Explained: Ruins of Mariupol port could become Russia’s first big prize in Ukraine

Explained: Ruins of Mariupol port could become Russia’s first big prize in Ukraine

The Sea of Azov port of Mariupol, reduced to a wasteland by seven weeks of siege and bombardment that Ukraine says killed tens of thousands of civilians, could become the first big city captured by Russia since its invasion.
Russia said on Wednesday more than 1,000 Ukrainian marines, among the last defenders holed up in the Azovstal industrial district, had surrendered, though Ukraine did not confirm that.
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Here is why the city’s capture would be important.
STRATEGIC LOCATION
Mariupol, home to more than 400,000 people before the war, is the biggest Ukrainian city on the Sea of Azov and the main port serving the industries and agriculture of eastern Ukraine. It is also the site of some of Ukraine’s biggest metals plants.
On the eve of the war, it was the biggest city still held by Ukrainian authorities in the two eastern provinces known as the Donbas, which Moscow has demanded Ukraine cede to pro-Russian separatists.

Its capture would give Russia full control of the Sea of Azov coast, and a secure overland bridge linking mainland Russia and pro-Russian separatist territory in the east with the Crimea peninsula that Moscow seized and annexed in 2014.
It would unite Russian forces on two of the main axes of the invasion, and free them up to join an expected new offensive against the main Ukrainian force in the east.
Prominent among the Ukrainian forces that have defended Mariupol is the Azov Regiment, a militia with far right origins incorporated into Ukraine’s national guard. Russia has portrayed destroying that group as one of its main war aims.
HUMANITARIAN IMPACT
The siege of Mariupol has been the worst humanitarian catastrophe of the conflict, described by Kyiv as a war crime. Ukrainian officials say at least 20,000 civilians were killed there by Russian forces employing tactics of mass destruction used in earlier campaigns in Syria and Chechnya.
International organisations such as the Red Cross and the United Nations say they believe thousands died but the extent of suffering cannot be assessed yet because the city has been cut off.
Ukrainian officials have said around a third of the population escaped before the siege, a similar number got out during it, while around 160,000 were trapped inside. They sheltered for weeks in cellars with no power or heat, or access to outside shipments of food, water or medicine.

Daily attempts to send convoys to bring in aid and evacuate civilians failed throughout the siege, with Ukraine blaming Russia for looting shipments and refusing to let buses pass through the blockade. Moscow said Ukraine was to blame for failing to observe ceasefires.
Bodies have been buried in mass graves or makeshift graves in gardens. Ukraine says Russia has brought in mobile crematorium trucks to burn bodies and destroy evidence of killings.
Among the major incidents that drew international outcry was the bombing of a maternity hospital on March 9, when wounded pregnant women were photographed being carried out of rubble. A week later, the city’s main drama theatre was destroyed. Ukraine says hundreds of people were sheltering in its basement, and it has not been able to determine how many were killed. The word “children” had been spelled out on the street in front of the building, visible from space.
Russia denies targeting civilians in Mariupol and has said, without presenting evidence, that incidents including the theatre bombing and maternity hospital attack were staged. Kyiv and its Western allies dismiss this as a smear to deflect blame.
Ukraine says Russia forcibly deported thousands of Mariupol residents to Russia, including some unaccompanied children it views as having been kidnapped. Moscow denies this and says it has taken in refugees.
WHAT NEXT?
Western countries believe Russia’s initial war aim was to quickly topple the government in Kyiv, but Moscow has had to abandon that goal after armoured columns bearing down on the capital were repelled. Russia withdrew from northern Ukraine at the start of April and has said its focus is now on the areas claimed by the separatists in the east.
 

In recent days, a new Russian column has been moving into eastern Ukraine near the town of Izyum to the north of the Donbas. The fall of Mariupol could free up Russian troops in the south of the Donbas to mount an assault on Ukrainian forces from two directions.
Claiming its first big prize in eastern Ukraine could also give Russia a stronger position to negotiate at any peace talks.

