Vladimir Putin’s Surprise Power Move Shakes Global Markets

In an unusually blunt rebuke, former U.S. President Donald Trump declared that Russian leader Vladimir Putin “has gone absolutely CRAZY” after Russia launched its heaviest wave of air-strikes on Ukrainian cities since the full-scale invasion began in 2022. Russia’s overnight bombardment—more than 120 cruise and ballistic missiles coupled with drones—hit Kyiv, Odesa and Lviv, killing at least 46 civilians and crippling critical power grids, according to Ukrainian officials. The Kremlin framed the strikes as retaliation for recent Ukrainian drone attacks on oil depots inside Russia, but the scale of destruction has triggered immediate diplomatic fallout. THE LARGEST AIR ASSAULT IN MONTHS Ukrainian Air Force spokesperson Col. Yuriy Ihnat said Russia’s barrage was “the most intense since last winter,” adding that air-defense crews intercepted roughly two-thirds of incoming weapons. Emergency crews in Kyiv worked through the night as apartment blocks burned and metro stations doubled as bomb shelters. The attack also severed electricity to more than three million households, prompting renewed pleas from President Volodymyr Zelenskyy for advanced U.S. air-defense systems. TRUMP CALLS FOR “CRUSHING” SANCTIONS Posting on his social-media platform, Trump urged Congress to “immediately tighten the screws” on Moscow, warning that Putin’s latest escalation “will end very badly for Russia if the world unites.” He signaled support for secondary sanctions on banks that facilitate Russian energy sales and hinted at cutting access to Western insurance for tankers carrying Russian oil. Capitol Hill aides said bipartisan talks on a new sanctions package are already under way, though no timeline has been set. THE KREMLIN DOUBLES DOWN Responding to Trump’s remarks, Kremlin press secretary Dmitry Peskov dismissed the comments as “pre-election grandstanding.” Putin, speaking after a phone call with Trump reported by Russian state media, insisted that “military pressure will compel Kyiv to the negotiating table,” reiterating demands that Ukraine recognize Russian sovereignty over Crimea and four annexed regions. Analysts at the Institute for the Study of War note that Russia is simultaneously stepping up ground assaults around Chasiv Yar while testing Ukraine’s air defenses with mass missile raids. GLOBAL RIPPLE EFFECTS • Oil prices rose above $96 a barrel on Monday amid fears of supply disruptions from new sanctions. • NATO Secretary-General Jens Stoltenberg condemned the strikes as a “reckless attempt to terrorize civilians” and confirmed that Patriot missile batteries from Germany and the Netherlands will arrive in Ukraine within weeks. • China, Russia’s largest trading partner, called for “restraint” but avoided direct criticism of Moscow, signaling Beijing’s continued balancing act. HUMANITARIAN IMPACT INTENSIFIES The United Nations estimates that 8.7 million Ukrainians are now internally displaced, the highest figure since early 2023. Power outages have disrupted hospital operations, forcing surgeons in Lviv to perform emergency procedures using backup generators. Aid agencies warn that a prolonged blackout could jeopardize water supplies and heating for millions as summer approaches. WHAT’S NEXT Military experts predict Russia will maintain high-tempo missile attacks to exhaust Ukrainian air defenses before a potential summer offensive in the east. Ukrainian officials, however, believe newly pledged F-16 fighter jets and additional air-defense systems could shift the balance by late summer. Meanwhile, European Union leaders meet in Brussels this week to finalize a €50 billion reconstruction fund aimed at shoring up Ukraine’s economy and energy grid. BOTTOM LINE Putin’s decision to unleash his largest aerial blitz of the year has reignited international outrage and strengthened calls for tougher sanctions. Trump’s characterization of the Russian president as “absolutely CRAZY” underscores how Moscow’s latest escalation is reshaping U.S. political discourse as well as the battlefield in Ukraine. With civilian casualties mounting and energy infrastructure in ruins, the stakes—for Kyiv, Moscow and the broader international order—have never been higher.