President Vladimir Putin on Tuesday updated Russia’s nuclear doctrine, threatening further escalation with Ukraine, just days after President Joe Biden granted permission for Ukraine to use long-range strikes with American-made weapons. The change comes as Russia claims Ukraine overnight Monday fired U.S.-made Army Tactical Missile Systems (ATACMS) into the Bransk region.
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Under the revised doctrine, Russia will consider aggression from any nation supported by a nuclear power as a joint attack on the country, and could trigger a nuclear response. Putin’s new nuclear policy comes on the 1,000th day of the war with Ukraine after Russia invaded on Feb. 24, 2022.
Kremlin spokesperson Dmitry Peskov said the update was published “in a timely manner” and that Putin instructed the government to update the nuclear policy earlier this year so it is “in line with the current situation.”
Tuesday’s alleged strike against Bransk occurred just two days after President Biden approved the use of the missiles inside Russia. Biden reportedly gave Ukraine the green light to utilize the long-range ATACMS on Sunday to strike military targets in and around Kurst. That is the same region where North Korea recently deployed 10,000 troops to assist with Russia’s war effort.
Ukraine’s long-range missile strike — which at the time of publication remained unconfirmed by Ukrainian or U.S. officials — followed Russia’s Sunday barrage of 210 missiles and drones on critical Ukranian energy systems and infrastructure, NPR reported. Russia claimed it shot down five of the six missiles that were launched, and damaged the remaining ATACMS.
Russia denied that Tuesday’s nuclear policy announcement was due to Biden’s decision to permit use of the missiles. However, Peskov on Monday said the long-range missile approval would lead to a “qualitatively new round of tensions” between Moscow and Washington.
Putin has consistently threatened to use nuclear weapons throughout the war in Ukraine, even as early as 2022. Putin ramped up his threats this year, regularly warning of nuclear retaliation in the event that NATO sent troops to Ukraine and after the U.S. pledged additional aid.
Defense Stocks, Market Impact
Asia’s markets closed generally higher, but the escalated tensions between the U.S. and Russia sent markets in Europe and the U.S. lower early Tuesday. Safe haven assets rose as investors sheltered cash, with the rise in gold and silver sending mining stocks higher.
Gold prices jumped 0.9% to $2,638 per ounce. Newmont (NEW) and Albemarle (ALB) led mining stocks, up more than 2% each.
Among defense stocks, Lockheed Martin (LMT), General Dynamics (GD) and RTX (RTX) all climbed around 1%. Lockheed Martin is the primary manufacturer for the ATACMS.
Bonds climbed, sending the 10-year treasury yield down more than 1%, to 4.369%.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
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