China said at the United Nations Security Council that it hopes all parties will stay “cool headed” and “rational” after Russia took military action in Ukraine on Wednesday night.
What Happened: The Chinese ambassador to the United Nations Zhang Jun, addressing the 8974th meeting of the Security Council said, “The situation in Ukraine is at a critical juncture.”
“China has been paying close attention to the situation,” Zhang said, urging restraint from “all parties.”
“We believe that a door to a peaceful solution to the Ukraine issue isn’t fully shut, nor should it be.”
The Chinese ambassador said, “There is a complex historical context on the Ukraine issue and that the current situation is a result of the interplay of many factors.”
Why It Matters: This week, Russia’s President Vladimir Putin addressed the Russian people and gave a revisionist account of Ukraine’s history. Putin said in the speech that Ukraine was a creation of the Soviet leader Vladimir Lenin after the revolution of 1917, according to a report from NBC news.
In a piece carried by the People’s Daily — the official newspaper of the Central Committee of China’s Communist Party — titled “China handles complex Ukraine crisis with caution, principle,” the authors noted the close strategic ties with Russia.
“The situation shows that Russia has seen through the weakness of the West led by the US and decided to take more direct actions to push the US and NATO to respond to its security concerns, and by recognizing the two regions as sovereign states, Russian forces would be able to enter the regions openly,” as per the People’s Daily.
On Wednesday night, Putin announced a “special military operation” in Ukraine after which explosions were heard in that country’s capital and other cities.
U.S. Futures traded sharply lower after the invasion. At press time the S&P 500 futures traded 1.8% lower at 4,225.50, while NASDAQ traded 2.6% lower at 13,037.49. The SPDR S&P 500 ETF Trust SPY closed 1.8% lower at 421.95 on Wednesday.
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