Russian Forces Loom Outside Kyiv As Ukraine Resists Invasion

40-Mile Russian Convoy Lined Up Outside Kyiv

A convoy of Russian military vehicles looming outside Kyiv is more than 40 miles long, U.S. satellite company Maxar Technologies told CNN and Reuters Monday evening, more than double the 17-mile length reported earlier Monday.

The report comes as American and Ukrainian officials fear Russia is seeking to encircle Kyiv. The main Russian line of advance was about 25 kilometers outside Ukraine’s capital city as of Monday morning, a senior U.S. defense official told reporters. Russia had only moved about five kilometers in the preceding 24 hours, a slower-than-expected pace the U.S. defense official blamed on logistical problems and stiff resistance from Ukrainian forces.

Disney Halts Film Releases In Russia

The Walt Disney Company will pause new theatrical film releases in Russia due to “the unprovoked invasion of Ukraine and the tragic humanitarian crisis,” the company said Monday, joining a litany of Western companies that have distanced themselves from Russia in recent days.

In particular, the media giant said it will pause Turning Red, a film by Disney’s Pixar Animation Studios that was scheduled to begin screening in Russian cinemas next month.

Several other companies have taken action against Russia. Petroleum giants BP and Shell say they will divest from Russian oil ventures, Netflix says it will not stream content from Russian state media and Facebook has blocked Kremlin-backed news outlets from running ads.

Read more on corporate responses to the Russian invasion here.

Zelenskyy Says Ukraine Not Prepared To Make Concessions Amid Russian Shelling

Ukrainian President Volodymyr Zelenskyy said in a video address late Monday night he believes Russia’s intense shelling of Kharkiv—a northeastern Ukrainian city with more than 1.4 million residents—is an attempt to put pressure on the country to make concessions to Russia, according to the Associated Press.

The two countries negotiated at the Belarusian border earlier Monday but haven’t announced any concrete agreement. Zelenskyy said Ukraine is not prepared to make concessions “when one side is hitting each other with rocket artillery,” according to the AP.

Russia Uses Bomb Prohibited By Geneva Convention On Ukraine, Ambassador Says

Ukraine’s ambassador to the U.S., Oksana Markarova, said Monday that Russia used a vacuum bomb against Ukraine earlier in the day, according to Reuters. The weapon, which she said is prohibited by the Geneva Convention, absorbs oxygen from the air around it to create a pressure wave and a destructive explosion, according to the report. A CNN news team reported sightings of launchers for these weapons Friday.

Markarova met with members of Congress Monday, and told reporters after she was working closely with the Biden administration. The ambassador said she wanted to secure more weapons and harsher sanctions, and said Russia should “pay a heavy price” for its invasion.

SpaceX Starlink Satellite Internet Dishes Arrive In Ukraine Following Musk’s Promise Of Support

A shipment of SpaceX’s Starlink satellite internet dishes arrived in Ukraine Monday, the country’s Vice Prime Minister and Minister of Digital Transformation Mykhailo Fedorov tweeted. Fedorov thanked SpaceX’s billionaire CEO Elon Musk, who agreed to activate Starlink service in Ukraine and provide the country with terminals on Saturday following a public plea from Fedorov.

Ukraine has faced sporadic internet outages since Russia invaded last week. Internet service provider Viasat suffered an outage the day of the invasion, telling CNBC Monday it believes a “cyber event” caused the outage.

International Criminal Court Plans To Open War Crimes Investigation In Ukraine

The International Criminal Court plans to investigate alleged war crimes and crimes against humanity committed in Ukraine, chief prosecutor Karim A.A. Khan said in a statement Monday, a probe that will begin “as rapidly as possible.”

Khan cited a preliminary report that found a “reasonable basis” to believe war crimes took place during the conflict between the Ukrainian government and Russia-backed separatists in eastern Ukraine starting in 2014. But the ICC will also investigate “any new alleged crimes” perpetrated during Russia’s current invasion of Ukraine, he said. Khan didn’t name any particular allegations from the past week, but human rights groups and news outlets say Russia has shelled populated areas and used “cluster munitions,” a type of bomb banned by many countries.

Before Khan’s office can open an investigation, he will need to either get approval from the ICC’s pre-trial judges or receive a referral from one of the ICC’s 123 member countries—a list that doesn’t include Russia, Ukraine or the United States.

