On Wednesday, Ukrainian vice prime minister Mykhailo Fedorov announced that people can send dogecoin as a donation — a cryptocurrency that initially began as a joke but has since been supported by Tesla CEO Elon Musk.
“@dogecoin exceeded Russian ruble in value. We start to accept donations in meme coin. Now even meme can support our army and save lives from Russian invaders. $DOGE owners of the world, @elonmusk, @BillyM2k, let's do it. Official $DOGE wallet: DS76K9uJJzQjCFvAbpPGtFerp1qkJoeLwL,” Fedorav tweeted.
People can also donate to the Ukrainian government in Solana, other digital tokens based Solana, and non-fungible tokens (NFTs).
Via Twitter, Fedorov announced that Gavin Wood, co-founder of blockchain platform Polkadot, sent $5 million worth of DOT cryptocurrency to Ukraine.
On Thursday, Russia captured its first major city in Ukraine after a week of conflict. Kherson, a regional capital with a population of around 300,000, is now under the control of President Putin’s forces.
As offshore trading began in the morning during Asia hours, the Russian ruble traded as low as 119 per dollar from almost 84 per dollar at the previous close. This is according to Factset data.
On Monday, Russia’s central bank said it had banned its brokers from carrying out sell orders from foreign nationals as it moves to contain the financial market fallout. The bank also announced plans to free 733 billion rubles in local bank reserves in a bid to boost liquidity.
While Russia’s attack on Ukraine continues, Ukraine currently retains control of its capital city Kyiv and its second-largest city Kharkiv. However, the number of civilians killed in Russia’s invasion is rising day by day. On Sunday, the human rights commission in Ukraine estimated the number of civil victims to stand at 210, including several children.
Last week, US President Joe Biden responded to Russia’s invasion of Ukraine by announcing a series of sanctions on Russian banks, on the nation’s sovereign debt, and on President Putin and Foreign Minister Sergey Lavrov.
In a statement, US President Joe Biden said: “I’m going to begin to impose sanctions in response, far beyond the steps we and our Allies and partners implemented in 2014. And if Russia goes further with this invasion, we stand prepared to go further as — with sanction.”
“Who in the Lord’s name does Putin think gives him the right to declare new so-called countries on territory that belonged to his neighbors? This is a flagrant violation of international law, and it demands a firm response from the international community.”
The Russia-Ukraine conflict has already sent oil prices above $100 per barrel for the first time since 2014. On Thursday, some prices soared as high as $105 following Russia’s launch of a broad offensive against Ukraine. In the early hours of the morning, explosions were heard near major Ukrainian cities, including the country’s capital, Kyiv.
Following the attack, Brent crude oil — the global benchmark — jumped by more than 8%, reaching $105.50 early Thursday. Meanwhile, US oil prices climbed to over $99.
RSM chief economist Joe Brusuelas warns that the war between Russia and Ukraine could ultimately lead to oil prices surging as much as 20% to $110 per barrel. This would cause consumer prices in the US to surge above 10% on an annual basis. This is the highest figure since October 1981.
"The price of oil has almost doubled since the start of last year and, given current tensions, is poised to move higher. The potential for a broader energy shock to the global and U.S. economies should Russia invade Ukraine has added to a combustible mix of factors that is causing inflation to accelerate in the United States and abroad," said Brusuelas. "That risk carries with it the potential to slow down growth."
Soon after Russian President Vladimir Putin announced he had authorised a “special military operation”, explosions were heard in the Ukrainian capital of Kyiv and the Ukrainian government accused Russia of launching a full-scale invasion.
In response to Moscow’s actions, the United States and its allies are set to impose “severe sanctions.”
In a statement, US President Joe Biden said: “I’m going to begin to impose sanctions in response, far beyond the steps we and our Allies and partners implemented in 2014. And if Russia goes further with this invasion, we stand prepared to go further as — with sanction.”
“Who in the Lord’s name does Putin think gives him the right to declare new so-called countries on territory that belonged to his neighbors? This is a flagrant violation of international law, and it demands a firm response from the international community.”
Following Russia’s invasion, the Euro Stoxx futures and German DAX futures were down over 3.5% in early deals, while FTSE futures were 2% lower. Meanwhile, S&P 500 e-minis dropped 2.3% and Nasdaq futures fell 2.8%.
On Thursday, the Moscow Exchange said it was suspending all trading.
Dow Jones Industrial Average futures climbed 60 points or 0.17%. Meanwhile, S&P 500 futures were up 0.2% and Nasdaq 100 futures increased 0.12%.
The shift follows a tumultuous week for stocks, largely pressured by fears of a Russian attack on Ukraine as well as reports of US inflation reaching its highest level in 40 years.
For the week, the Dow and the S&P 500 dropped 1% and 1.8% respectively. On Friday, the Dow fell 503.53 points or 1.43%. Meanwhile, the S&P 500 dropped 1.9% and the Nasdaq Composite saw a decline of 2.8%.
The White House has warned that a war in Ukraine could come any day now and has urged US citizens to leave the country without delay.
US National Security Adviser Jake Sullivan warned Russian forces were now "in a position to be able to mount a major military action.”
"We obviously cannot predict the future, we don't know exactly what is going to happen, but the risk is now high enough and the threat is now immediate enough that [leaving] is prudent," Sullivan said.
Over the weekend, President Joe Biden attempted to dissuade President Vladimir Putin from attacking Ukraine over a phone call. However, Biden reportedly failed to achieve a breakthrough.
Petro Poroshenko, President of Ukraine
President Petro Poroshenko of Ukraine told participants at the World Economic Forum Annual Meeting that despite the aggression his country faces, Ukraine is strong and unified. “Ukraine has become stronger. Ukraine has become more democratic. And Ukraine has become more European,” he said.
In a special session on The Future of Ukraine, held yesterday at the Annual Meeting, Poroshenko said that last year’s presidential and legislative elections were free and fair. He added that these elections showed a highly unified country, while polls indicate that support is stronger than ever for the country’s territorial unity and for integration with the European Union.
Poroshenko said that last year was “the most difficult in our history”, with parts of the country occupied by foreign troops. However, he also saw strong motives for optimism that peace can be achieved. He noted that shelling has fallen dramatically since a December agreement that called for “artillery silence”.
Poroshenko asked for the international community to continue its support of Ukraine, with political solidarity, with economic aid, and with the provision of defensive military technology. “We are not only fighting for our territorial integrity and independence, we are fighting for European values,” he said.
Ukraine is fully committed to economic reform, Poroshenko said. “We want to create a new country, free from corruption, with independent courts and the rule of law. We want to build a new climate for investment.” The country is already cracking down on corruption with a new anti-corruption bureau, and it is reducing bureaucracy. It is working to achieve energy independence from Russia through a mix of conservation, new suppliers and a clear, transparent energy market that will increase domestic shale gas production.
Poroshenko said that in Davos he has received several promises of major investment, as well as many expressions of support for his country. “I am thankful for this support. It is what Ukraine needs,” he said.
