Ukraine's foreign minister says Kyiv struck by 'horrific Russian rocket strikes'

Chloe Taylor
Amanda Macias
Christina Wilkie
Kevin Breuninger

This has been CNBC's live blog tracking Thursday's developments in Russia's attack on Ukraine. Follow the latest updates here.

Russia launched an invasion against neighboring Ukraine on Thursday using land, air and naval forces.

In the capital of Kyiv, air raid sirens have sounded and a stay-at-home order has been issued.

The U.S. and U.K. responded by announcing another round of sanctions, which aim to limit Moscow's access to the global economy.

U.S. stocks mounted a stunning reversal on Thursday, closing higher despite the outbreak of violence.

Here are links to additional CNBC coverage of the Russian invasion of Ukraine:

Thu, Feb 24 2022 11:46 PM EST

'Too late for Ukraine': Russia will probably take over Ukraine, says think tank

"I expect the Russian military to take over [Ukraine] and I expect Moscow to be able to impose some kind of settlement," Bobo Lo of Lowy Institute told CNBC on Friday.

Sanctions won't help because of how resilient the Russian economy is against them, said Lo, a nonresident fellow at the institute. "It's really, in a way, too late for Ukraine."

The Russian economy is much better able to absorb the cost of sanctions than Europe is capable of reducing its dependence on Russian oil, gas, and coal, Lo said.

"What the West needs to do now is to reinforce NATO frontline states because they should have been preparing for this day years ago, but they tried to explain it away," he said.

Lo said that although he doesn't think the situation will degenerate into a wider conflict, the danger is that Putin has "never been satisfied" with what he has achieved, and may use this as a prelude to try for more.  

— Chelsea Ong

Thu, Feb 24 2022 11:15 PM EST

Ukraine's foreign minister says Kyiv hit by 'horrific Russian rocket strikes'

Firefighters battle fires inside a multi-storied residential building in Kyiv caused by debris from a Russian aircraft that was reportedly shot down by Ukrainian military forces around 4:20 a.m. on Friday, Feb. 25, 2022.

Dmytro Kuleba, Ukraine's minister of foreign affairs, said the capital city of Kyiv was hit with "horrific Russian rocket strikes" early Friday morning.

There were several reports about explosions heard around Kyiv. Details were murky in the fast developing situation, often with conflicting accounts.

Earlier, Republican Sen. Marco Rubio said it "appeared at least three dozen missiles have been fired" at the Kyiv area within a 40 minute window.

— Christine Wang

Thu, Feb 24 2022 10:46 PM EST

China won't be 'fully on board' with all that Russia is doing, says strategist

China is likely to continue to be a "meaningful financial lifeline" for Moscow, but won't be completely aligned with Russia, according to Rachel Ziemba, founder of advisory firm Ziemba Insights.

"Is China going to get fully on board with everything Russia is doing? No," she told CNBC's "Squawk Box Asia" on Friday. China wants stability and access to key commodities, bot won't be too reliant on a single supplier, she said.

The Chinese government will likely continue to balance Russian interests with other factors, she predicted.

"China will probably cushion the blow, I don't think they want to fully get into sort of the Russian camp," Ziemba said.

— Abigail Ng

Thu, Feb 24 2022 10:33 PM EST

Ukraine is 'capable of mounting a serious opposition,' says Council on Foreign Relations

Ukraine is "capable of mounting a serious opposition" against Russian forces at this point, Thomas Graham of the Council on Foreign Relations told CNBC on Friday.

"The Ukrainians are very proud of what they've done. They're proud of their country, they're proud of their independence, and they're not going to accept a puppet regime run by Moscow lying down," said Graham, a distinguished fellow at the institute.  

One of the things Moscow will have to worry about is active resistance by Ukrainians, which will make taking over cities "very, very difficult," he added.

The key is the level of resistance, how tough the Ukrainians are, and to what extent they're willing to engage in active resistance, Graham said, adding that urban warfare can be a very difficult campaign. "I think the Russians have to be worried about this."

Graham said public opinion in Russia could slowly turn against Putin and the war effort if there are many Russian casualties and deaths.

— Chelsea Ong

Thu, Feb 24 2022 9:30 PM EST

Former UK envoy to Russia says fresh Western sanctions will not deter Putin

Tony Brenton, a former U.K. ambassador to Russia, said fresh sanctions from the West will not have much impact on Moscow.

"Putin and the people around him are far more concerned about Russia's national security than they are about Russia's economic prosperity," he told CNBC's "Squawk Box Asia" on Friday.

The U.S. and U.K. on Thursday announced another round of sanctions which aim to limit Moscow's access to the global economy. But Brenton said it will take time for these measures to work as "the effect of the sanctions is more long term."

