A world that operates under globalization, no major country can be unplugged without significant harmful effects, effects that are likely to last for years. Right now, the world's working-class populations are suffering because of wrong-headed pursuits by politicians of the United States and the European Union over inclusion of Ukraine into both the EU and NATO.
In Explained: War impact, beyond oil, Harish Damodaran of the Indian Express explains how the War in Ukraine goes well beyond affected world petroleum prices.
Killing the ability of Russians to export affects the prices of commodities beyond petroleum oil markets.
Here are the markets being affected because of the hampering of distribution of Russian production as well as Ukrainian and Belarusian production (world ranking in parentheses):
- petroleum oil - Russia (3rd)
- natural gas - Russia (2nd)
- coal - Russia (3rd)
- wheat - Russia (2nd)
- sunflower oil - Ukraine (2nd), Russia (3rd)
- muriate of potash (MOP) fertiliser - Russia (2nd), Belarus (3rd)
- corn - Ukraine (3rd)
Of course, this has a knock-on effect on every substitute product such as other vegetable oils, other grains, and other fertilizers.
In Conflict seen reversing SE Asia gains, China Daily reports that any post Covid-19 economic gains in Southeast Asia likely will be wiped out.
The EU, a Mighty Entity or a Future Tributary
European Union political leaders need to reckon how they can heat and generate electricity from their own resources or they need either to downsize their populations or submit themselves as a tributary to Russia.
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