The impact on food and energy supplies amid Russia’s invasion of Ukraine will be long-lasting, experts say

  • Date: 15-May-2022
  • Source: Business Insider
  • Sector:Oil & Gas
  • Country:Gulf
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The impact on food and energy supplies amid Russia’s invasion of Ukraine will be long-lasting, experts say

In the months since Russia ordered troops into Ukraine, a flurry of sanctions issued by Western countries has failed to curb . With a drawn-out conflict appearing more likely, the political determination to punish President Vladimir Putin's nation suggests a prolonged period of sanctions lies ahead. Some experts say that the prospect of continued disruption to food and energy supplies as a result of the war will trigger a search for long-term alternatives to Russian imports. While the price shock of the conflict is felt globally, the disruption to energy supplies is most keenly felt in the European Union (EU), which sources and 40% of its from Russia (the US, by comparison, got about 3% of its crude oil from Russia in 2021). In its sixth round of sanctions against Moscow, the for a total ban on Russian oil and refined product imports by the end of the year. "Let us be clear: it will not be easy," European Union President Ursula von der Leyen said in a speech outlining the proposals. "Some member states are strongly dependent on Russian oil. But we simply have to work on it." While shifting away from Russian oil may prove difficult, Europe's reliance