Russian Defence Minister Sergei Shoigu said on Wednesday that “we are fighting not only with Ukraine but the Collective west.”

“Russia continues to progress in the Donetsk region,” Shoigu said.

Commenting on partial military mobilization, he said that 300,000 reserves will be called up and that the people called up will receive military training before being deployed.

German Economy Minister Robert Habeck said, “partial mobilization of Russian troops is a bad and wrong development,” adding that the “government is in consultations on next step.”

Market reaction

Risk trades are in a free fall on the latest Russian aggression, with the US dollar emerging as the outright winner across the fx space. The S&P 500 futures erases gains to now lose 0.15% on the day.