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Nation/World

March 5, 2014

Putin talks tough but cools tensions over Ukraine

(Continued)

“We are going to do our best (to help you). We are going to try very hard,” Kerry said upon arriving in Kiev. “We hope Russia will respect the election that you are going to have.”

Ukraine’s finance minister, who has said Ukraine needs $35 billion to get through this year and next, was meeting yesterday with officials from the International Monetary Fund.

World stock markets, which slumped the previous day, clawed back a large chunk of their losses yesterday on signs that Russia was backpedaling. Gold, the Japanese yen and U.S. treasuries — all seen as safe havens — returned some of their gains. Russia’s RTS index, which fell 12 percent on Monday, rose 6.2 percent yesterday. In the U.S., the Dow Jones industrial average was up 1.2 percent.

“Confidence in equity markets has been restored as the standoff between Ukraine and Russia is no longer on red alert,” said David Madden, market analyst at IG.

Russia took over the strategic peninsula of Crimea on Saturday, placing its troops around its ferry, military bases and border posts. Two Ukrainian warships remained anchored in the Crimean port of Sevastopol, blocked from leaving by Russian ships.

“Those unknown people without insignia who have seized administrative buildings and airports ... what we are seeing is a kind of velvet invasion,” said Russian military analyst Alexander Golts.

The territory’s enduring volatility was put in stark relief yesterday morning: Russian troops, who had taken control of the Belbek air base, fired warning shots into the air as some 300 Ukrainian soldiers, who previously manned the airfield, demanded their jobs back.

As the Ukrainians marched unarmed toward the base, about a dozen Russian soldiers told them not to approach, then fired several shots into the air and said they would shoot the Ukrainians if they continued toward them.

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