As The Russia-Ukraine War Continues, Global Businesses Fall Exponentially
History has taught us that wars can be damaging to all of the parties involved, including the victorious ones. Be it in the medieval or modern age, wars have served no good for humanity and this is equally true today. Since the nature of wars is disruption, it is likely to be the foremost outcome. Innocent people lose their lives. Seniors, handicapped, and innocent civilians fall victim to ‘collateral damage.’ Houses get burned. Apart from that, the economy falls and poverty becomes rampant.
In April 2022, Vladamir Putin – the president of Russia – declared war on Ukraine and the Russian aggression continued for many months. Hundreds of civilians lost their lives while major cities, including Kyiv, the capital of Ukraine, were burned to ashes.
While Ukraine continues to suffer immensely under the Russian siege, they are not alone. Countries like the U.S., U.K., Canada and all European Union (EU) countries have ceased their businesses with Russia. It is pertinent to note here that Russia is the grand exporter of natural oil and gas. Since the fall of the Soviet Union, Russia has been in sync with all the globally leading countries. Similarly, Russia has been on the same page with the European Union.
Nonetheless, Russia under Putin’s presidency seems to be a whole different country. It has broken all the global agreements with the world superpowers and the EU while declaring war on Ukraine. Consequently, this has disastrous impacts on all these countries.
Global Business Fall Exponentially
As mentioned earlier, the Russian-Ukraine war has impacted all countries in the world. However, one of the devastating impacts of this ruthless war is the fallout on global businesses. Likewise, financial experts also believe that the current soaring inflation is also due to the Russia-Ukraine war.
While major countries like the U.S., U.K., Canada and other European countries have ‘ceased’ their businesses with Russia, the impact is obvious. Prices have gone up in an unprecedented way and inflation is soaring. Thus, if you are bothered by the current soaring inflation – and anticipated recession – perhaps Russian aggression in Ukraine is to blame.
Furthermore, the Bloomberg report reveals that “China – who seemingly favors Russia – is also struggling with its economy.” Getting out of the COVID, Chinese economists were anticipating a staggering growth in the Chinese economy. “The expectations of Chinese economists are lashed as we look at the latest data of May 2022,” says the Bloomberg report.
It is pertinent to note here that every country is equally hit by the soaring inflation due to the Russia-Ukraine war. Unprecedented gas prices ($6 per gallon) in the U.S., high mortgage rates in New Zealand, and soaring inflation in Canada are some of them.
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