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A day after he announced the recognition of the two breakaway Donetsk and Luhansk regions in Eastern Ukraine the Russian president Vladimir Putin held another televised address.

Responding to questions by journalists, Mr Putin said he recognised the borders of the breakaway Donetsk and Luhansk regions as 'outlined in their constitutions' -- which includes territory under Ukrainian government control.

He also confirmed that the Minsk Accord, which was the agreement to end war in eastern Ukraine, no longer existed.

Allies of Ukraine reacted immediately and the US and UK went further by saying that the latest escalation from Russia marked the "beginning of an invasion".

The American Secretary of State Anthony Blinken also cancelled a meeting with his Russian counterpart Sergey Lavrov.

The British Prime Minister Boris Johnson said five banks were having their assets frozen, and three Russian billionaires - who will also be hit with UK travel bans - will face the same.

Germany suspended certification of the Nord Stream 2 pipeline, which was to bring gas from Russia. The country supplies Europe with about 40% of its gas, sourced from vast supplies in Russia's east.

And the EU unanimously agreed its first wave of measures, which includes targeting all members of Russia's parliament who approved the Ukraine decision. Russian banks and access to the EU's financial markets were also blocked.

Meanwhile the Australian Prime Minister, Scott Morrison said that Russia was "at peak readiness to now complete a full-scale invasion of Ukraine, and that is likely to occur within the next 24 hours".

Newsday spoke to Paul Massaro, a Foreign Policy adviser to the US Congress about these developments.

(Photo: U.S. President Joe Biden delivers remarks on developments in Ukraine and Russia, and announces sanctions against Russia, from the East Room of the White House. Credit: Drew Angerer/Getty Images)

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