In a recent video address to Congress, Ukraine’s Zelensky called for a no-fly zone over Ukraine. Such a zone would prevent Russian fighter jets from operating over Ukrainian territory. Ukraine’s government and citizens have rallied around this idea. But, such a policy would also require the U.S. to send in more troops and equipment.
In a video address to Congress, Mr. Zelensky begged the United States to send Ukraine more military aid. In return, President Biden promised hundreds of millions of dollars in additional aid to Ukraine. He also called Russian President Vladimir Putin a war criminal and compared pro-Western Russians to the Nazis and the terror campaigns of Stalin.
The Russian invasion of Ukraine has already impacted the Ukrainian economy. It will reduce the harvest in this autumn and have ramifications through next year. It will be felt most acutely in poor countries, where a large percentage of the population relies on food aid. Meanwhile, the Ukrainian government is considering lifting the export license requirements for sunflower oil and corn.
Ukrainian President Zelensky: Delay on Russia oil embargo is costing lives. Delaying the decision will only make things worse. The Western nations should do the right thing and ban Russian oil. While a ban on Russian oil will save lives, a delay is costing lives. A ban on Russian oil will do more than just save Ukraine’s economy.
Ukrainian troops retreated after a relentless pounding from Russian forces. But they still counterattacked Russian positions outside of Kyiv and in Kherson. They used artillery, fighter jets, and tanks to destroy Russian equipment. The military has been re-entering the city after 35 days of Russian occupation. A senior military official said the war will continue until the Russian oil embargo decision is made.
The Kremlin’s spokesman said Russia would use nuclear weapons only in case of a “threat to its existence”. He also stressed that Russia had not used nuclear weapons during the current conflict with Ukraine. The British military intelligence also reported that the Wagner Group is in eastern Ukraine with 1,000 mercenaries and senior leaders to carry out combat operations. In a similar incident, Russian forces reportedly poisoned and killed Romanovich, another prominent Ukrainian.
A delay on the decision to impose an oil embargo on Russia is costing lives. The oil embargo decision must be supported by two-thirds of countries. If Europe is to suspend Russian crude imports, two-thirds of countries must support the decision. It is clear that Ukraine is suffering under the Russian oil embargo and the humanitarian crisis that follows it.
Despite all the dangers to life and health, Russia’s oil embargo is not causing tangible damage to its economy. The country’s foreign exchange reserves stand at an all-time high of $630 billion. The reserves were boosted by high commodity prices. Meanwhile, the ultra-low sovereign debt of Russia will shield it from economic pain.