Heading towards World War III?

The West showed Tuesday it was ready to target Russia's huge energy industry — even at the risk of hurting itself — after Moscow ordered troops into parts of eastern Ukraine.

Germany said it was halting certification of the Nord Stream 2 gas pipeline following Moscow's actions in eastern Ukraine on Monday.

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Energy is a major political issue in central and eastern Europe, where gas supplies from Russia play an essential role in power generation and home heating. Natural gas prices have set new records this winter in Europe, and a conflict in Ukraine could bring more pain to consumers.

edition.cnn.com/2022/02/22/business/nord-stream-2-germany-russia/index.html

Years of ultra-loose fiscal and monetary policies have put the global economy on track for a slow-motion train wreck in the coming years. When the crash comes, the stagflation of the 1970s will be combined with the spiraling debt crises of the post-2008 era, leaving major central banks in an impossible position.

www.project-syndicate.org/commentary/stagflation-debt-crisis-2020s-by-nouriel-roubini-2021-06

Military expert Dr Jack Watling says the timing and manner of the Russian attack on Kyiv is critical.

"If the Russians commit to a major assault [in Kyiv] and they haven't broken the back of the resistance, it will be very bloody and their troops might break," says Watling, a research fellow in land warfare and military Sciences at the Royal United Services Institute.

He says Russians will want to "whittle down" the resistance before they commit their forces.

Watling says there is evidence of low morale among Russian troops, citing lost and confused advance units - and their initial surprise at coming under fire from Ukrainians.

"We have heard reports of them damaging their own equipment because they don't want to go in to fight," he said.

But he says the effect of low morale will diminish as Russian troops come together to fight in larger formations, as their mission becomes clearer and as Ukrainians begin to run out of ammunition.

www.bbc.com/news/live/world-europe-60582327

Russia’s audacious military assault on Ukraine is the first major clash marking a new order in international politics, with three major powers jostling for position in ways that threaten America’s primacy.

The challenges are different than those the U.S. and its network of alliances faced in the Cold War. Russia and China have built a thriving partnership based in part on a shared interest in diminishing U.S. power. Unlike the Sino-Soviet bloc of the 1950s, Russia is a critical gas supplier to Europe, while China isn’t an impoverished, war-ravaged partner but the world’s manufacturing powerhouse with an expanding military.

In deploying a huge force and on Thursday ordering what he called a “special military operation,” Russian President Vladimir Putin is demanding that the West rewrite the post-Cold War security arrangements for Europe and demonstrated that Russia has the military capability to impose its will despite Western objections and economic sanctions.

www.wsj.com/articles/ukraine-crisis-kicks-off-new-superpower-struggle-among-u-s-russia-and-china-11645629753

Kim Iversen breaks down what's true and what's false about Russia's invasion of Ukraine.

An investigation into possible war crimes in Ukraine has been launched, after Russia was accused of bombing civilians.

The International Criminal Court (ICC) chief prosecutor said evidence was being collected on alleged war crimes, crimes against humanity and genocide.

It came after 39 nations called for an inquiry to be opened.

Cities including the capital Kyiv, Kharkiv and Kherson have come under heavy shelling in recent days.

www.bbc.com/news/world-60597751

Russian forces have seized control of a key port city in southern Ukraine, the mayor says.

Kherson is the first major city to be taken by Russia, after heavy fighting, since it invaded a week ago.

Its mayor, Igor Kolykhaev, said Russian troops had forced their way into the city council building and imposed a curfew on residents.

Several cities have come under intense shelling, with Wednesday one of the most destructive days of the fighting.

www.bbc.com/news/world-europe-60597367