"They're not going to affect the short term, which is the timeframe of the war that we are now looking at," he added.

— Sumathi Bala

Thu, Feb 24 2022 8:48 PM EST

Ukraine central bank suspends electronic cash transfers

Ukraine's central bank is cracking down on digital money transfers, as Russian forces lay siege across the country.

The National Bank of Ukraine has ordered electronic money (e-money) issuers to suspend the issuance of e-money and the replenishment of electronic wallets with e-money. The written order also indicated that the distribution of e-money was temporarily off limits.

As Ukraine's central bank cracks down on pathways to cash and Moscow unleashes airstrikes and ground troops, some Ukrainians are instead turning to cryptocurrencies.

Kuna, a popular Ukrainian crypto exchange, shows that domestic buyers are paying a premium for Tether's USDT stablecoin, which is pegged to the price of the U.S. dollar. At the current exchange rate, however, the price for 1 USDT is roughly 32 Ukrainian hryvnia (the national currency), or $1.10, thanks to increased demand.

—MacKenzie Sigalos

Thu, Feb 24 2022 8:22 PM EST

Patreon suspends fundraiser for nonprofit providing armor to Ukrainian army

Patreon, a start-up whose website enables people to donate to individuals and groups, suspended the fundraising campaign for Come Back Alive, a nonprofit raising money to give Ukrainian soldiers body armor and other goods, a company spokesperson said.

Come Back Alive has raised over $300,000 but cannot access the money through Patreon to use it, its director, Taras Chmut, told CNBC. But Patreon doesn't permit campaigns involved in violence or buying military equipment, the spokesperson said.

Jordan Novet

Thu, Feb 24 2022 7:27 PM EST

Blinken says Putin's goal all along was to "get Ukraine back into his orbit"

Secretary of State Antony Blinken speaks at the State Department in Washington, DC, on February 1, 2022.

Secretary of State Antony Blinken said Thursday evening that the U.S. took "every possible effort to deter" Russian President Vladimir Putin from advancing into Ukraine.

In an interview with NBC Nightly News, Blinken said Putin's goal all along was to "get Ukraine back into his orbit" and to "subjugate countries on his border to his will."

When asked by NBC's Lester Holt if Russia could directly threaten NATO countries, Blinken reiterated U.S. commitment to Article Five of NATO's founding treaty. A cornerstone of the 30-member alliance is the principle of collective defense, known as Article 5, which states that an attack on one NATO country is an attack on all allies.

To date, the alliance has only invoked Article 5 once — in defense of the United States in the wake of the 9/11 terrorist attacks.

Holt also asked about the new round of White House sanctions that President Joe Biden said would "exceed anything that's ever been done."

Blinken responded, "If President Putin decided to pursue the path of diplomacy and dialogue, we were ready for that and prepared to engage on that, but equally if he pursued the path of aggression, which tragically is exactly what he's done, we're prepared on that too and as a result, we have responded in a united way, swiftly and with real consequence to impose very severe costs on Russia for the aggression it's committing on Ukraine."

— Amanda Macias

Thu, Feb 24 2022 5:52 PM EST

FedEx suspends Ukraine service

Global shipping giant FedEx said Thursday that it would temporarily cease service in and out of Ukraine, according to an alert posted on the company's website.

While FedEx didn't cite the Russian attack on the former Soviet nation, it did note concern for the safety of its employees.

"The safety of our team members is our top priority," the company said. "We are closely monitoring the situation and implementing contingency plans to minimize impact."

FedEx has more than 180 employees in Ukraine, according to previous disclosures. The company has more than 700 employees in Russia.

– Mike Calia

Thu, Feb 24 2022 5:05 PM EST

Dow slashes 859-point loss, closing positive in stunning market reversal

Traders on the floor of the NYSE, Feb. 24, 2022.

Stocks staged a massive comeback on Thursday following steep declines posted earlier in the day.

In a sharp reversal, the S&P 500 rose 1.5% to 4,288.70 after dropping more than 2.6% earlier in the session. The Dow Jones Industrial Average added 92.07 points to 33,223.83, erasing an 859-point drop. The Nasdaq Composite ended the session 3.3% higher at 13,473.59, after being down nearly 3.5% at one point in the session. The Nasdaq still sits about 16% from its all-time high, however.

European stocks sold off, with the pan-European Stoxx 600 dropping more than 3% to its lowest point of the year. The VanEck Russia ETF, a U.S.-traded security which invests in top Russian companies, plunged 19% on Thursday.

