Ukraine Crisis: Putin Recognizes Donetsk and Lugansk Regions

By IndraStra Global News Team

Image Attribute: A man walks past an abandoned building in the Donetsk region town of Avdiivka
Image Attribute: A man walks past an abandoned building in the Donetsk region town of Avdiivka

By IndraStra Global News Team

On February 21, 2022, Russian President Vladimir Putin recognized the independence of two separatist regions - Donetsk People’s Republic (DNR) or Luhansk People’s Republic (LNR) - in eastern Ukraine in an emotional address broadcast on state-run television, despite warnings from the West that the move could lead to sweeping sanctions.

Donetsk and Luhansk regions - collectively known as the Donbas - broke away from Ukrainian government control in 2014 and proclaimed themselves independent "people's republics", until now unrecognized. Since then, Ukraine says about 15,000 people have been killed in the fighting.

Donetsk People’s Republic (DNR) or Luhansk People’s Republic (LNR)
Map Attribute: Donetsk People’s Republic (DNR) or Luhansk People’s Republic (LNR) / Source: spiegel.de

This recognition effectively kills off the 2014-15 Minsk Protocol that, although still unimplemented, have until now been seen by all sides, including Moscow, as the best chance for a solution. The accords called out for a series of military and political steps designed to resolve the status of the two breakaway regions and end the 8-year-old conflict there.

Just after the recognition, Putin signed the decrees ordering the troop deployment in both regions, a move that was swiftly condemned by Western leaders fearful of major conflict on the European continent. The escalatory steps come after he amassed more than 150,000 combat-ready forces on Ukraine's border, triggering months of intense diplomacy by the United States and Europe to deter the Russian leader from invading his smaller neighbor. 
Earlier, last week, Russia had claimed that the situation along the contact line in Donbas has been deteriorating in recent days and Putin has said that Ukraine is committing a "genocide" there and that him sending in troops would be to supposedly save its people. The U.S. has described these claims as a false-flag operation aimed at creating a pretext for an invasion.

The Biden administration announced that the U.S. will respond with limited economic sanctions, with more to follow on Tuesday.

Parallel Developments

Tracking the development, the RTS index that tracks 50 top Russian stocks in dollar terms on the Moscow Stock Exchange, nosedived about 230 points or 16.67% to 1,160.24.  On the other hand, Asian stock markets closed lower; Japan's Nikkei 225 index closed 1.7% lower, and the Shanghai Composite fell nearly 1%. In Berlin, the Dax opened down more than 2% and in Paris, the Cac-40 dropped more than 1.5% initially before both indexes regained some ground. In the meanwhile, US stock exchanges were braced for losses. And, at the energy front, the price of Brent crude, an international benchmark, reached a seven-year high of $97.76 (£72) a barrel on Tuesday.

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IndraStra Global: Ukraine Crisis: Putin Recognizes Donetsk and Lugansk Regions
Ukraine Crisis: Putin Recognizes Donetsk and Lugansk Regions
By IndraStra Global News Team
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