As of Tuesday noon Russian troops have entered Luhansk and Donetsk. Western allies are terming this an invasion of Ukraine, as those two separatist provinces are still internationally recognized as part of Ukraine.

In two ominous developments, Putin says that his idea of the borders of the two provinces includes areas occupied by Ukrainian forces. He has also called for the demilitarization of Ukraine. Either demand, just as others recently, could act as a false cassus belli and start a wider conflict.

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The Nord Stream pipeline deal has been stopped and the Western allies, the EU, NATO, and the UN will all be sanctioning Russia, Putin, and his oligarchs. But is it enough to stop Putin from trying to recreate an empire? No. Biden speaks at 1pm. The players comment.

Putin: Perhaps getting nervous, publicly trashing his own security chief…

“With the suggestion of Nikolai Platonovich, that we could give our, how to say it, Western partners, one last chance. Presenting them with the choice, in the shortest time frame, to force Kyiv to choose peace and implement the Minsk agreements,” security chief Naryshin told Putin. “In the worst case, we must make the decision that we are discussing today.”

“What does it mean, ‘in the worst case’? Are you suggesting we start negotiations?” Putin asked. “Or to recognize sovereignty?” As Naryshkin stuttered, Putin pressed him. “Speak, speak, speak plainly!” Putin yelled.

Energy expert Joe Brusuelas: “The potential for a broader energy shock to the global and U.S. economies should Russia invade Ukraine has added to a combustible mix of factors that is causing inflation to accelerate in the United States and abroad,” Brusuelas said. “That risk carries with it the potential to slow down growth.” Expect 10 percent inflation.

The EU: Their sanctions package, it says, contains proposals to “target banks that are financing Russian military and other operations” in eastern Ukraine, “target the ability of the Russian state and government to access the EU’s capital and financial markets and services” and “target trade from the two breakaway regions to and from the EU, to ensure that those responsible clearly feel the economic consequences of their illegal and aggressive actions.”

The Ukrainian Defense Ministry: Shelling from “Russian occupational forces” in the country’s east have caused casualties. “Twelve servicemen were wounded with varying degrees of severity and are in medical facilities and six servicemen received combat injuries,” a statement read.

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The Brits on sanctions: “It sends a clear message that the U.K. will use our economic heft to inflict pain on Russia and degrade their strategic interests,” Foreign Secretary Liz Truss said. “And we are prepared to go much further if Russia does not pull back from the brink. We will curtail the ability of the Russian state and Russian companies to raise funds in our markets, prohibit a range of high tech exports, and further isolate Russian banks from the global economy.”