•Warns Americans in Russia to leave immediately

•Switzerland to freeze Putin, others’ assets

•Russia faces financial meltdown, ruble crashes as penalties bites its economy

•FIFA, UEFA ban Russia

•Ukraine calls for ‘immediate ceasefire’ as talks with Russia open

The cost of the on-going war between Russia and Ukraine on the Russian economy is growing by the day, as the country is increasingly being isolated. As part of the move to punish Russia for invading Ukraine, the United States yesterday said it was taking immediate steps to prohibit American dollar transactions with the Russian central bank and fully block the Russian direct investment fund.

US senior administration officials disclosed that the aggressive move was aimed at some of Russia’s most powerful means of mitigating the effect of sanctions.

In addition, the US Embassy in Russia warned US nationals to consider leaving “immediately” due to the rising number of airlines that are cancelling flights in and out of the country and closing their airspace to Russian airlines.

That was as indications emerged yesterday that the federal government might have secured 479 Nigerians in the effort to take citizens out of Ukraine amid the Russian attack.

The steps by the US to cut dollar supply to Russia were meant to prevent Russia from accessing a “rainy day fund” that officials said Moscow had been expecting to rely upon during the invasion of Ukraine.

Against plans to use the reserves to buffer a plummeting ruble, Russia would no longer be able to access the funds it keeps in US dollars, according to CNN.

The sweeping new sanctions – taken with Germany, France, the UK, Italy, Canada, the European Union and others – came as Russia’s economy is already in free-fall.

“No country is sanction proof,” a White House official said. “Putin’s war chest of $630 billion in reserves only matters if you can use it to defend his currency, specifically by selling those reserves in exchange for buying the ruble. After today’s actions that will no longer be possible, and fortress Russia will be exposed as a myth.”

In a phone call with reporters Monday morning, a senior US administration official said the move was “the culmination of months of planning and preparation across our respective governments across technical, diplomatic and political channels, including at the highest levels.”

CNN quoted the official as saying, “We were ready and that’s what allowed us to act within days, not weeks or months, of Putin’s escalation.

“Our strategy, to put it simply, is to make sure that the Russian economy goes backward as long as President Putin decides to go forward with his invasion of Ukraine.”

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In a bid to mitigate the impact of the sanctions on US and European energy consumers, the Treasury Department would exempt most energy-related transactions from the sanctions, a significant carve-out in the sanctions.

One official called the on-going sanctions a “vicious feedback loop that’s triggered by Putin’s own choices and accelerated by his own aggression.”

The sanctions also fully block the Russian Direct Investment Fund and its CEO, Kirill Dmitriev.

Another official said they were “symbols of deep seated Russian corruption and influence peddling globally.

“Today’s actions represent the most significant actions the US Treasury has taken against an economy of this size and assets of this size.

“What also makes this asset significant is not just the amount of assets or the size of the country we’re targeting, but the speed at which our partners and allies have worked with us to enact this response.”

Asked about potential additional sanctions on Belarus, which appears poised to elevate its role in Russia’s invasion of Ukraine, an official said the US was watching events “very carefully” and that sanctions on Belarus would “continue to ratchet much higher.”

Battles continued Monday near several key Ukrainian cities as Russia presses further into the country.

Russian forces are facing “stiff resistance” with slowing momentum in northern Ukraine, a US defense official said, while invading troops are having a “little bit more success” in the south.

Russian forces have “slowed their offensive” but are “still trying” to take Ukrainian ground around the country, according to the Ukrainian military.

Talks between Russian and Ukrainian delegations also got underway Monday in Belarus. In the lead-up to the meeting, Ukraine demanded an “immediate ceasefire and withdrawal of Russian troops.”

More than 500,000 refugees have fled Ukraine to neighbouring countries after the beginning of the invasion, the United Nations Refugee Agency said Monday.

Ukrainian President Volodymyr Zelensky asked European countries to do more to support his nation on Monday asked the European Union to “urgently admit Ukraine” to the bloc.

A new CNN poll showed Americans overwhelmingly support increased economic sanctions against Russia and broadly support further action to stop Russia’s invasion of Ukraine, but most oppose direct US military action.

Eighty-three percept of Americans said they favoured increased economic sanctions against Russia in response to the invasion, with just 17 per cent opposed.

US Embassy Warns Americans in Russia to Consider Leaving Immediately

The US Embassy in Russia warned US nationals that they should consider leaving “immediately” due to the rising number of airlines cancelling flights in and out of the country and countries closing their airspace to Russian airlines.

The embassy said in an advisory, “An increasing number of airlines are cancelling flights into and out of Russia, and numerous countries have closed their airspace to Russian airlines. US citizens should consider departing Russia immediately via commercial options still available.

“The US Embassy reminds US citizens that the Department of State’s Travel Advisory level for Russia is at ‘Level 4: Do Not Travel.’”

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Africans Stranded at Ukraine-Poland border

Nigeria and South Africa expressed alarm at reports that their nationals were being stopped from leaving war-torn Ukraine. At Lviv train station, in western Ukraine, FRANCE 24 met several African students who said they were pushed back at the Medyka border crossing with Poland.

