On March 3, 2014, The New York Times issued a press release discussing Russia’s military invasion of Crimea, Ukraine, and the economic measures the European Union (EU) and the U.S. are prepared to take if Russia does not retract its military forces.
 
According to the release, “The European Union heads of government will meet in an emergency summit meeting on Thursday to discuss further steps. The foreign ministers threatened to freeze visa liberalization and economic cooperation talks with Russia and boycott a Group of 8 summit in Sochi if Moscow did not take steps to “de-escalate” the situation by the Thursday summit. Radoslaw Sikorski, the Polish foreign minister, explained: “The E.U. is saying that it will revise its relations with Russia if there is no de-escalation.”
 
President Obama also stated that the U.S. is “indicating to the Russians that if, in fact, they continue on the current trajectory that they’re on, that we are examining a whole series of steps – economic, diplomatic – that will isolate Russia and will have a negative impact on Russia’s economy and its status in the world.”
 
The United Nation Security Council has held three emergency meetings, however, has remained unclear if any actions will be taken, as Russia has veto power.
 
Expeditors will continue to monitor the situation and provide updates as they occur.
 
More information can be accessed online here.