Mayor of Kyiv: City has entered into a defensive phase

Joel Frank Independent Analyst

The Mayor of Kyiv Vitali Klitscho on Friday said that the city had entered into a defensive phase, according to Reuters. Russian press citing Russia's Defense Ministry subsequently reported that the Russian military has blocked off the city of Kyiv from the West. The Russian Defense Ministry reiterated its statement that it will not strike residential areas of Kyiv.

Market Reaction

The latest news has not triggered a market reaction, with most market participants likely of the view that sooner or later the Russian military will capture Ukraine's capital Kyiv given their far superior firepower versus the Ukrainian military. The major focus right now is on a potential further round of sanctions from the US and EU, which officials there have said remains a distinct possibility.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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