The Russian invasion of Ukraine has shocked the whole world and there is a heavy amount of price the whole world is paying due to the war between these two countries. Their war is having outsized effects on the global supply chain, hindering the flow of goods, rapidly increasing fuel prices in various countries, and catastrophic shortages of food all around the world. The sharp increment in prices has doomed many poor people around the globe, these kinds of increased prices increase the number of poor people in the world.
Impacts of the Russia-Ukraine war on the world
1.) Food Shortage
Wheat, barley, corn, and cooking oil are mainly supplied by one of their top exporters Russia and Ukraine throughout the world and if we talk about wheat so Ukraine and Russia export about a third of the world’s wheat and 75% of the sunflower oil also exports from these countries. The disputes between these countries have disrupted the flow of these goods the special impact you can see on low-income countries in Africa and Middle Eastern countries. Their fight is pulling many people under the poverty line which is not good for the world.
2.) Surging Refugees
As soon as the war had started in Ukraine more than 12 million people fled from their birth country and settled in other countries. This migration has become the world’s fastest-growing refugee crisis in modern history. Other countries such as the US, Romania, and many neighboring countries of Ukraine are accepting refugees. A large number of refugees are women and children, and over 7 million Ukraine citizens have been displaced in the country. Many host countries are facing trouble in providing refugees enough amount of social, health, and education protection.
3.) Energy Surging Prices
Not only food but energy conductors such as coal and natural gas has surged as well while coal prices have increased by 60 percent on the other hand natural gas price has increased by 40 percent. Brent crude oil price touches its all-time high in 10 years which is 130 dollars per barrel. During the war between Russia and Ukraine, the prices of everything have become volatile sometimes it touches skyscrapers, or sometimes it stays in its initial state. Due to the sanctions by many countries Russia has faced a tight time in finding buyers.
4.) Disrupted Transport Due To War
The ban on flights between Russia and other European countries has disrupted global transport. Global transport has to attempt re-routing and they have to take more long and expensive routes. Between Europe and East Asia, this impact has risen the most 20 percent of global air cargo has been affected by these bans.
