Russia will focus on the "liberation" of Ukraine's eastern Donbass region after mostly completing the first phase of its military operation, Moscow's defence ministry has said. It claimed that Russian-backed separatists are controlling 93% of Luhansk and 54% of Donetsk - the two areas that make up the Donbass.

"The main objectives of the first stage of the operation have generally been accomplished," said Sergei Rudskoi, head of the Russian General Staff's Main Operational Directorate. “The combat potential of the armed forces of Ukraine has been considerably reduced, which makes it possible to focus our core efforts on achieving the main goal - the liberation of Donbass."

There are suspicions that Moscow may be switching to more limited goals after running into fierce Ukrainian resistance in the first month of the war. Earlier, however, the ministry said the invasion would continue until it "reaches the targets set by Vladimir Putin".

Mr Rudskoi said 1,351 Russian soldiers had died in the conflict and 3,825 had been injured.

https://news.sky.com/story/ukraine-war-joe-biden-to-meet-ukrainian-refugees-after-warning-of-chemical-attack-response-as-boris-johnson-hits-back-at-kremlin-anti-russian-claim-12574539

…A privately educated graduate of Imperial College London, Kovaleva came to international attention when she was named by Russian opposition activists as a key target for sanctions. Allies of Alexei Navalny, the imprisoned Kremlin critic, identified her mother as the longtime mistress of Sergey Lavrov and questioned how her daughter was able to afford such a luxury lifestyle in London.

Kovaleva documented her lavish jet-setting lifestyle on her Instagram page, which she deleted shortly after Russia invaded Ukraine. The opulent apartment block where she lives in Holland Park contains a pool, gym, spa, cinema and golf simulator.

Senior Kremlin figures were warned this morning that their families would no longer be able to enjoy the privileges of a western lifestyle. “These sanctions are partly about sending a signal that there is nowhere to hide,” a government source said.

https://www.thetimes.co.uk/article/6bf372e0-ab63-11ec-b5dd-c16e85f55725?shareToken=e353565b166113ffb75efad4b384fa21

“The magnitude of Russia’s actions will play out for decades to come and mark a turning point in the world order of geopolitics, macroeconomic trends, and capital markets.” That was Larry Fink, CEO of BlackRock BLK, in his annual letter to shareholders that published Thursday. And in our call of the day he closed the door on decades of global economies connecting.

“I remain a long-term believer in the benefits of globalization and the power of global capital markets,” said the head of the world’s biggest asset manager. “But the Russian invasion of Ukraine has put an end to the globalization we have experienced over the last three decades.”

…While dependence on Russian energy is in the spotlight, we’re also likely to see companies and governments bring operations either onshore or close to home, which could benefit Mexico, Brazil, the US or Southeast Asia. And that means higher costs and margin pressures are ahead. “While companies ‘and consumers’ balance sheets are strong today, giving them more of a cushion to weather these difficulties, a large-scale reorientation of supply chains will inherently be inflationary,” said Fink.

Also weighing in on globalization was Oaktree Capital Management founder Howard Marks, whose own letter to investors discussed the “pendulum” swinging back toward local sourcing. “Rather than the cheapest, easiest and greenest sources, there’ll probably be more of a premium on the safest and surest,” he said. That could impact investors as globalization has boosted worldwide GDP, but may also boost domestic manufacturing jobs.

https://bookmarkposting.com/its-the-beginning-of-the-end-of-globalization-say-blackrocks-larry-fink-and-oaktrees-howard-marks/