Russian President Vladimir Putin’s assaults on various Ukrainian cities began overnight on February 24 and have continued throughout the day and night since then. Putin claimed that Russian forces were targeting Ukrainian military infrastructure rather than individuals or villages. Images and reports from Ukraine, on the other hand, present a different picture, with countless civilian losses and hospitalizations.
According to UNHCR, roughly 1,209,976 refugees departed the nation between February 24 and March 3, 2022. Between February 18 and February 23, about 100,000 additional people from the Donetsk and Luhansk areas fled to the Russian Federation. This is on top of the hundreds of thousands of people who have been internally displaced within the state.
Several authorities and commentators described the invasion as European Unionrope’s greatest conventional military strike since World War II. On March 5, 2022, Russia proclaimed a ceasefire to open humanitarian corridors for evacuating civilians, with the evacuation beginning at 6 a.m. GMT.
Increasing Russia Ukraine War Crises Explained
Since its pro-Russian president, Viktor Yanukovych, was deposed in 2014 following months of protests, President Putin has regularly accused Ukraine of being taken over by radicals.
Russia subsequently reacted by taking Crimea’s southern area and sparking an eastward revolt, supporting separatists who have fought Ukrainian soldiers in a war that has cost 14,000 lives.
Russia began mobilizing large numbers of troops on Ukraine’s borders, although frequently claiming that it intended to strike. In 2015, Mr. Putin abandoned a peace plan for the east and recognized rebel-held territories as autonomous.
Russia has long opposed Ukraine’s accession to the European Unionropean Union and NATO, the West’s defensive military alliance. He accused NATO of endangering “our historic future as a nation” as he announced Russia’s incursion.
The Russo-Ukrainian War began in 2014 when Russia annexed Crimea from Ukraine. Russia attacked Ukraine on a wide front on February 24, 2022. Russia launched a massive military invasion of Ukraine, a nation bordering southern Russia, escalating a conflict that began many years ago.
Serious Consequences of Russia Ukraine War
Seven years of conflict and violence in eastern Ukraine have left the shelter, health, protection and water, sanitation and hygiene, and other basic requirements in a state of extreme emergency.
Simultaneously, the West is focusing on Russia’s economy, financial institutions, and individuals.
The European Unionropean Union, the United States, the United Kingdom, Japan, and Canada are shutting off important Russian banks from the worldwide Swift payment network, which provides for the smooth and speedy flow of money across borders. The European Unionropean Union, the United Kingdom, and Canada have all barred Russian airlines from using their airspace.
The US, European Union, and the UK have placed personal restrictions on President Putin and Foreign Minister Sergei Lavrov, while the European Union has targeted 351 Russian MPs. Germany has postponed permission for Russia’s Nord Stream 2 gas pipeline, which represents a significant investment by both Russian and European Unionropean corporations.
Russia’s state-run media outlets Sputnik and Russia Today, which are viewed as Kremlin mouthpieces, have been banned across the European Union. The Russian city of St Petersburg will be unable to host this year’s Champions League final, and the Russian Grand Prix will not be held in Sochi. The International Paralympic Committee (IPC) has barred Russian and Belarussian competitors from competing in the Beijing Games and has removed them from the Games.
How The Economy of Pakistan Will Be Affected?
Pakistan is concerned about both political and economic issues. Not that Pakistan has a large role to play in the crisis from a political standpoint, but taking sides would further isolate the country in a single circle.
In an increasingly bipolar international system, Pakistan must maintain its European Uniontrality and advocate for prudence on all sides. Pakistan is warming up to closer ties with Russia, thus all diplomatic measures must be made to promote the peace process. It is not a choice not to comment.
Economically, Pakistan must brace itself for a sustained rise in oil prices above $110 per barrel. Oil prices have already risen into the “nervous nineties.” Pakistanis and policymakers are both concerned. Rising oil costs have the potential to devastate Pakistan’s development prospects, as well as increase inflation throughout the nation.
If imports are not reduced and exports do not increase, we may need to hike interest rates to around 12%, or the rupee may fall to near Rs200 per dollar.
The inflationary forces created would be permanent. As a result, a stress test, as well as contingency plans, are required.
A $10-20 increase in oil prices over a couple of quarters may easily burn up $1-2 billion of our reserves, as well as a massive loss to the PTI’s eroding voting base and Pakistan’s purchasing power.
Role of Pakistan in Russia Ukraine War
Munir Akram, Pakistan’s permanent representative to the United Nations, presented a three-point plan to handle the continuing Russia-Ukraine conflict on Thursday.
“Three actions should be done to end the war: ceasefire, negotiation, and implementation of former agreements,” Akram stated in an interview with Geo News. He underlined that Pakistan seeks consistency in the application of the UN Charter’s provisions in all matters.
“In the situation in Ukraine, all parties have their positions and certain key interests,” he said, adding that the war erupted due to a clash of interests. “The Ukraine issue should be settled in accordance with the UN Charter,” he added, adding that Prime Minister Imran Khan had previously communicated this message to Russian President Vladimir Putin at their recent meeting in Moscow.
A day earlier, Munir Akram, speaking at the UNGA’s emergency special session in New York, stated that Pakistan is committed to the fundamental principles of the UN Charter, including people’s self-determination, non-use or threat of use of force, state sovereignty, and territorial integrity, and peaceful resolution of disputes.
According to the ambassador, Pakistan adheres to the idea of equal and indivisible security for everyone. These rules must be followed consistently and globally, he emphasized. He stated that Pakistan is very concerned about the latest turn of events. According to the envoy, we have since repeatedly emphasized the importance of de-escalation, restarted discussions, persistent engagement, and continuous diplomacy.
Current Situation
The US stated on Friday that it has told Pakistan that the crisis in Ukraine might have regional and global implications, even as the Foreign Office protested to a news release issued earlier this week by a group of 23 envoys, calling it undiplomatic.
When asked to comment on the events, a US State Department official told Dawn, “We have briefed the government of Pakistan about the implications that Russia’s unjustified war against Ukraine might have on regional and global security.”
Pakistan’s UN Ambassador Munir Akram, on the other hand, claims that Islamabad is not only aware of the consequences of its actions, but also supports all efforts” to restore peace in Ukraine.
“Well, we’re aware of the journey,” Price replied. “We’ve stated our stance to Pakistan in response to Russia’s resumed invasion of Ukraine, and we’ve updated them on our efforts to promote dialogue over violence.”
Russia Ukraine Crises and its Impact on Construction Industry
The conflict between Russia and Ukraine led oil prices to spike as concerns about supply constraints grew. Oil is such an important component of human activity, fluctuations in its price influence a wide range of businesses, including Pakistan’s building construction industry. During high-oil-priced months, the increase is going to be absorbed and shifted from one participant to another, resulting in greater building expenses. Oil price fluctuations can have a variety of effects on project essential participants, but they have a higher influence on buildings with steel structural systems and basements. According to the viewpoints of many project stakeholders such as developers, suppliers, consultants, and contractors, they all confront the difficulty of price inflation for both short and long-term projects.
Higher petroleum and gas prices have raised construction companies’ transportation expenses, making it more expensive and harder to carry supplies and other required commodities to building sites, as well as loading soil, stone, and garbage. The property manufacturer and purchaser ratio are substantially decreasing. Unfortunately, the present rates of building and real estate will skyrocket.
Also Read: Why Are Russia and Ukraine At War?
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