As the leaders of the European Union gathered for an emergency summit on Thursday night, momentum was already moving toward imposing tough new sanctions on Russia over its invasion of Ukraine.
2nd and 4th President of Russia
Then Ukrainian President Volodymyr Zelensky dialed into the meeting via teleconference with a bracing appeal that left some of the world-weary politicians with watery eyes. In just five minutes, Zelensky - speaking from the battlefield of Kyiv - pleaded with European leaders for an honest assessment of his country's ambition to join the European Union and for genuine help in its fight with the Russian invaders.
Surprised by the unusually rapid European decision, the White House scrambled over the weekend to catch up in drafting its own related measures, according to one American and one European official. The latest sanctions mean the Western allies are effectively waging financial war against Russia, matching Moscow's military offensive in Ukraine with attacks on the foundation of a $1.5 trillion economy.
The oil giant BP said it would "exit" its nearly 20% stake in the Russian energy company Rosneft. Two directors from BP, chief executive Bernard Looney and former executive Robert Dudley, have resigned from the Rosneft board. FedEx and United Parcel Service also announced they have suspended shipments to Russia.
Since the United States and Europe imposed less comprehensive sanctions in 2014 following the Russian takeover of Ukraine's Crimean Peninsula, Putin has stockpiled foreign exchange reserves and shifted away from the dollar. As a result of the 1998 crisis, many Russians hold their savings in dollars or euros. But according to the Levada Center polling group, only 32% of Russians had savings as of October. Because Russians are paid in rubles, the value of their salaries in real terms stands to drop dramatically.
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