*US says move dangerous, unacceptable
*More countries ban Russian flights
*Ukraine gets more support from allies
*Bp to exit 19.75% Shareholding in Rosneft
*Russians rush for dollars as sanctions threaten ruble collapse
*FG secures exit routes for fleeing Nigerians
*US hypocritical about Russia-Ukraine war, says Sanders
*FIFA bans matches in Russia, as 3 European countries refuse to play country in World Cup qualifiers
Russian President Vladimir Putin, yesterday, put his country’s nuclear deterrent forces on high alert, raising global concerns about a nuclear confrontation.
But the United States said such a move represented an unnecessary and dangerous miscalculation.
That was as the BP board yesterday announced that the global energy company would exit its 19.75 per cent shareholding in Rosneft due to Russia’s invasion of Ukraine.
In a related development, the Nigerian government yesterday announced it had secured exit routes for Nigerians fleeing Ukraine, just as anti-war protests against Russia were held across the world, Moscow inclusive, as support for Ukraine continues to rise.
Putin said the decision to put the nuclear deterrent forces on alert was in response to what he described as “aggressive statements” by leading NATO powers and economic sanctions by the West, according to Sky News.
Putin gave the charge yesterday during a televised meeting with Russia’s Defense Minister, Sergei Shoigu, and the Chief of the General Staff of the Russian Armed Forces, Valery Gerasimov
“Top officials in leading NATO countries have allowed themselves to make aggressive comments about our country, therefore, I hereby order the Minister of Defense and the chief of the General Staff of Russian Armed Forces to place the Russian Army Deterrence Force on combat alert,” Putin said.
The Russian president also said the sanctions placed on Russia were unlawful.
According to state news agency, RIA Novosti, Russian Ministry of Defense said the strategic forces “are designed to deter aggression against Russia and its allies, as well as to defeat the aggressor (inflicting defeat on him), including in a war with the use of nuclear weapons.”
More Countries Ban Russian Flights from Airspace
Russia has faced series of global sanctions, especially the closure of airspace to the country’s aircraft and airlines for the war in Ukraine.
Germany said it will close its airspace to Russian aircraft from 3pm local time on Sunday, according to a statement from the Federal Ministry of Digital and Transport.
The statement read, “On February 27, 2022, the Federal Ministry issued a notice to air missions (NOTAM) that Russian aircraft and aircraft operators were banned from flying into and over German airspace. The ban applies from February 27, 2022, 3pm It is initially valid for three months.”
The ministry added that humanitarian aid flights were exempt from the ban.
The Italian government said on Twitter that it was closing its airspace to Russian aircraft on Sunday, following a similar action.
“#Ukraine – Italy has decided to close its airspace to Russia, starting from 15.00 today,” the statement said.
France also said it would shut “its airspace to Russian aircraft and airplanes from this evening onwards,” according France’s Transport Minister, Jean-Baptiste Djebbari, in a tweet yesterday.
Djebbari said, “To the Russian invasion of Ukraine, Europe responds with total unity.
“France is shutting its airspace to all Russian aircraft and airlines from this evening on.”
German Chancellor Olaf Scholz said Germany would allocate €100 billion for its armed forces as it looks to increase defense spending in the light of Russia’s invasion of Ukraine.
“It’s clear that we need to invest more in the security of our country in order to protect our freedom and democracy,” Scholz said while delivering a statement on Ukraine at a special parliament session.”
Scholz said the German army needed to have “new strong competences,” including better devices and equipment which “cost a lot of money.” He announced the €100 billion special fund for this purpose as part of the 2022 budget.
He added that the country would invest more than two per cent of its Gross Domestic Products (GDP) in defense every year from now on, and accused Putin of wanting to have a Russian empire and to change Europe.
Scholz said, “Those who read Putin’s explanation about history, those who have seen him how he announced the war on TV, and before that I had talked to him for hours, so I cannot have any doubt that he wants to have a Russian empire. He wants to change Europe according to his imagination.”
Earlier, the United States’ Secretary of State, Antony Blinken, announced that the US was sending nearly $54 million in humanitarian aid to Ukraine to assist those affected by Russia’s invasion.