Even if Khan’s investigation finds evidence of war crimes and an ICC judge issues an arrest warrant, it’s unclear whether that action would have any immediate impact. The ICC—a Netherlands-based organization—relies on individual countries to make arrests and transfer arrestees to its custody, and it has struggled to arrest some suspects in the past.

12 Russian Diplomats Accused of Espionage By US, Must Leave By March 7

The United States Monday accused 12 of Russia’s diplomats of “espionage activities,” claiming they were threatening national security and were not engaged in diplomatic activity, according U.S. UN spokesperson Olivia Dalton. The U.S. told the Russian mission to the United Nations they must leave the U.S. by March 7, according to the New York Times. The UN is expected to hold an emergency meeting on the Ukrainian refugee crisis Monday, reporting about half a million people have been displaced due to Russia’s invasion, per the Times.

EU Sanctions Russian Billionaire Oligarchs Timchenko, Fridman, Usmanov

The European Union added 26 names to its list of sanctions against individuals tied to Russia, including billionaire Oligarchs  Mikhail Fridman, Alisher Usmanov, Alexey Mordashov, Gennady Timchenko and Alexander Ponomarenko. Read more about the EU’s latest attempt to punish Russia’s economy in response to the country’s invasion of Ukraine here.

Shell Abandons $3 Billion Russia Investments After ‘Senseless’ Ukraine Invasion

Oil company Shell announced Monday it will exit joint ventures with Russian state-owned gas company Gazprom, in which it currently holds a 27.5% stake worth about $3 billion. Shell is following suit with British Petroleum, which announced Sunday it would sever ties with Russian owned oil firm Rosneft.

Beyond oil companies, Norway’s sovereign wealth fund said Sunday it will divest its roughly $2.8 billion in Russian assets, and British bank HSBC has reportedly told staffers it would cut ties with several Russian banks. As the Russian market crashed Monday, experts warned increased international sanctions punishing Russia have made the country “increasingly uninvestable for global investors.”

Read more about Shell’s exit and other Russia-related divestments here.

Twitter Will Label Tweets Linking To Russian State-Backed Media

Twitter said Monday it will label tweets linking to Russian state-affiliated news outlets, encouraging users to “stay informed.” Twitter says it will block these tweets from appearing on the site’s “Top Search” function. The announcement comes hours after the European Union said it would ban Russian state-funded news outlets like RT and Sputnik, which it claims have been used as propaganda to justify Russia’s invasion of Ukraine. Read more about Twitter’s announcement here.

FIFA and UEFA Suspend Russia —Latest Organizations To Cut Ties Following Ukraine Invasion

FIFA and the Union of European Football Association (UEFA) on Monday suspended the Russian national soccer team from participating in either organization’s competitions, following initial restrictions placed on the team Sunday. 

“Football is fully united here and in full solidarity with all the people affected in Ukraine,” the two organizations said in a joint release Monday. “Both Presidents hope that the situation in Ukraine will improve significantly and rapidly so that football can again be a vector for unity and peace amongst people.”

FIFA and UEFA join sports organizations like Formula 1 and the International Ski Federation in a stand against Russia. The International Olympic Committee on Monday also urged sports bodies to ban athletes from Russia and Belarus from international competition. 

Financial Fallout: Russian-Focused ETFs Crash, Western Corporations Aid Ukraine

Russian-focused exchange-traded funds traded in the U.S. fell by about 25% in Monday trading, while the Moscow Stock Exchange closed Monday. Read more on the significant fallout of sanctions against Russia here.

Meanwhile, several Western companies took action to assist Ukraine Monday: Airbnb said it will provide free short-term lodging to up to 100,000 Ukrainian refugees, while Etsy cancelled the $4 million in change Ukrainian sellers owed the craft service. Read more on the corporate response to Russia’s invasion here.

Russia and Ukraine Delegations Wrap Monday Talks With Guarded Optimism

• Delegations for Russia and Ukraine have wrapped up their talks near the Belarusian border, both countries said Monday.
• Mykhailo Podolyak, an advisor to Ukrainian President Volodymyr Zelensky, said the two sides “mapped out” a “roadmap” for negotiations to continue and the delegations headed back to their respective capitals, according to CNN.
• CBS News reports Ukraine called for an immediate ceasefire and for Russia to withdraw all of its troops in Ukraine—demands that were not agreed to at the meeting.
• The delegations discussed holding another set of talks, Podolyak said.
• Leonid Slutsky, the chairman of the Russian Duma’s committee on international affairs, told Russian state media the negotiations concluded, per NBC News, indicating the discussions went well, “We were not sure if the conversation would work, but it did.”

