Vladimir Putin has told Russia’s Duma that he has approved a draft treaty to bring Ukraine’s Crimea region into Russia and in doing so continues to turn a deaf ear to the West’s sanctions-backed plea to come to the negotiating table.
Overnight, Japan added its weight to the sanctions drive, suspending talks with Moscow on an investment pact and relaxation of visa requirements. EU and U.S. measures have targeted a relatively small number of Russians and Ukrainians but presumably there is scope to go considerably further, particularly if Putin decided to move into eastern Ukraine too.
EU foreign ministers yesterday began discussing how to reduce energy reliance on Russia. That’s a long-term project but one that could deal a hammer blow to the Russian economy if it succeeds.
No short-term action is likely on gas as the EU can’t really do without Russia’s supplies and Moscow cannot afford to turn it off. World markets – and even Russian markets – have shrugged off Crimea’s vote to secede … so far.
In an attempt to show it is engaging, Moscow responded to Western pressure for an international “contact group” to mediate in the crisis by proposing a “support group” of states that would push for recognition of the Crimean referendum and urge a new constitution for rump Ukraine that would require it to uphold political and military neutrality.