Saturday, October 28, 2023

Ukraine War 1 Year On: Who Pays the Price?

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One year since Russia’s invasion of Ukraine, the West continues to impose sanctions on Moscow in an effort to weaken Vladimir Putin’s war effort. US President Joe Biden warned that the rouble would be reduced to rubble and the economy cut in half. These sanctions have targeted Russia’s banking, energy, access to global trade and its oligarchs.

Despite the sanctions, Russia has managed to maintain its energy exports and the war continues to rage on. The conflict has had a profound effect on the global economy, from an energy crisis in Europe to food shortages in Africa. In Senegal, bakers are struggling to cope with the rising cost of ingredients due to the war.

The war has also had a major impact on the aviation industry. Air India recently sealed the biggest aviation deal in history, a sign that the industry is beginning to recover from the pandemic-induced downturn. However, the long-term effects of the war remain to be seen.

The sanctions imposed by the West have had a significant economic impact on Russia, but it is yet to be seen if they will be enough to bring an end to the conflict. In the meantime, people around the world are bearing the brunt of the war’s consequences, from energy shortages to food insecurity. As the war enters its second year, it is clear that the cost of this conflict is still being counted.

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