Almost 75% Of Russian Invasion Force Now In Ukraine, U.S. Says

The Russian military has sent just under 75% of the forces it assembled near Ukraine into the country, a senior U.S. defense official told reporters Monday, up from the more than 50% of Russian forces that were estimated to have invaded Ukraine on Saturday. However, Russian troops appear to be facing heavy pushback from Ukrainian forces.

The Pentagon believes Russia is trying to encircle Ukraine’s capital of Kyiv, but its forces have moved slowly due to a combination of logistical problems and “stiff and determined resistance,” the senior defense official said. Russia’s main advance is about 25 kilometers outside Kyiv, down from 30 kilometers on Sunday. The official said Russia is also engaged in “heavy fighting” in the northeastern city of Kharkiv, which has faced significant shelling, Forbes Ukraine reported. And the U.S. believes Russia is advancing on the southern city of Mariupol.

The airspace over Ukraine is “contested,” the senior defense official said. Russia has not established air superiority nationwide, and Ukrainian air defenses are still “viable.”

Switzerland Breaks Neutrality With Sanctions Against Russia

Switzerland said Monday it will impose financial sanctions against Russia, breaking its famous commitment to neutrality. Swiss President Ignazio Cassis called it an unprecedented move: “It is an unparalleled action of Switzerland, who has always stayed neutral before.”

The sanctions, which match measures previously adopted by the European Union, freeze the Swiss assets of Russian President Vladimir Putin and hundreds of other Russian decision makers. Russian individuals and businesses held $11 billion in Swiss banks as of 2020, according to data from the Swiss national bank.

Switzerland also announced it will close its airspace to Russian aircrafts, following most other European nations in doing so.

IOC Calls For International Sporting Ban For Belarusian and Russian Athletes

The International Olympic Committee recommended the barring of Russian and Belarusian athletes from all international sporting events Monday. The IOC also stripped Russian President Vladimir Putin and two other high-ranking Russian officials of the Olympic Order awards, the games’ highest honor.

The IOC said last week it “strongly condemns” Russia for invading Ukraine during the Beijing Olympics and Paralympics, breaking the Olympic Truce that calls for peace during and immediately after the games.

Read more about the IOC’s recommended ban here.

U.S. Stocks Tumble Early Monday

The Dow Jones Industrial Average dropped more than 400 points at open Monday, dropping more than 1.2% in response to the latest developments out of Ukraine as the West imposes further sanctions on Russia. The S&P 500 and Nasdaq Composite both fell by about 1% early Monday, too. “Investors will obviously be watching very closely” Monday for any news on negotiations between Ukraine and Russia currently taking place in Belarus, said Vital Knowledge founder Adam Crisafulli.

Read more on the latest impact of Russia’s invasion on U.S. financial markets here.

Heavy Shelling Carries On In Kharkiv

Shelling continued Monday in Kharkiv, Ukraine’s second-largest city, videos obtained by Forbes Ukraine show. Anastasia Knysh, founder of the Kharkiv-based startup Elomia, told Forbes Ukraine: “There are a lot of fires, everyone is hiding as best they can.” Earlier Monday, the Ukrainian interior ministry said Russian rocket strikes killed “dozens” in Kharkiv and left hundreds wounded.

U.S. Targets Russian Central Bank With New Sanctions

The U.S. Department of the Treasury announced new sanctions against Russia’s central bank and several related entities Monday morning, blocking any American citizen from doing business with Russia’s central bank, finance ministry or National Wealth Fund. The U.S. also froze the assets of any of the sanctioned Russian entities in the U.S. or held by American citizens. The new sanctions personally target Kirill Dmitriev, the CEO of Russian Direct Investment Fund, a large Russian sovereign wealth fund.

A senior Biden Administration official told reporters the penalties will go into effect immediately before American markets open in order to prevent “asset flight” from Russians moving their money to the U.S. as the Russian ruble and stock market crumble.

U.S. Suspends Operations At Minsk Embassy Amid Reports Of Belarus Joining Russian Invasion

The U.S. has temporarily shuttered its embassy in Minsk because of “security and safety issues” related to Russia’s invasion of Ukraine, according to a post on the State Department’s website Monday morning. The State Department also announced the authorization for voluntary departure of non-emergency employees and family members at the Moscow embassy.

