Russian troops launched an attack on Ukraine on Thursday, February 24. It all started with explosions before dawn in the capital Kyiv and other cities.
The Reason for the Russian Invasion of Ukraine
Russia’s President Vladimir Putin claims that the objective of the attack is to defend the Russian-speakers in Ukraine, especially those in the two self-declared republics of Donetsk and Luhansk, which left Ukrainian control in 2014. However, Ukraine has denied Moscow’s claims regarding forcibly trying to take Donetsk and Luhansk back. In response to the invasion, some western countries and Japan have imposed sanctions on Russian banks and individuals.
Russian President said he sees Ukraine’s intention to join NATO as a direct threat to Russia, but in the past has rejected Ukraine’s right to exist. Putin regards both the countries i.e. Russia and Ukraine as inseparable, “one people, a single whole”. Ukraine was part of the Soviet Union before its collapse in the year 1991.
NATO’s Point of View
NATO Secretary-General Jens Stoltenberg announced that NATO will defend every inch of its territory should Russia attack a member country. However, Ukraine is not a member of the 30-nation security alliance. Stoltenberg added that NATO will continue to strengthen its defenses on its eastern flank near Ukraine and Russia. Although NATO as an organization isn’t providing arms, ammunition, and other equipment to Ukraine, but some of its member countries are.
The History Between Russia and Ukraine
World War I resulted in the creation of two Ukrainian republics and both the republics unified in 1919 as an independent state known as the Ukrainian People’s Republic. However, Ukrainian forces fell to the Soviet forces soon and the Ukrainian Republic became the founding member of the USSR in 1922. In 1991, after 69 years, a referendum on Ukrainian independence was backed by a majority in every region of Ukraine, resulting in a more than 90% landslide and the Soviet Union ceased to exist.
In early 2014, mass protests in the Ukrainian capital Kyiv forced out a Russia-friendly president after he refused to sign an EU association agreement. On the other hand, Russia fomented a separatist rebellion in Ukraine’s east and later seized control of part of the Donbas region, before the cease-fire agreement in 2015. Moreover, Moscow has since allegedly engaged in warfare and cyberattacks against Ukraine.
Russian Invasion’s Impact on Oil Price
Notably, Russia is the world’s second-biggest crude oil exporter, and the largest natural gas exporter. These natural resources are vital to heating homes, powering planes, filling cars with fuel, and industrial production. Oil and gas prices are expected to rise in the present scenario.
Impact on Ecommerce
Petrol prices are surging across the country and they are most likely going to rise further after the Russia-Ukraine conflict. Petrol is a large expense for many households in Pakistan. It makes financial sense to save some money wherever possible. And why not save on car fuel amid rising petrol prices in Pakistan. One of the clever ways to save money on fuel is to buy your stuff online from one of the top ecommerce brands in Pakistan. Ordering online will save you from making trips to market in your car, which in turn means saving fuel costs. Also, we expect the trend of online shopping and ecommerce to rise further in Pakistan amid increasing oil prices.