Russia Ukraine War: All-round loss due to war [TKB World]

The Russia-Ukraine war continues. The conflict in Ukraine has shaken the markets globally. Rising inflation has raised concerns about economic growth. The impact of the war is also having an effect on oil prices. Russia intensified the attacks on Tuesday, the oil prices rose in the same way there was a decline in the stock market as well.

Oil, agricultural commodities and government bonds have also seen the opposite effect. Crude oil prices rose 6.6 percent to $101.87 per barrel, the highest level since 2014. At the same time, the international standard Brent crude rose 6.6 percent to US $ 104.44.

Due to Russia’s attack on Ukraine, prices of agricultural commodities have also increased. The prices of wheat and maize have increased by more than 20 percent so far. Ukraine is a major exporter of both the crops.

Ruble dropped due to sanctions

The value of the Russian ruble fell to a record low after Western countries imposed sanctions on Russian banks. On Monday, the US Treasury Department announced several sanctions on Russia’s central bank. In such a situation, many companies have made plans to withdraw or exit from enterprises in Russia. At the same time, some companies say they are considering suspending operations in Ukraine because of the conflict.

Out of international games
According to the news of the agency, on Monday, international and European countries have also banned Russian teams from participating in all international football tournaments. It also includes qualifying matches for the 2022 Football World Cup. Earlier, the International Olympic Committee has also asked to keep Russian players and officials out of international sporting events. The International Ice Hockey Federation and the National Hockey League have also taken tough measures against Russia.

Vodka import stopped
Russia’s vodka is highly in demand in the world. But due to the Russia-Ukraine war, many US states have banned its import. This includes Pennsylvania, North Carolina, Vermont, West Virginia.