However, African governments yesterday scrambled to help their nationals escape the Russian invasion in Ukraine, as reports emerged of racist and unfair treatment of their citizens at the border with Poland. The reports, denied by both Polish and Ukrainian officials, cast a pall on the massive evacuation effort that had already seen half a million civilians cross into the European Union.

While some Africans had been able to leave Ukraine, FRANCE 24 spoke to several students at Lviv train station in western Ukraine who said they were turned back by Ukrainian border guards while attempting to cross into Poland.

“They stopped us at the border and told us that Blacks were not allowed. But we could see White people going through,” said Moustapha Bagui Sylla, a student from Guinea. He said he fled his university residence in Kharkiv, Ukraine’s second-largest city, as soon as the bombing began.

Like thousands of Ukrainian civilians scrambling for the border, the young Guinean said he walked for hours in freezing temperatures heading for the Polish frontier village of Medyka – only to be ordered to turn back.

Moustapha Bagui Sylla had been studying medicine in Ukraine’s Kharkiv for the past year.

Another student from Nigeria described similar scenes at the border crossing. He said his group, which included women, was shut out of the border post even as White people were let through.

“They won’t let Africans in. Blacks without European passports cannot cross the border. They’re pushing us back just because we’re Black!” said the Nigerian student, who gave only his first name, Michael. “We’re all human,” he added. “They should not discriminate against us because of the colour of our skin.”

Jean Ngando, a French teacher from Cameroon, said he was looking for alternative routes to avoid being pushed back at the Polish border, France 24 reported.

According to Bagui Sylla, the Ukrainian border guards said they were merely following instructions from their Polish counterparts – a claim denied by officials in Warsaw.

Anna Michalska, a spokesperson for the Polish border guards, said she had spent “the past two days denying such allegations”.

She told FRANCE 24, “I don’t know what is happening on the Ukrainian side of the border, but we let everyone in regardless of nationality.”

In a later communiqué, Polish officials confirmed that no visas were required to cross the border and that identity cards and passports would be accepted, even when expired.

Nigerian student Natacha Daniels said she was worried she would be barred from leaving Ukraine because her passport was in the hands of officials in Kharkiv, where she studies economics.

FIFA, UEFA Ban Russia from World Football

In an unusual move, FIFA and UEFA, two of the preeminent governing bodies in world soccer yesterday announced that, “all Russian teams, whether national representative teams or club teams, shall be suspended from participation in both FIFA and UEFA competitions until further notice.”

The unprecedented decision came just weeks before the Russian national team was set to face off against Poland in a single-leg semi-final for the chance to advance to the 2022 FIFA World Cup in Qatar.

The announcement marked a change in course for FIFA, which just a day earlier had announced Russia would not be eliminated from qualification but rather play using the “RFU” acronym for the country’s soccer federation.

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According to FOX News, the prior announcement prompted outrage across the world, with soccer legends such as Englishman Gary Neville opining, “What about FIFA? The most corrupt organisation in the sporting world for decades just can’t rid itself of dodge-pot leaders.”

In yesterday’s statement however, FIFA and UEFA stated, “Football is fully united here and in full solidarity with all the people affected in Ukraine. Both Presidents hope that the situation in Ukraine will improve significantly and rapidly so that football can again be a vector for unity and peace amongst people.”

Russia, which hosted the 2018 World Cup and advanced to the quarter-finals, is currently the 35th ranked team in the world and is known to be a sport enjoyed by Russian President Vladimir Putin.

The about-face from FIFA drew immediate praise from pundits on social media, with BBC commentator and English football legend Gary Lineker tweeting, “Well done FIFA. The right call.”

In addition to the Russian national team being suspended from international competitions, UEFA’s inclusion in the joint announcement signalled the halt of Russian club teams from playing in European cup competitions such as the Champions League and Europa League.

While no Russian team advanced to the knockout stages of the Champions League, one team, Spartak Moscow, will likely be forced to forfeit their Europa League Round of 16 match vs German-side Red Bull Leipzig that was set for March 10th.

UEFA also added to Monday’s statement in a tweet, announcing that in addition to the suspension, the soccer organisation would be ending its partnership with Russian majority state owned energy corporation, Gazprom.

“UEFA has today decided to end its partnership with Gazprom across all competitions. The decision is effective immediately and covers all existing agreements including the UEFA Champions League, UEFA national team competitions and UEFA EURO 2024,” the tweet read.

The moves from UEFA follow Friday’s decision from the organisation to move the UEFA Champions League Final in May from St. Petersburg, Russia, to Paris, France.

Switzerland to Freeze Russian Assets

Switzerland, a favourite destination for Russian oligarchs and their money, yesterday announced that it would freeze Russian financial assets in the country, setting aside a deeply rooted tradition of neutrality to join the European Union and a growing number of nations seeking to penalise Russia for the invasion of Ukraine.

