India Narrative

  As the Russian currency -- ruble -- tumbled prompting worried citizens to queue up at ATMs to withdraw cash, Bank of Russia, the country’s central bank, has sprung into action amid concerns over a liquidity crunch. The value of the ruble is now less than 1 US cent. The Russian currency on Tuesday was pegged at over 105 to a dollar, up from about 75 just a month ago after companies and even households came under severe pressure with the US and EU thrashing out sanctions against Russia and barring many Russian banks from accessing the SWIFT payment system. The central bank, which acknowledged that the country’s economic dynamics have “altered dramatically,” increased the key policy rates to 20 per cent– more than double -- from 9.5 per cent in a desperate attempt to maintain financial and price stability. In a bid to support the local currency and protect it from further depreciation, foreigners have been banned from selling Russian securities. Read more

  Vladimir Zelensky, the President of Ukraine, has accused the West of leaving his country alone after Russia launched a special military operation in the Donbass region on Thursday. Addressing the Ukrainians in the early hours of Friday, Zelensky said that his country had to defend itself on its own "no matter how many conversations" he has had with the leaders of other countries till now. "I heard a few things. The first is that we are supported. And I am grateful to each state that helps Ukraine specifically. Not just words," said Zelensky in his address after the end of the first day of Russia's operation. "But there is another - we are left alone in defence of our state. Who is ready to fight with us? I do not see such. Who is ready to guarantee Ukraine's accession to NATO? Everyone is afraid," he added. Also Read:  Ukraine crisis: PM Modi speaks to Russian President Putin, appeals for an immediate cessation of violence Visibly shaken by the d

  Russian President Vladimir Putin today announced that he had decided on a special military operation in eastern Ukraine's Donbass region after the Kremlin received requests from the breakaway region for help in repelling threats from Kiev. "Kiev is continuing its military buildup along the line of disengagement, simultaneously receiving comprehensive support, including military one, from the United States and other Western states. The Kiev regime is determined to resolve the conflict by force," the letters to Putin said according to Russian news agency Tass. Also Read:  At the UN, India rejects war - says Ukraine situation should be resolved through quiet diplomacy Putin had on Monday signed decrees, announcing immediate recognition of the "independence and sovereignty" of the Donetsk People's Republic and the Luhansk People's Republic while deploying troops into "independent republics" for peacekeeping functions. "Circumstances require