Oil prices settled well off their highs alongside the recovery in equities. Global oil benchmark Brent jumped 1% to around $92 per barrel, after hitting the $100 level for the first time since 2014. The U.S. oil benchmark, WTI, traded about 1% higher around $92 per barrel after jumping just shy of $100 per barrel earlier in the session.

— Amanda Macias and Maggie Fitzgerald

Thu, Feb 24 2022 4:43 PM EST

Obama responds to the Russian invasion of Ukraine

Former US President Barack Obama speaks during the groundbreaking ceremony for the Obama Presidential Center at Jackson Park on September 28, 2021 in Chicago, Illinois.

Former President Barack Obama on Thursday said the unprovoked Russian invasion of Ukraine presents all people with a choice, "between a world in which might makes right and autocrats are free to impose their will through force, or a world in which free people everywhere have the power to determine their own future."

Obama's predecessor, former President George W. Bush, suggested the choice was an easy one. "We cannot tolerate the authoritarian bullying and danger that Putin poses," he said in a statement.

Obama, who was in office when Russia annexed Crimea in 2014, also warned that Ukraine was the latest example of a trend that has "seen the forces of division and authoritarianism make headway around the world."

The line was a thinly veiled swipe at Obama's successor, the now former President Donald Trump, who stoked domestic political divisions and admired autocrats overseas.

Indeed, on Wednesday night Trump openly praised Putin's decision to invade Ukraine in a speech at his Florida golf club. "I mean, [Putin's] taking over a country for two dollars' worth of sanctions. I'd say that's pretty smart," Trump said, according to a recording of his remarks. "He's taking over a country — really a vast, vast location, a great piece of land with a lot of people, and just walking right in."

--- Christina Wilkie

Thu, Feb 24 2022 4:31 PM EST

Wealthiest Russian execs park their yachts in paradise as they avoid sanctions

Russian billionaire Gennady Timchenko.

Several of the wealthiest Russian billionaires have parked their yachts in luxurious locations as many of them avoided U.S. government sanctions after their ally, Vladimir Putin, ordered the invasion of Ukraine.

President Joe Biden and his administration announced a round of sanctions on Thursday against multiple financial institutions, including the country's largest banks, Sberbank and VTB. Multiple VTB executives, along with other business leaders from across the country, were also sanctioned by the United States.

However, none of the Forbes wealthiest Russians were targeted by the latest U.S. sanctions. Rich Russian individuals and families who have a combined net worth of over $200 billion were not mentioned in the sanctions.

Gennady Timchenko, who has been reported to be close to Putin and is listed as having a net worth of $22 billion, was previously sanctioned by the U.S. after Russia's 2014 invasion of Crimea, which was once part of the Ukraine. He was also recently sanctioned by the United Kingdom after Russia's latest invasion of the neighboring country.

Saloni Sharmia, a spokeswoman for Biden's National Security Council, suggested in an email to CNBC on Thursday that there may be future sanctions on Russia's wealthiest. She also said that the latest sanctions were meant to target those who run various financial firms in Russia.

"Our sanctions today on the largest state-owned banks and entities and Putin's cronies and their families will hit hard at Putin's assets because this is where he stashes them. No Russian elite or their family member is safe from our sanctions," she said.

The Treasury declined to comment further on the sanctions.

Meanwhile, data from Marine Traffic show that the massive yachts of several Russian billionaires who have so far avoided the latest sanctions are parked in some of the most luxurious parts of the world, including some areas in Europe, where their property could be seized if they were sanctioned.

Alexey Mordashov, who, according to Forbes, has a net worth of around $29 billion, owns a yacht called Nord. It is currently located at a small island known as Praslin, which is located in the Indian Ocean. The yacht can accommodate approximately two dozen guests and more than 40 crew, according to Superyacht Fan, a website that tracks who owns luxurious yachts. The vessel "includes an enclosed helicopter hangar, two helicopter platforms, a large swimming pool, two elevators, a gym with a sauna, and a cinema," the website says.

Mordashov is a majority shareholder in the Russian based steel company Severstal. His equipment company, called Power Machines, was sanctioned by the U.S. in 2018.

Representatives for these companies did not return requests for comment.

Vagit Alekperov, the president of Lukoil, has a net worth of around $25 billion, according to Forbes. Lukoil was once sanctioned by the U.S. government, according to the Treasury's website. His yacht, known as Galactica Super Nova, is moored in Barcelona, according to Marine Traffic.

"Galactica Super Nova can accommodate 12 guests and a crew of 16. Her features include a 6-meter glass-bottom swimming pool with a waterfall. And a touch-and-go helipad, an elevator, and a large beach club," Superyacht Fan says.

Lukoil did not return a request for comment.