After a meeting with the Swiss Federal Council, Switzerland’s president, Ignazio Cassis, said the country would immediately freeze the assets of Russia’s president, Vladimir Putin; its Prime Minister, Mikhail Mishustin and Foreign Minister, Sergey Lavrov, as well as all 367 individuals sanctioned last week by the European Union.

Switzerland said it was departing from its usual policy of neutrality because of, “the unprecedented military attack by Russia on a sovereign European state,” but expressed a willingness to help mediate in the conflict.

It also joined European neighbours in closing its airspace to Russian aircraft, except for humanitarian or diplomatic purposes.

But said it would evaluate whether to join in subsequent EU sanctions on a case-by-case basis.

Lavrov, who was scheduled to be in Geneva today to address the United Nations Human Rights Council, would no longer make the trip because of the flight ban, Russia’s mission to the United Nations in Geneva said on Twitter.

Swiss national bank data showed that Russian companies and individuals held assets worth more than $11 billion in Swiss banks in 2020. As a hub for the global commodities trade, Switzerland also hosts numerous companies that trade Russian oil and other commodities.

The decision came amid mounting condemnation of Russia’s invasion of Ukraine, which saw thousands of anti-war protesters march in Bern, Switzerland’s capital, over the weekend. Demonstrators chanted for an end to “Putin’s war” and criticised the government’s initially cautious response to the crisis.

Switzerland cherishes a reputation for neutrality that has established Geneva as a home to the United Nations and a host to peace talks in numerous conflicts, including the wars in Korea and Vietnam. Recently, Geneva was the venue for last year’s summit between President Biden and Mr. Putin.

Cassis expressed concerns that the Alpine nation’s credibility as a neutral diplomatic intermediary would suffer if it automatically followed suit with E.U. sanctions.

Initially, Switzerland said last week that it would enforce travel bans against Russians on the E.U. sanctions list and stop Swiss banks from accepting new Russian money — but stopped short of cutting off the individuals’ access to their bank accounts.

Russia Faces Financial Meltdown, Ruble Crashes as Sanctions Bites Harder

However, Russia was scrambling to prevent financial meltdown yesterday as its economy was slammed by a broadside of crushing Western sanctions imposed in response to its invasion of Ukraine.

Putin was due to hold crisis talks with his top advisers after the ruble crashed to a record low against the US dollar, the Russian central bank more than doubled interest rates to 20 per cent and the Moscow stock exchange was shuttered for the day.

The European subsidiary of Russia’s biggest bank was on the brink of collapse as savers rushed to withdraw their deposits. Economists warned that the Russian economy could shrink by five per cent.

According to the CNN, the ruble lost about 20 per cent of its value to trade at 100 to the dollar yesterday, after earlier plummeting as much as 40 per cent. The start of trading on the Russian stock market was delayed, and then canceled entirely, according to a statement from the country’s central bank.

The latest barrage of sanctions came Saturday, when the United States, the European Union, the United Kingdom and Canada said they would expel some Russian banks from SWIFT, a global financial messaging service, and “paralyse” the assets of Russia’s central bank.

“The ratcheting up of Western sanctions over the weekend has left Russian banks on the edge of crisis,” wrote Liam Peach, an emerging market economist at Capital Economics, in a note yesterday.

“We will … ban the transactions of Russia’s central bank and freeze all its assets, to prevent it from financing Putin’s war,” European Commission President Ursula von der Leyen said in a statement.

Russia is a leading exporter of oil and gas but many other sectors of its economy rely on imports. As the value of the ruble falls, they would become much more expensive to buy, pushing up inflation.

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“This weekend’s events now mean that no G7 banks will be able to buy Russian rubles, sending the currency into free-fall, with the end result we could see a huge inflationary shock unfold inside Russia,” Michael Hewson, chief market analyst at CMC Markets UK, said in a note.

“A run on Russian banks inside the country appears to be already starting, as ordinary Russians fear that their credit cards might no longer work,” he added.

Ukraine Calls for ‘Immediate Ceasefire’ as Talks with Russia Open

Russia and Ukraine met yesterday for their first talks since the outbreak of war last week, with Kyiv demanding an “immediate ceasefire” as the number of refugees fleeing the country hit more than 500,000.

According to the AFP, as the delegations arrived for talks on the border between Belarus and Ukraine on day five of Moscow’s invasion, the Ukrainian presidency demanded the ceasefire “and the withdrawal of troops” — which Moscow is almost certain to reject.

“I do not really believe in the outcome of this meeting, but let them try,” Zelensky said.

In the capital yesterday, after a relatively calm evening, people rushed out to buy food after the lifting of a strict blanket curfew imposed Saturday, with local forces given shoot-on-sight orders over the weekend.

Kyiv had been initially reluctant to send a delegation to Belarus, given the country’s role in facilitating Russia’s attack on Ukraine by hosting troops and weaponry used in the invasion.

“We definitely have an interest in reaching some agreements as soon as possible,” Vladimir Medinsky, an aide to Putin who had travelled to Belarus for the talks, said in televised remarks.

Zelensky meanwhile issued another video address, wearing his now trademark green khaki sweatshirt, calling on the European Union to agree to “the immediate accession of Ukraine via a new special procedure.”