In a statement released yesterday, Blinken said the funds would go to international humanitarian organisations to provide food, water, shelter and health care to Ukrainians in need and help reunify families who have been separated amid Russia’s attacks.
The statement said, “The United States commends the hospitality of the neighbouring countries in the region hosting fleeing Ukrainians, and we are engaging diplomatically to support their efforts to keep their borders open and assist those seeking international protection
“As with any refugee situation, we call on the international community to respond to the needs of those seeking protection in a way consistent with the principle of non-refoulement and our shared obligations under international law.”
The US has provided nearly $405 million in humanitarian aid to Ukraine since Russia first invaded Ukraine in 2014, according to the press release.
BP to Exit 19.75% Shareholding in Rosneft
The BP board announced that it would exit its shareholding in Rosneft. BP had held a 19.75% shareholding in Rosneft since 2013.
The company, in a statement on its website, also disclosed that its chief executive officer, Bernard Looney, was resigning from the board of Rosneft with immediate effect.
The other Rosneft director nominated by BP, former BP group, chief executive Bob Dudley, similarly would resign from the board. The resignations would require BP to change its accounting treatment of its Rosneft shareholding and, as a result, it expects to report a material non-cash charge with its first quarter 2022 results, to be reported in May.
BP chair Helge Lund said, “Russia’s attack on Ukraine is an act of aggression, which is having tragic consequences across the region. BP has operated in Russia for over 30 years, working with brilliant Russian colleagues.
“However, this military action represents a fundamental change. It has led the BP board to conclude, after a thorough process, that our involvement with Rosneft, a state-owned enterprise, simply cannot continue. We can no longer support BP representatives holding a role on the Rosneft board.
“The Rosneft holding is no longer aligned with BP’s business and strategy and it is now the board’s decision to exit BP’s shareholding in Rosneft. The bp board believes these decisions are in the best long-term interests of all our shareholders.”
Looney added, “Like so many, I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to everyone affected. It has caused us to fundamentally rethink BP’s position with Rosneft.
“I am convinced that the decisions we have taken as a board are not only the right thing to do, but are also in the long-term interests of BP. Our immediate priority is caring for our great people in the region and we will do our utmost to support them. We are also looking at how BP can support the wider humanitarian effort.”
Looney had been a director of Rosneft, as one of two BP-nominated directors since 2020. Bob Dudley had been a director of Rosneft since 2013.
As a result of the resignations of BP’s nominated directors, BP determined it no longer met the criteria set out under International Financial Reporting Standards (IFRS) for having “significant influence” over Rosneft. BP will, therefore, no longer hold equity account for its interest in Rosneft, treating it now as a financial asset measured at fair value.
As BP now is exiting its interest in Rosneft, it has removed Rosneft dividend payments from its financial frame. BP also disclosed that it would exit its other businesses with Rosneft within Russia.
FG Secures Exit Routes for Fleeing Nigerians
The Nigerian government secured exit routes for Nigerians fleeing Ukraine, the Ministry of Foreign Affairs revealed.
The ministry in a signed statement by its permanent secretary, Ambassador Gabriel Aduda, yesterday, said visa free passage had been secured for Nigerians fleeing the troubled country.
Aduda advised that Nigerians fleeing Ukraine should make the move through Hungarian Zahony border and Romanian Suceava, Tulcea, Satu Mare County and Maramures.
The statement read, “The Ministry of Foreign Affairs is fully abreast of all the challenges Nigerians crossing into countries bordering Ukraine, especially the Polish border, are facing and we are taking adequate measures to assuage these challenges.
“The Honourable Minister of Foreign Affairs has spoken with his counterpart, the Foreign Minister of Ukraine on these unsavoury development and both are working on alleviating the suffering of Nigerians, including deploying the International Organisation for Migration (IOM) to the border to ensure easier access to all Nigerians and other nationals.
“For now, movement to the Hungarian Zahony border and Romanian Suceava, Tulcea, Satu Mare County and Maramures borders is advised, as they have approved visa free access to all Nigerians coming from Ukraine and arrangements for accommodation and feeding before evacuation is arranged.”
