Russia-Ukraine Conflict: From Xi’s upcoming visit to Russia to growing challenges in Russian economy, here are top updates

The US has launched an intensified campaign of economic sanctions against Russia’s oligarchs in an attempt to prevent them from supporting the Kremlin’s invasion of Ukraine

Russia-Ukraine Conflict
Ukrainian troops defend positions in the city of Bakhmut

As the situation for Russian forces trying to capture the Ukrainian city of Bakhmut gets “difficult”, with Kyiv showing no signs of ordering a withdrawal of its troops, Chinese President Xi Jinping in a fresh development has announced that he will be visiting a friend nation Russia from April 3 to 5. It is expected to be a show of support for Vladimir Putin, who is facing increasing tensions with the West over the conflict in Ukraine, AP reported.

Meanwhile, the US has launched an intensified campaign of economic sanctions against Russia’s oligarchs in an attempt to prevent them from supporting the Kremlin’s invasion of Ukraine, a Reuters report said.

Here are other important updates on Russia and Ukraine conflict and its global impact

Chinese President Xi to visit Moscow in show of support for Putin

Xi will be visiting Russia from April 3 to 5. The situation in Ukraine is expected to be a major topic of discussion when Putin and Xi meet. China, on the other hand, has refused to criticize Russia’s actions in Ukraine and maintained that it was neutral in the conflict.

In response to the situation in Ukraine, China has accused the US and NATO of inciting Russia to carry out military action. It also condemned Western sanctions.

During a phone conversation with Dmytro Kuleba, the Ukrainian Foreign Minister, Qin Gang noted that China was concerned about the situation in Ukraine. He urged the parties involved in the conflict to resolve their differences through peaceful means.

Ukraine to hold on to Bakhmut

As Ukrainian troops defend positions in the city of Bakhmut, which has been under siege for over seven months, Russia’s forces continue to advance.

The fighting in Ukraine has been the longest since Russia started its invasion of the country a year ago. Both the government and the armed groups claimed to have made significant gains.

Officials in Ukraine claimed that their ground forces were able to take back some of the territories lost to Russia. They also claimed that a Russian fighter jet was shot down.

US alleges Russian warplane shot down American drone in Black Sea

The US claimed that a Russian fighter jet violated international law by striking the propeller of an American surveillance drone as it was flying over the Black Sea. The incident prompted the American forces to shoot it down.

The incident, which occurred during the ongoing conflict in Ukraine, added to the tensions between the US and Russia. It was the first instance since the Cold War that an American aircraft was shot down following an encounter with a fighter jet from Russia.

US uses new ways to punish Russian oligarchs

The US has started implementing new measures aimed at hurting Russia’s economy and its oligarchs, who are believed to be helping the Kremlin in its invasion of Ukraine.

The US government agencies involved in the operation of these measures include the Treasury Department and the Justice Department. They are working on various strategies to legally seize the properties of Russian oligarchs and expand financial penalties against those who violate sanctions.

Russian economy hit badly with growing sanction from West

The sanctions imposed by the West have affected various sectors of Russia’s economy, including its banks, technology imports, and wealthy individuals, AP reported. Despite the restrictions, the country’s economic life has not changed much.

Despite the various economic issues that the West has imposed on Russia, the country has not seen mass unemployment or a plunging currency. The grocery store’s selection is still relatively the same.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 17-03-2023 at 16:15 IST