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Russia- Ukraine War - US Bans Russian Oil and Gas Imports
Source: https://www.aljazeera.com/news/2022/3/9/us-bans-russian-oil-what-does-this-mean-for-oil-prices
US President Joe Biden has imposed an immediate ban on energy imports from Russia as a retaliation measure for the Russian invasion of Ukraine. The UK, too, will phase out imports by the end of 2022. These sanctions are likely to hike up oil prices resulting in even higher prices at the pump. Energy exports are a crucial source of revenue for the Russian economy, but the ban is likely to impact the West as well.
Russia is the world’s third-largest oil producer, and its economy is heavily dependent on energy. The ban adds to a long list of economic sanctions imposed on Russia - the central bank has had its assets frozen, Russian banks cut off from global payment network, the suspension of the Nord Stream 2 pipeline.
The ban is something the US can afford, according to analysts, due to the current exchange rate, but it will be difficult for continental Europe. Unlike the US, Continental Europe is reliant on Russian energy. While the US could replace the relatively small amount of fuel it receives from Russia, Europe could not. Furthermore, a ban on Russian energy exports could lead to skyrocketing oil and gasoline prices with repercussions on the global economy.
By Deeplaxmi Patil - Batch 20-22
The future of NATO after Ukraine
Source: India Today
In his emergency speech on 24 February 2022, Russian President Vladimir Putin accused the US and its allies of ignoring Russia's demand to stop Ukraine from joining NATO. He claimed that Moscow's military operation in Ukraine was intended to protect civilians and had no aim of occupying the neighbouring nation. The move clearly proved correct what American and Western intelligence agencies had been warning for weeks ever since Russian troop build-up at the borders of Ukraine. However, whether or not the goals of the 'strategic military operation' as President Putin termed it have been achieved is left open to debate.
President Putin might have almost brought Ukraine to the negotiating table, making its President concede publicly that Ukraine will not join NATO. However, the consequences of the invasion might come to haunt President Putin and his regime in the future. Being dubbed a 'war criminal' by President Biden and having received international condemnation from all across the world, Russia's reputation and credibility lie in tatters. Although he might have ended up doing what no leader could do in the past decade, creating a unified Europe and a resurgent NATO that clearly looks much more coherent after this invasion.
The invasion even brought neutral countries like Finland and Switzerland to oppose Russia. Therefore, while Mr Putin might have brought Ukraine under the keel in some respect, his actions might, in the end, be a Pyrrhic Victory for him and Mother Russia.
By Rishav Gupta - Batch 21-23
India accidentally fires missile into Pakistan
On 9 March 2022, a BrahMos missile was fired at 7 pm from Sirsa, India, during routine maintenance and inspection, which landed in Pakistan's Punjab province. India's Defence Minister, Rajnath Singh, briefed Rajya Sabha about the accident, calling it "deeply regrettable" while expressing relief over no casualties due to this technical malfunction.
Pakistan's government summoned India's charge d'affaires to protest the incident and pointed out the damage to civilian property due to the 'imprudent launch.' Pakistan has asked for a joint probe into the incident, calling for a 'thorough and transparent investigation'. Islamabad also emphasised the need for better safety mechanisms against accidental launches and "be mindful of the unpleasant consequences of such negligence" in a nuclearised environment.
Pakistan foreign minister, Shah Mehmood Qureshi, called Rajnath Singh's explanation 'incomplete and insufficient' while raising the issue with United Nations Secretary-General Antonio Guterres on 14 March 2022. Pakistani military spokesman Major-General Babar Iftikhar said, "The flight path of this object endangered many national and international passenger flights both in Indian and Pakistani airspace, as well as human life and property on the ground."
China asked both the South Asian neighbours to establish a reporting mechanism to avoid such accidents while also urging the countries to bear responsibility for maintaining regional security. India has already launched a high-level inquiry into the incident.
By Aarushi Gupta -Batch 20-22
Tehran fires missiles near U.S Consulate in Iraq
Source: https://www.npr.org/2020/12/21/948674350/u-s-embassy-in-baghdad-targeted-in-rocket-attack
Iran has claimed responsibility for a missile attack near the U.S consulate in northern Iraq. Iran has claimed the attack as retaliation to the Israeli strike in Syria, which claimed the lives of two Iranian Revolutionary Guard soldiers. No injuries are reported in the missile attack on Irbil city. The attack has drawn condemnation from the Iraqi government. The U.S has condemned the attack. The State Department spokesman, Ned Price, has told the reporters that no U.S personnel and facilities are injured. The semi-national Tasnim news agency has said that Iran has fired several missiles within a 300 km range. The attacks have come days after the Israeli strike near Damascus, Syria. The presence of the U.S in Iraq is considered to be a flashpoint for Iran.
By Anirban Dutta - Batch 20-22
A Wave of Political Change in Colombia
Gustavo Petro, candidate who won in the preliminary stage of the Presidential election in Colombia
Source: Reuters
The Historical Pact, an alliance that includes the majority of Colombia's left, gained 17 Senate seats and 25 House of Representatives seats on 13 March 2022. The Democratic Center, a right-wing party headed by former President Alvaro Uribe, had been the country's largest dominant party up to this point. However, it is a significant loser in these elections. Despite being divided into six parties, the Colombian right will retain a majority in Congress, forcing the Historical Pact to form partnerships with the Green Alliance Coalition and the Hope Center, which each have 14 Senate seats.
Colombians voted candidates for the 16 Special Transitory Circumscriptions of Peace (SITREP), a system created to allow victims of the armed war to join the House of Representatives for the very first time in these polls. According to experts, who believe the presidency will be surprising and unconventional, the possibility of change might steer a surge of political violence unseen in Colombia since the 2016 peace accords. Further, a matter of concern is Gustavo Petro's membership of guerrilla group M-19 in the 1980s. Such direct leadership could lead to political instability and, ultimately, a humanitarian crisis.
By Vani Sharma - Batch 20-22