At least three other top Russian billionaires have their yachts docked in Italy and Germany.

– Brian Schwartz

Thu, Feb 24 2022 4:07 PM EST

Bitcoin donations surge to support Ukraine military

Ukrainian military vehicles move past Independence square in central Kyiv on February 24, 2022.

New data from blockchain analytics firm Elliptic shows that over a 12-hour window on Thursday, nearly $400,000 in bitcoin was donated to Come Back Alive, a Ukrainian nongovernmental organization providing support to the Ukrainian armed forces.

It's an acceleration of a trend we've been seeing for a couple months now, in which donors opt to send cryptocurrencies instead of fiat cash, in order to bypass financial institutions that might block payments to Ukraine.

Activists have deployed the crypto for a variety of purposes, including equipping the Ukrainian army with military equipment, medical supplies and drones, as well as funding the development of a facial recognition app that identifies if someone is a Russian mercenary or spy.

Volunteer groups and NGOs have collectively raised over $1 million in cryptocurrency, according to Elliptic, although that number appears to be quickly moving higher as donations come in amid Russia's newly launched offensive.

– MacKenzie Sigalos

Thu, Feb 24 2022 3:53 PM EST

EU says it will slap more sanctions on Russia

European Council President Charles Michel attends EU Leaders Summit on Russia-Ukraine crisis in Brussels, Belgium on February 24, 2022.

The European Union agreed to another round of sanctions on Russia on Thursday following Moscow's invasion of Ukraine and called on the country to immediately cease all military actions and withdraw its forces.

The European Council announced more retaliatory measures that it said would "impose massive and severe consequences" on Russia for attacking its neighbor. The sanctions will target the financial, energy and transportation sectors, according to European leaders.

The EU will also target dual-use goods — which can be put to both civilian and military uses — as well as Russian individuals. The sanctions will include export controls.

In addition, the EU condemned the involvement of Belarus, which has abetted Russia's invasion, and said sanctions would extend to that nation.

It was not immediately clear which specific companies, goods or individuals the measures would target.

The EU measures follow sanctions announced by both the United States and United Kingdom on Thursday.

— Jacob Pramuk

Thu, Feb 24 2022 3:37 PM EST

Anti-war protesters march in over 40 Russian cities

People attend an anti-war protest in Saint Petersburg, Russia, on Feb. 24, 2022, after Russian President Vladimir Putin authorized a military operation in Ukraine.

Thousands of people across Russia came out Thursday to protest President Vladimir Putin's decision to invade neighboring Ukraine, ignoring Russian government warnings that demonstrators would be arrested.

Russia launched the unprovoked invasion of Ukraine in the early hours of Thursday morning, after months of positioning hundreds of thousands of soldiers along its shared border and demanding that NATO agree never to admit Ukraine to the alliance.

In Moscow, around 1,000 protesters rallied and chanted "No to war" until police surrounded them and forced many into paddy wagons, according to the Russian human rights group OVD-Info, which monitors protests in Russia. Police then closed the city's central square, Pushkin square.

Protesters also amassed in Putin's hometown of St. Petersburg, as well as the cities of Yekaterinburg and Perm. At least 290 people were arrested in Moscow, 128 in St Petersburg, 50 in Perm and 37 in Yekaterinburg, OVD-Info reported.

Demonstrating against the government in Russia is illegal in almost every case, and penalties for unauthorized protesting are severe and often include time in prison.

--- Christina Wilkie

Thu, Feb 24 2022 2:59 PM EST

FAA prohibits flights over Ukraine, Belarus and part of Russia

A map showing Russia troop positions along Ukraine border.

The FAA expanded its "Notices to Air Missions" alert issued for eastern Europe to include the entirety of Ukraine, Belarus and a western region of Russia.

Ukraine closed its airspace to civilian flights on Thursday citing a "high risk" amid Russia's invasion.

The FAA's notice does not apply to military operations.

Earlier on Thursday, a senior Defense official confirmed that the United States military does not have any aircraft operating in Ukrainian airspace.

Prior to Thursday's restrictions, the U.S. agency prohibited flight operations in an eastern region of Ukraine.

In 2014, nearly 300 people died aboard Malaysia Airlines flight MH17 after it was shot down with a Russian anti-aircraft missile launched from rebel-held territory in eastern Ukraine.

 — Amanda Macias

Thu, Feb 24 2022 2:37 PM EST

U.S. expels Russia's second-highest ranking diplomat in Washington in retaliation

Members of the Secret Service Uniform Division stand in front of Russia's Embassy in Washington, D.C., on February 24, 2022.

The United States expelled Russia's second-highest ranking diplomat from the country in retaliation for Moscow's removal of an American diplomat last week.

