Move over Holy Hand Grenade of Antioch, the Russians have a more potent form of holy-war materiel.
On November 29th, Russian Military Forces deployed at Dzankoy, Crimea an S-400 Anti-Aircraft System as part of its military occupation of the peninsula. Not to be without an appropriate blessing for this divinely inspired weapon system, the military arranged for consecration of these Anti-Aircraft Missiles of Antioch by priests of the Orthodox Church of the Moscow Patriarchate.
The Group of Seven Nations (G7) agreed to impose new sanctions and move more swiftly against Russia for the state’s actions in The Ukraine. The group accused Moscow of violating the de-escalation measures mutually agreed to during the Geneva Accord designed to reduce tensions in the region.
The powers in North America, Europe, and Japan agreed Saturday to impose new targeted sanctions. In an official statement, the G7 announced:
“Given the urgency of securing the opportunity for a successful and peaceful democratic vote next month in Ukraine’s presidential elections, we have committed to act urgently to intensify targeted sanctions.”
The market is also beginning to deal blows to Russia’s increasingly perilous economy. Standard and Poors, a benchmark rating service for sovereign debt and other investments, announced that it was cutting the insurance rating due to the risk of Russia defaulting on its debt; lowering its rating to BBB- making it just one step above a junk rating. This is certain to affect large Russian government owned businesses such as Gasprom that supply the nation with hard currency. The reduction of this rating carries an 18% probably of default within the next three years. Russia defaulted on its sovereign domestic debt in 1998 and plunged the nation into a financial chrisis forstering a devaluation of the Rouble and an 84% rise in inflation.