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Explained: Who are Vladimir Putin’s daughters facing US sanctions over Ukraine war?

Explained: Who are Vladimir Putin’s daughters facing US sanctions over Ukraine war?

The United States and its allies have imposed sanctions against Russian President Vladimir Putin’s two daughters as the West looks to penalise Moscow for the killing of Ukrainian civilians.
Justifying the decision, a US official said: “We believe that many of Putin’s assets are hidden with family members, and that’s why we’re targeting them.”
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The European Union is also expected to follow suit as it discusses imposition of fresh sanctions against Russia among its 27 members. The EU sanctions, expected to take effect by Friday, would entail a freeze of any assets held in the bloc and a ban on traveling to member countries.
The moves come after reports of alleged atrocities that Ukrainian officials say were committed by Russian troops. Moscow has, however, denied any responsibility.

As the spotlight now shines upon a family shrouded in secrecy for years, we take a look at who Putin’s daughters are.
The family
Putin has two children, Maria and Katerina, from his marriage to Lyudmila Putina, a former Aeroflot steward whom he divorced in 2013, becoming the first Russian leader to divorce since Peter the Great in 1698. According to the Kremlin’s website, Putin and his wife had Maria before leaving for Germany in 1985, where he was based as a KGB officer. Katerina was born in 1986 in the German city of Dresden.
They were named after their maternal and paternal grandmothers — Maria Ivanovna Putina and Katerina Tikhonovna Shkrebneva, according to the Kremlin biography. “According to their mother, Lyudmila, Putin loves his daughters very much,” the biography said. Putin “always spoiled them, and I had to educate them,” she is cited as saying.

Putin, who has very rarely spoken publicly about his children, responded to questions at his annual press conference in 2015, saying his daughters had not fled the country, as had been speculated.
“They live in Russia. They have never been educated anywhere except Russia. I am proud of them; they continue to study and are working,” he had said. “My daughters speak three European languages fluently. I never discuss my family with anyone. They have never been ‘star’ children, they have never got pleasure from the spotlight being directed on them. They just live their own lives.”
Putin had also added that his daughters were “taking the first steps in their careers”, and were “not involved in business or politics”. However, both daughters have since launched business ventures.

The two have been kept so far from the public view that even the Kremlin has only ever identified them by their first names.
Katerina, who uses the surname of her maternal grandmother, studied at St Petersburg State University and Moscow State University and has a master’s degree in physics and mathematics. The more famous of the two daughters, Katerina, in 2013, came fifth in the world dancing championships in Switzerland. It was footage from her dance competitions that helped people identify her as Putin’s daughter.
Married to Kirill Shamalov, the younger son of Nikolai Shamalov, a close confidant of Putin and co-owner of Rossiya Bank, the two, according to an investigation by the Reuters in 2015, have corporate holdings worth more than $2 billion, as well as a luxury £4m beachfront villa in the French resort of Biarritz. Krill is already facing sanctions by the United Kingdom.
According to the Reuters report, Katerina, now, is the deputy director of the Institute for Mathematical Research of Complex Systems at Moscow State University. A Guardian report states that she also heads the $1.7 billion “artificial intelligence issues and intellectual systems” institute at the university.
Putin’s elder daughter Maria Vorontsova, 36, is a paediatric endocrinologist, studying the effects of hormones on the body. She co-wrote a book on stunted growth in children, and is listed as a researcher at the Endocrinology Research Centre in Moscow. She’s also a businesswoman with پراکسی Russia identifying her as co-owner of a company planning to build a massive medical centre.

