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Russia Market Crash Show ‘Our Sanctions Are Working’ – Scholz

The S&P 500 and Nasdaq Composite finished with gains after recouping their losses along with the Dow Jones which also rose. AFP

 

Heavy sanctions imposed by Western allies against Russia over its invasion of Ukraine are already showing effect, German Chancellor Olaf Scholz said Sunday, warning that further embargoes could come if Moscow failed to change course.

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“Already in the last week, the Russian stock markets sank by more than 30 percent. That shows: our sanctions are working,” said Scholz.

 

“And we reserve the right to impose further sanctions,” he warned.

 

Meanwhile, the Ukraine has lodged a complaint against Russia at the International Court of Justice in The Hague to get it to halt its invasion, President Volodymyr Zelensky said Sunday.

“Russia must be held accountable for manipulating the notion of genocide to justify aggression,” Zelensky declared in a tweet.

“We request an urgent decision ordering Russia to cease military activity now and expect trials to start next week.

The ICJ, which is based in the Netherlands capital The Hague, does not have the mandate to bring criminal charges against individual Russian leaders behind the four-day-old invasion.

But it is the world’s top court for resolving legal complaints between states over alleged breaches of international law. It is the supreme judicial institution of the United Nations.

The Kremlin has tried to justify its operation to “demilitarise” Ukraine as an attempt to prevent the alleged persecution of the country’s Russian-speaking minority.

But the international community has roundly condemned the invasion as a flagrant breach of international law, and many Ukrainian civilians have volunteered to defend their country.

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Written by PH

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