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Ukrainian President Volodymyr Zelensky has declared Wednesday a “day of unity” as his country grapples with one of Europe’s most consequential geopolitical showdowns since the end of the Cold War.

Here’s what you need to know about the tensions between Russia and Ukraine:

What the Kremlin is doing with its troops

President Vladimir Putin said Tuesday that Russia is sending send some troops back to base after they completed military drills near the border with Ukraine. But a statement from the Russian defense ministry was very short on specifics. Troops of Russia’s Southern and Western Military Districts, he said, had begun loading up their gear to return to their bases, but gave few specifics about where those units had been exercising, what their home stations are, or how many troops in total were heading home.  

NATO and the United States both said that while they would welcome such a drawback, the claims needed to be verified. Ukraine Foreign Minister Dmytro Kuleba also expressed skepticism regarding Moscow’s claims, and British Prime Minister Boris Johnson said the latest intelligence was “not encouraging.”

“We have not yet verified the Russian military units are returning to their home bases. Indeed, our analysts indicate that they remain very much in a threatening position,” US President Joe Biden said.

Wall Street, however, reacted positively to the news.

Biden’s warning and way forward

In a prime time address aimed at American and Russian audiences Tuesday evening, the US President warned that a Russian invasion of Ukraine “remains distinctly possible.”

“The American people understand that defending democracy and liberty is never without cost,” Biden said in his most robust attempt to date at leveling with the American people about the crisis in Europe. “I will not pretend this will be painless.”

Biden has to date ruled out sending US troops to support Ukraine in a fight against Russia. One “cost” he did outline involved Nord Stream 2, the $11 billion undersea pipeline between Russia and Germany. Biden said if Moscow invades, Nord Stream 2 “won’t happen.”

But Biden also left the door open for diplomacy between the two countries.

“We’re not targeting the people of Russia. We do not seek to destabilize Russia. To the citizens of Russia: you are not our enemy,” he said. “We should give the diplomacy every chance to succeed and I believe there are real ways to address our respective security concerns.”

The White House has continually warned that a Russian incursion into Ukraine could begin any day. National Security Adviser Jake Sullivan told CNN’s Jake Tapper that any such action could come this week, “before the end of the Olympics.”

Russia has maintained it has no plans to invade Ukraine and does not want war.

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