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RaghukulCS
February 26, 2022

The Cabinet Committee on Security meets to discuss the Russia-Ukraine crisis.

On February 24, 2022, Prime Minister Narendra Modi presided over a critical Cabinet Committee on Security (CCS) meeting to discuss the crisis sparked by Russia’s military operations in Ukraine.

Key Points

Modi also discussed the issue with Russian President Vladimir Putin.
The meeting took place on a day when global Brent crude oil rose by more than 8% to cross USD 105 per barrel in intraday trade. It’s the highest level since 2014.
The price rose as a result of Russia’s attack on Ukraine, which raised concerns about disruptions in the global energy supply.
During the meeting, the macroeconomic impact of the Russia-Ukraine crisis on India was discussed, as global crude oil prices rose and stock markets fell.
It was centered on potential steps to reduce the impact of this conflict on the Indian economy.
If oil prices continue to rise, the Indian government may be forced to reduce fuel taxes to cushion the blow for consumers.

Russia has been sanctioned again.

On February 24, Joe Biden announced new sanctions against Russia in response to its invasion of Ukraine. New sanctions isolate Russia’s largest banks and corporations from western financial markets.

Exports of advanced technology used to power Russia’s military and technology sectors have also been restricted. The latest round of sanctions would affect roughly 80% of all banking assets in Russia, threatening the country’s economy and weakening its geopolitical position.

Meeting of the United States with other countries

Following Joe Biden’s meeting with the leaders of the United Kingdom, France, Canada, Japan, and Italy, the United States imposed new sanctions and warned Russia. The meeting was also attended by European Commission President Ursula von der Leyen, NATO Secretary General Jens Stoltenberg, and European Council President Charles Michel. Joe Biden also called a meeting of the United States National Security Council.

The US has issued a warning.

US Vice President Joe Biden has warned that if Russia moves into NATO countries, the US will intervene. NATO’s eastern flank countries, specifically the Baltic states of Lithuania, Estonia, and Latvia, have already received the first batches of US military troops and equipment.

Ukraine's current situation

Russian forces are pushing their way closer to Ukraine’s capital. On the other hand, Ukrainian President Volodymyr Zelenskiy requested international assistance and stated that the sanctions imposed thus far were insufficient. According to the Ukrainian President, 137 people have been killed, including 10 military officers, and 316 have been injured. Ukraine has lost control of the Chernobyl nuclear power plant.