Minister’s address to the nation as Russia invades Ukraine

Shortly after 4 o’clock this morning I spoke to President Zelensky of Ukraine to offer the continued support of the UK, because our worst fears have now come true and all our warnings have proved tragically accurate President Putin of Russia has unleashed war in our European continent. He has attacked a friendly country without any provocation and without any credible excuse. Innumerable missiles and bombs have been raining down on an entirely innocent population. A vast invasion is underway — by land, by sea, and by air. And this is not, in the infamous phrase, some faraway country of which we know little. We have Ukrainian friends in this country; neighbours, co-workers. Ukraine is

Katy Balls Katy Balls

Boris Johnson promises more sanctions

Following Vladimir Putin’s decision to launch a full-scale invasion of Ukraine, Boris Johnson has addressed the nation. Speaking from 10 Downing Street, the Prime Minister spoke of his regret that ‘our worst fears have now come true’ and Russia had ‘unleashed war in our European continent’. Johnson said he had spoken with the Ukrainian president to reiterate the UK’s ongoing support. A vast invasion is underway — by land, by sea, and by air. And this is not, in the infamous phrase, some faraway country of which we know little. We have Ukrainian friends in this country; neighbours, co-workers: Ukraine is a country that for decades has enjoyed freedom and democracy and the right

Stephen Daisley Stephen Daisley

What is the point of the UN?

When all this is over, we will have to hold a grown-up and perhaps very difficult conversation about the United Nations. No institution is perfect, or has supernatural powers to stop war or despotism, and perhaps nothing could have dissuaded Vladimir Putin from invading Ukraine. But the UN’s failure to prevent one fifth of its permanent security council from overrunning another member state should give us pause. There are the hard realities of realpolitik, of course, but there is also the question of endemic institutional failure. It may be that we will either have to change how we think about the UN or change the UN itself. In a session

Wolfgang Münchau Wolfgang Münchau

Europe is painfully reliant on Putin

Vladimir Putin declared war on Ukraine in the early hours of this morning, starting with a massive air attack from the north, south and east, targeting military and civilian infrastructure. This is the worst-case scenario. Putin’s speech on Monday set the ideological groundwork. This morning he spoke again, calling Ukraine ‘our historic lands’. He said he was launching what he called a ‘special military operation’ with the goal, not of occupying the country, but of ‘demilitarising and de-Nazifying’ Ukraine. And Putin spoke too to us here in the West: To anyone who would consider interfering from the outside: if you do, you will face consequences greater than any of you

James Forsyth James Forsyth

Two reasons Putin thinks he can weather sanctions

The nature of the Russian attack on Ukraine, striking across the country and not just concentrating on the territory claimed by the so-called breakaway republics, shows Vladimir Putin’s confidence that he can weather whatever sanctions the West imposes. This is not an assault designed to sit in any kind of grey area, but an unambiguous invasion — which the West has always made clear would bring forth the maximum set of sanctions. This is not an assault designed to sit in any kind of grey area Putin’s confidence is driven by two things. First, as I say in the magazine this week, Russia has been preparing to face expanded sanctions since