The U.S. informed the Russian Embassy on Wednesday of Russian Minister Counselor Sergey Trepelkov's expulsion from its mission in Washington.

The Russian Embassy in Washington did not immediately respond to CNBC's request for comment.

Last week, the State Department confirmed U.S. Deputy Chief of Mission to Russia Bart Gorman, the second-highest U.S. official in Russia, was expelled from the country.

A department spokesperson described the removal of Gorman, who still has a valid visa and had not yet completed his diplomatic mission, as an "unprovoked" and "escalatory step."

The spokesperson said the Biden administration was considering its response to Gorman's expulsion.  The official said the U.S. mission to Russia is now staffed at levels well below the Russian mission to the United States.   

"We call on Russia to end its baseless expulsions of U.S. diplomats and staff and to work productively to rebuild our missions. Now more than ever, it is critical that our countries have the necessary diplomatic personnel in place to facilitate communication between our governments," the spokesperson said in a statement on Feb. 17. Less than a week later Russia invaded Ukraine.

A senior State Department official said the move to expel Trepelkov was "not part of the response to Russia's unprovoked premeditated and written invasion of Ukraine."

— Amanda Macias

Thu, Feb 24 2022 2:27 PM EST

Satellite imagery shows missile attack on Ukrainian airbase

Satellite imagery of the Chuhuiv Airbase outside of Kharkiv, Ukraine on Feb. 21, 2022.

Satellite imagery from U.S. company Planet captured on Thursday showed a dark plume of smoke rising from Chuhuiv Air Base, which is located outside of Kharkiv, Ukraine. The airbase was reportedly struck by a missile.

– Michael Sheetz

Thu, Feb 24 2022 2:26 PM EST

Social media companies on heightened alert for misinformation

Social media companies are on heightened alert for potentially harmful posts on their platforms related to the conflict in Ukraine. The companies are also encouraging users in the region to take extra steps to protect themselves.

Facebook owner Meta said on Thursday it created a "Special Operations Center" with experts and native speakers to monitor the situation and respond quickly to any issues, according to Facebook Head of Security Policy Nathaniel Gleicher.

The company has previously brought together experts across the business to tackle disinformation around specific events, like its 2018 elections "war room." Facebook later closed that effort but it said it could bring back similar arrangements in the future, as it did for European parliamentary elections in 2019, for example.

Facebook is also letting people in Ukraine lock their profiles as an additional security layer. When a profile is locked, Facebook prevents people who aren't friends with the account from downloading or sharing their profile picture or seeing posts on their timeline. Gleicher said the company has previously used this method in other risky situations, including in Afghanistan last year.

Twitter also said it is taking steps to closely watch for any dangerous signals on its platform.

"As we do around major global events, our safety and integrity teams are monitoring for potential risks associated with the conflict to protect the health of the service, including identifying and disrupting attempts to amplify false and misleading information and to advance the speed and scale of our enforcement," a Twitter spokesperson said in a statement.

Twitter's safety account also shared a series of steps, in English, Russian and Ukrainian, that users can take to better secure their accounts online, such as by setting up two-factor authentication. The company also created a Twitter moment in all three languages that compiles information from authoritative sources.

—Lauren Feiner

Thu, Feb 24 2022 2:26 PM EST

Why Russia's attack on Ukraine makes Europe's energy supply vulnerable

Local residents are seen refueling at gas station after Russian President Vladimir Putin authorized a military operation in eastern Ukraine, in Mariupol, February 24, 2022.

Europeans suffered extremely high energy prices ahead of Russia's attack on Ukraine on Thursday morning.

That's because the European Union is especially dependent on Russian energy, which is becoming increasingly unsustainable.

In the 1960s and 1970s, Europe was supplying roughly the same amount of natural gas that it was using. 
But Europe's production of natural gas declined because the North Sea gas fields, which are particularly important sources of production from the U.K. and the Netherlands, were depleted, among other reasons. 

Also, the EU has been reducing its dependence on coal to reach its climate goal of achieving carbon neutrality by 2050 and cutting emissions by at least 55% by 2030. Since 2012, the EU has decreased its coal power generation by about a third, according to the Directorate-General for Energy for the EU.

While the EU has been trying to ramp up its production of renewables, like wind and solar, that process is slow.

As a result, the EU is still dependent on natural gas, specifically from Russia.

"In terms of foreign suppliers, Russian gas was just the cheapest. Rather than diversifying suppliers, routes to import Russian gas were diversified," said Tim Schittekatte, a research scientist at the MIT Energy Initiative and an expert on the European grid and the issues it is facing.

— Cat Clifford

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