In 2013, Maria married Russian-born Dutch businessman Jorrit Faassen, and the couple lived in the penthouse of an exclusive Amsterdam apartment building. In 2014, some Dutch neighbours called for her to be expelled from the country after the downing of MH17 by pro-Russian forces over Ukraine.
Recently a group from Amsterdam had appealed to Maria to plead with her father to end the invasion of Ukraine. A sign placed on land owned by the couple read: “Less than 2,000km from your peaceful piece of free land, your father is decimating an entire free country and its people. It seems your old man is hard to reach and clearly impossible to stop by even his hangmen. But as we all know, fathers and daughters are a different story.”
Why the secrecy?
Putin’s two daughters have kept such a low profile that even the Russians do not know what they look like.
During a press conference in 2019, Putin declined to directly answer a question about his daughters’ growing business clout and their ties to the government. He referred to Maria and Katerina as “women”, never acknowledging them as his children. “I am proud of them. They continue to study and they work,” Putin had said. “They are not involved in any business activity and they are not involved in politics. They are not trying to push their way anywhere,” he added.

Opening up about his family a bit, Putin, in an interview with the Russian state news agency TASS, had acknowledged that he enjoys communicating with his grandchildren but doesn’t like to be open about his family for security reasons. “I have grandchildren, I am happy. They are very good, sweet, like that,” Putin told TASS. “I get great pleasure from communicating with them.”
What brought the spotlight upon them?
Maria and Katerina, who have been off the radar for most of their lives, had the spotlight on themselves after their names featured on America’s new list of sanctions.
“We have reason to believe that Putin, and many of his cronies, and the oligarchs, hide their wealth, hide their assets, with family members that place their assets and their wealth in the U.S. financial system, and also many other parts of the world,” a senior US administration official told reporters, according to news agency Reuters.
 

“We believe that many of Putin’s assets are hidden with family members, and that’s why we’re targeting them,” the official added, speaking on condition of anonymity.
The sanctions’ list also includes the daughter and wife of Russian foreign affairs minister Sergei Lavrov. The US also banned Americans from investing in Russia, and targeted Russian financial institutions and Kremlin officials, in response to what President Joe Biden condemned as Russian “atrocities” in Ukraine.

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LIC’s mega IPO size to ensure stock’s entry into Nifty50, other indices: UBS

LIC’s mega IPO size to ensure stock’s entry into Nifty50, other indices: UBS

Mumbai: The much-awaited public offer by the Life Insurance Corporation Of India (LIC) through which the government could raise 65,000 crore- 75,000 crore by selling a 5% stake, will create a large enough free float for the stock to be included in mainstream indices such as Nifty50, according to UBS Global Research.

“LIC would be the third-largest stock in India by market cap, and the 32nd-largest by free float, ensuring an entry into mainstream indices, e.g., Nifty-50,” said a report by UBS Global Research dated 15th February.

The large share sale will test the market appetite at a time when the stock indices are volatile due to the Ukraine crisis, high crude prices, high US inflation and expected Fed rate hikes and so on.

Nevertheless, if it goes through, the listing may garner strong valuations, feel experts.

Amongst factors that remain favourable and will draw large investor interest include the fact that LIC garners a large share of household savings. UBS data suggests that LIC maintains lead over SBI’s deposits — the next largest destination for household savings in India.

LIC is the largest and oldest life insurer in India and dominates with the majority of the market share. The company is also seeing heightened competition from private insurers, who are also gaining market share thereby posing strong competition for LIC. However, amongst the factors favourable for LIC nevertheless are that LIC has over 50% share of the industry agent pool and LIC agents have the highest productivity suggests UBS data.

Analysts at Jefferies India Pvt Ltd in their report dated 16 February said that “LIC accounts for 60% plus of life insurance new premiums and 40% of retail APE (annual premium equivalent), driven primarily by its industry-leading agency force of 1.34 million and it also has 72 banca partnerships”. A bancassurance partnership is an arrangement between a bank and an insurance company for the sale of policies,

Further, the strong earnings prospects are also not being adequately captured, feel analysts.

Analysts at Haitong Securities said that LIC’s true P&L Profit Potential can be 10x of Its Reported Figure. They argued that the LIC’s reported a Net profit of Rs2900 Crore in FY21 despite managing a very large AUM of Rs35 Lakh crore as of March’21. In their opinion, this reported net profit is highly understated and does not capture the true earning potential of LIC.

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