Perspective: Russia-Ukraine Conflict: Global Economic Impact

Context: In this episode of the Perspective Prog. based on 'Russia Ukraine Conflict: Global Economic Impact'. The Russia-Ukraine conflict has upended commodity markets from oil to gas and wheat leading to the prospects of increase in inflationary pressure on countries trying to revive their economic growth after the pandemic. 

• Crude oil prices continue to rise and oil companies like Shell and BP are winding up their operations in Russia. 
• Russia is the world’s third-biggest oil producer and the second-most influential member of the OPEC+ alliance behind Saudi Arabia. 
• Sanctions imposed by US and other western countries on Russia particularly banning some Russian banks from the SWIFT global financial payment system is expected to make it cumbersome for many  companies to do any kind of business with Russia. 
• Finance Minister Nirmala Sitharaman has recently said that the Centre govt was seized of the matter and discussions were on for a complete assessment of the issue.