Skip to main content

Russia and Ukraine war felt globally with rising commodity prices

by Mareyah Bhatti, Mar 7
1 minute read

Since Russia invaded Ukraine last month, the impacts have been felt globally. We mustn’t forget the tragic scenes displayed on our screens of the disruption and loss of life, but there is also another type of consequence – economic.

yellow and blue wooden fence

In the past few weeks, the price of an oil barrel has risen to beyond $110 per barrel signalling a short supply to come following sanctions on Russia as wariness grows about dealing with the nation.

So what?

Russia supplies around 40% of Europe’s gas. The recent spike in prices means we’re “approaching the limits of affordability in Western Europe”, and are vulnerable to the “leverage” the Kremlin has over Europe.

Boris Johnson has called for a ‘climate change pass’ for the gas industry, to remove Western’s Europe reliance on Russia for its supplies. Some have argued that this is a matter of national security and fragility, but this could be a step backwards in the transition to renewable energy. This narrative sadly contradicts all the efforts of COP26 in 2021.

Sanctions and restrictions in trading with Russia are only predicted to increase, so the likelihood of a climate ‘pass’ is looking ever more likely.

Sources

Details

by Mareyah Bhatti Spotted 43 signals

Focus areas: Food & nutrition, Climate change, Health

Have you spotted a signal of change?

Register to receive the latest from the Futures Centre.
Sign up

  • 0
  • Share

Join discussion

Related signals

Our use of cookies

We use necessary cookies to make our site work. We'd also like to set optional analytics cookies to help us improve it. We won't set optional cookies unless you enable them. Using this tool will set a cookie on your device to remember your preferences.

For more detailed information about the cookies we use, see our Cookies page.

Necessary cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.

Analytics cookies

We'd like to set Google Analytics cookies to help us to improve our website by collecting and reporting information on how you use it. The cookies collect information in a way that does not directly identify anyone. For more information on how these cookies work, please see our 'Cookies page'.

>