Russian President Vladimir Putin signed a decree recognizing the independence of the Donetsk and Luhansk regions in eastern Ukraine controlled by pro-Russian militants. Several EU leaders also condemned the decision and said sanctions would be imposed on those involved in the illegal act. The U.S. government revealed that President Biden will sign an order to sanction the two regions, including a ban on new investment and trade. In addition, the Russian government said that President Vladimir Putin has no specific plans to hold a summit with U.S. President Joe Biden on the situation in Ukraine. This has intensified tensions in Ukraine, fearing that once the West imposes sanctions, the Russian economy will be severely hit, dragging down the Russian stock market by about 11% in a single day, and the currency ruble also fell more than 3.5%.
