The Russia – Ukraine war has brought about major challenges in the world economy. The inflations of daily goods and services have affected the people who are majorly dependent on the countries at war.
Further, the European nation’s fuel stock prices have risen for a possible shortage of fuel this winter. Following this, there might be electricity shortages alongside the rising fuel prices. Germany to cut short 20% of the gas usage for this winter to cope with summer. Europe’s river transport of consumer goods is said to struggle to reach Germany cutting off coals and other fuels of the country. By strictly rationing food and other supply of consumer goods the economy is trying to overcome the crisis.
Russia’s invasion of Ukraine has reconfigured the global oil market, with African suppliers stepping in to meet European demand and Moscow however if Russian supplies were suddenly cut overnight, which could tip Germany into a major recession because entire industries rely on gas and most German homes use it for heating.
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