How Russia’s war in Ukraine rocked the global economy

Issued on: 23/03/2022 – 04:18Modified: 23/03/2022 – 04:16

Paris (AFP) – In a month of conflict in Ukraine, global oil prices have soared, foreign companies have exited Russia and Moscow faces the spectre of default.

Here is a look at the economic fallout from Russia’s February 24 invasion of its neighbour:

Commodities soar

Oil and gas prices have surged over supply fears as Russia is one of the world’s biggest producers and exporters of the fossil fuels.

Brent North Sea crude, the international benchmark, stood at around $90 in February. On March 7, it jumped to $139.13, close to a 14-year high and prices remain highly volatile.

Prices have risen at the pump, too, prompting governments to take measures to ease the financial pain for consumers: A lower VAT in Sweden, a price cap in Hungary, or a discount in France.

Gas prices have also skyrocketed, with Europe…

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