The announcement came shortly before a senior U.S. defense official told reporters Monday Belarus may soon send troops to Ukraine in support of Russia’s invasion. Ukrainian intelligence also suggests Belarus will soon invade its southern neighbor, according to CNN.

Negotiations between Russian and Ukrainian delegations in Belarus are ongoing.

Websites Of Russian Banks, Moscow Exchange Knocked Offline

The website for the Moscow Stock Exchange went down and was inaccessible on Monday morning. Ukraine IT Army—a crowdsourced community of hackers endorsed by Kyiv—has claimed responsibility for the takedown, but this has not been verified.

The IT Army on Monday also attempted to launch a cyberattack on the website of Sberbank, Russia’s largest bank and apparently managed to knock it offline on Monday afternoon.

Apart from the Ukraine IT Army, the global hacker collective Anonymous has also launched a cyber offensive against Russian websites and manage to take over the homepage of several Russian news outlets including the state-run agency TASS.

Mass Shelling Reportedly Kills Dozens In Kharkiv

Anton Herashchenko, adviser to the Ukrainian interior ministry said that a dozen people were killed in mass shelling in the western city of Kharkiv, Reuters reported first.

“Kharkiv has just been massively fired upon by grads (rockets). Dozens of dead and hundreds of wounded,” said in a Facebook post.

UN Says More Than 500,000 Refugees Have Fled Ukraine, AirBnB Offers To House 100,000 People

AirBnB and its non-profit arm announced Monday it’s offering temporary accommodation for 100,000 refugees fleeing Ukraine.

The vacation rentals giant said it will fund the accommodation itself, as well as through donations to its refugee fund, and from its hosts.

Executives at the company including CEO Brian Chesky are in touch with leaders from Poland, Hungary, Romania and Germany to ​​offer “support in welcoming refugees within their borders,” AirBnB said.

The statement added: “While Airbnb.org is committing to facilitate short-term housing for up to 100,000 refugees fleeing Ukraine, it will work closely with governments to best support the specific needs in each country, including by providing longer-term stays.”

The United Nations said more than 500,000 Ukrainian refugees have fled to nearby countries as of Monday.

AirBnB’s charitable arm previously assisted in temporary housing for more than 21,000 refugees fleeing Afghanistan, and others from across the world, it said. 

Billionaire Roman Abramovich In Belarus To Assist With Talks

Russian billionaire Roman Abramovich is in Belarus to assist talks between Russia and Ukraine, the Jerusalem Post reported. Abramovich is reportedly attending the meeting at the request of Kyiv.

The Jerusalem Post said Abramovich—who is also an Israeli citizen—has close ties with the Jewish communities in Ukraine and Russia.

On Saturday, Abramovich announced he will give “the stewardship and care of” the Chelsea Football Club to the trustees of the soccer team’s charitable foundation after nearly 20 years of ownership.

Russia And Ukraine Begin Talks In Belarus

The first official talks between Ukraine and Russia since the start of invasion last week have begun in Belarus. The Ukrainian delegation reportedly includes several high-ranking officials.

In the lead up to the meeting Ukraine’s President Volodymyr Zelenskyy expressed some skepticism noting that he does not believe that there will be any positive outcome. Zelenskyy, however, noted that Ukraine will push for “an immediate cease-fire and the withdrawal of troops.”

Russian Central Bank Doubles Interest Rate To 20%. Ruble Sinks To Record Low

Russia’s central bank more than doubled interest rates to 20% as the ruble, the country’s currency, sank to an all time low of nearly 118 against the U.S. dollar in offshore trading early on Monday.

According to Bloomberg’s tracker, the ruble sank to an all time low of 117.93 against the dollar after markets opened on Monday, before eventually steadying at around 102.

The slump in the ruble’s value follows a series of stringent economic sanctions imposed against Russia by the West over the weekend.

Key Developments: Explosions Reported In Kyiv After Quiet Night

• According to Forbes Ukraine, Sunday night was the quietest the country has witnessed since the invasion began, with no major reports of massive battles and shelling of cities and infrastructure. However, things escalated once again on Monday as blasts were heard in Ukraine’s capital Kyiv and the city of Kharkiv.
• The Ukrainian Ground Forces command said the northern city of Zhytomyr was also hit by missile strikes.
• Grocery stores and public transport reopened in Kyiv after a weekend curfew but authorities have advised going out only if necessary, as fighting may breakout during the day.
• The city of Kharkiv introduced a curfew which will go into effect from 3 pm local time on Monday and remain in place till 6 am on Tuesday.