Live
Audio Only
The sanctions imposed on Russia have brought consequences to Western countries as well.
Strong repercussions have been felt in Western countries' markets since several nations started to impose sanctions on Moscow because of the recent Russian special military operation.
According to economists' reports, the oil sector has been seriously damaged, alongside the energy sector. The gas market has been affected by the sanctions imposed by European countries.
There is a remaining uncertainty; at a time when investors are looking for safe-haven assets in the face of increasing sanctions against Moscow. In front of the war situation in Ukraine, there is a rising fear about oil supplies being affected.
As Russia remains among one of the world's largest energy exporters, prices climbed on the possibility that the U.S could veto fuel imports from Moscow. Shell announced business suspensions with Russian oil and natural gas, informing on the closure of its service stations and other operations in the country.
It's not exactly the Russian government that did this. It's just that when NATO countries sanction and decouple with the largest exporter of natural gas in the world, there are bound to be consequences. pic.twitter.com/zQO454qerP
— Taylor (@Taylor37287669) March 8, 2022
The Ukrainian conflict worsened the regional division in the Middle East. Even though many countries continue to send military equipment to Ukrainian forces, Western countries rejected Kyiv's demand to impose a no-fly zone over the country, which would affect world trade by far.
With the pass of days, Ukrainians continue to flee their country to neighboring countries like Poland, Romania, and Moldova. The people who have already abandoned the country since Russia launched its special military operation surpass 1.7 million.
Newsletter
