Affected by the situation in Ukraine, the prices of global commodities such as oil, natural gas and grain soared on the 24th. Analysts believe that rising energy and food prices will affect the lives of people in Europe and other places in the short term, and the sanctions imposed on Russia by Europe and the United States will also have a broad impact on the economies of Europe and the United States.
Affected by factors such as geopolitical risks intensifying market concerns about energy supply, international oil and gas prices have further increased recently. The price of Brent crude oil futures in London exceeded $100 a barrel during the session on the 24th, for the first time since September 2014, the wholesale price of natural gas in the United Kingdom and the Netherlands rose by 30% to 40%, and the price of wheat on the Chicago Board of Trade rose to 9.5 years. new highs.
Russia is the world‘s third-largest oil producer and a major global exporter of natural gas. About 27% and 41% of EU countries’ imports of oil and gas, respectively, come from Russia, some of which is transported through Ukraine. If energy supply is blocked by the escalating conflict between Russia and Ukraine, resulting in higher prices, it will be directly reflected in the heating, fuel and electricity bills of EU residents.
After the escalation of the conflict between Russia and Ukraine, the United States, the United Kingdom, and the European Union have successively announced sanctions against Russia. Analysts believe that Western sanctions against Russia will have a broad impact on its own economy.
The EU exports goods worth about 80 billion euros (about 566 billion yuan) to Russia every year, accounting for about 0.6% of the EU’s GDP. Among EU countries, Germany is Russia’s largest importer and exporter. France, the Netherlands, Poland, Italy and Belgium trade equally well with Russia. In addition, the EU is also the largest investor in Russia, and the scale of EU direct investment in Russia reached 311.4 billion euros (about 2,203.3 billion yuan) in 2019.
Rasmussen, executive vice-chairman of the Eurasian Center, a U.S. think tank, said that as the West imposes new sanctions on Russia, energy spending in European countries will soar, and European industrial development will slow down and may be difficult to recover for a period of time.
The CBS report said that the fermentation of the situation in Ukraine has affected the wallets of the American people. Rising commodity prices will make U.S. consumers pay more for fuel and other necessities, ultimately leading to a further rise in U.S. inflation.Return to Sohu, see more
Editor:
Disclaimer: The opinions of this article only represent the author himself, Sohu is an information publishing platform, and Sohu only provides information storage space services.