24/02/2022 – Russia has abruptly abandoned talks on a solution to the Ukraine conflict and, within a few hours, created facts whose scope cannot be assessed at present. It began with Russia’s recognition of the Donetsk and Luhansk sub-regions in the eastern Ukrainian Donbass, which have been occupied by Russian separatists for years, as independent “people’s republics”. The two pseudo-states were founded in 2014 by pro-Russian separatists with support from Russia, but were not recognised internationally. The subsequent deployment of Russian troops to these areas and the initiated expansion to the areas in the Donbass still controlled by Ukraine were the beginning of the military escalation.
Read more in the current Macroeconomic Comment, written by Peter von Elten.