Dear Express Explained reader, What the United States had been predicting, Europe had been dreading, and Russia had been threatening by its actions over the past several weeks, came to pass on Thursday morning. Russian forces launched shells and missiles at airfields, military installations, and cities and towns across Ukraine, including Kyiv. Soldiers crossed the border into Kharkiv, Ukraine's second largest city, and at several places to the north and east of the country's capital. Amphibious naval commandos landed in Odessa, according to the mayor of the Black Sea port city -- and troops moved in from Crimea, which Russia occupied in 2014, and from the Donbass in the east, where Moscow recognised two breakaway regions as independent republics two days ago. The biggest military action in Europe since World War 2 was underway. Krishn Kaushik added up the numbers on both sides, and the conclusion jumps out: militarily, Ukraine is no match to Russia. The war spooked markets around the world, and George Mathew took stock of the situation in India. Reassuring news for Indian investors: according to analysts, there isn't a reason to panic yet, so stay invested. But there are some fairly grim macroeconomic concerns. Aanchal Magazine cautioned that the rise in global oil prices might fan inflation, with cascading impacts around the economy. Karunjit Singh and Sandeep Singh wrote a more detailed article on the impact of rising crude prices on the Indian economy, consumers, and the markets. Karunjit wrote separately on the possible impact on Indian exports in case Russia is hit by wideranging sanctions. How exactly did we get here? Nirupama Subramanian wrote detailed explainers on two critical factors that fed the tensions that have now exploded into war: the $11-billion undersea Nord Stream 2 gas pipeline to Germany that the US believes President Vladimir Putin will use as a geopolitical tool in Europe, and the long-running insurgency in Ukraine's east where the recognition by Russia of two separatist republics signalled the inevitability of the invasion. And where does India stand in all of this? Shubhajit Roy decoded India's delicately worded statements at the UN and after Russia started the war, and Dr C Raja Mohan explained why it is important for New Delhi to take a fresh look at the Central Asian region in its long-term strategic interest. Earlier this month, as the clouds of war hung ever lower above Ukraine, Raja and Shubhajit had a wonderfully enlightening discussion on the many dimensions of the conflict, including how it impacts India. For the full conversation, watch the video. As the crisis unfolds, we will be explaining and analysing all its various aspects for you. Keep reading The Indian Express Explained. Some of our content is behind a paywall, so if you haven't subscribed to The Indian Express yet, this may be the perfect time to do so. Click here to subscribe. Sincerely, Monojit (monojit.majumdar@expressindia.com) If you received this newsletter as a forward, you can subscribe to it here | Do read our Explained articles here | 
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