Aduda said, “Parents, guardians and wards of Nigerians in Ukraine are enjoined to remain calm as the Federal Government of Nigeria is working very hard to get them all home safely.”
Russians Rush for Dollars as Sanctions Threaten Ruble Collapse
Russians are lining up at cash machines around the country to withdraw foreign currency as new sanctions to punish the Kremlin for its invasion of Ukraine sparked fear the ruble could collapse.
The rush for foreign currency came despite some lenders selling dollars at more than a third higher than the market’s close on Friday, and well past the psychologically important level of 100 rubles per dollar that many economists said would trigger an interest-rate hike by the Bank of Russia.
The shock came as Russians were still digesting news that Europe was closing its airspace to them and popular payment systems like ApplePay would stop working, Bloomberg news reported.
FIFA bans matches in Russia, 3 European countries refusing to play country in World Cup qualifiers
Meanwhile, FIFA said no international football matches will be played in Russia and the country’s flag and anthem will be prohibited from matches abroad. The governing body FIFA announced this in the wake of the invasion of Ukraine.
It said Russia’s national teams would henceforth compete only as the Football Union of Russia (RFU), and its games would be held with no fans and on “neutral territory”.
The ban came after Sweden, Poland, and the Czech Republic refused to play Russia in the 2022 World Cup playoffs next month amid the invasion of Ukraine.
The decision by the three countries could disrupt the UEFA World Cup qualifiers, and leave FIFA president Gianni Infantino with the responsibility to find a solution within the next month.
Sweden and Poland made the decision on Saturday, and the Czech Republic followed Sunday.
US Hypocritical about Russia-Ukraine War, Says Senator Sanders
Democratic and ranking Senator Bernie Sanders slammed the United States as hypocritical for kicking against Russia’s on-going onslaught against Ukraine, accusing the American government of illegitimately overthrowing a “dozen” of regimes in other countries.
In a video seen by THISDAY, Sanders, who spoke before the war between Russia and Ukraine broke out, pointed out on the US Senate floor that the American government was selfish and would have flexed its military muscles against Ukraine, were it to be in Russia’s situation.
Sanders stated, “Putin may be a liar and a demagogue, but it is hypocritical for the United States to insist that we do not accept the principle of ‘spheres of influence’. For the last 200 years, our country has operated under the Monroe Doctrine, embracing the premise that as the dominant power in the western hemisphere,” explained Sanders, “the United States has the right to intervene against any country that might threaten our alleged interests.”
Under this doctrine, noted the US senator, America had committed various atrocities on foreign lands.
The Democratic senator stressed, “We have undermined and overthrown at least a dozen governments. In 1962 we came to the brink of nuclear war with the Soviet Union in response to the placement of Soviet missiles in Cuba, 90 miles from our shore, which the Kennedy administration saw as an unacceptable threat to our national security.”
He added, “And the Monroe Doctrine is not ancient history. As recently as 2018, Donald Trump’s Secretary of State, Rex Tillerson, called the Monroe Doctrine ‘as relevant today as it was the day it was written’. In 2019, Trump’s former national security adviser, John Bolton, declared ‘the Monroe Doctrine is alive and well’.”
Further condemning the US grandstanding and hypocritical response to the Russia-Ukraine crisis, Sanders explained, “To put it simply, even if Russia was not ruled by a corrupt authoritarian leader like Vladimir Putin, Russia, like the United States, would still have an interest in the security policies of its neighbours.”
The Almanac of American Politics calls Sanders, serving his third term in the US Senate after winning re-election in 2018, a “practical and successful legislator.”
The one-time American presidential aspirant did not mince words expressing his displeasure against the US government’s subversiveness against Russia.
“Does anyone really believe that the United States would not have something to say if, for example, Mexico was to form a military alliance with a US adversary?” said Sanders. “Countries should be free to make their own foreign policy choices, but making those choices wisely requires a serious consideration of the costs and benefits.” He further pointed out that “the fact is that the US and Ukraine entering into a deeper security relationship is likely to have some very serious costs – for both countries.”
THISDAY
