Oil And Gas Market Volatile, Petrochemical Market May Follow Suit If Invasion Prolongs
On 24 th of February 2022, Russia invaded neighbouring Ukraine under the garb of existential crisis. Russian forces have opened three-front war on Ukraine, troops and tanks have been entering from Donbas, Belarus and Crimean Peninsula. Certain anticipated implications have manifested rather instantly where crude oil prices have breached USD 100 per barrel while stock markets have nosedive globally. These developments will not only lead to regional instability but also have global ramifications. Consequently, West has also started imposing economic sanctions and other reprisals on Russia for “illegally” invading Ukraine. Major western powers including USA, EU, UK, Canada and other nations have imposed heavy financial sanctions and export controls in order to isolate Russia from global financial system. Impact on Oil and Gas and their derivatives Repercussions of Russia-Ukraine war are likely to appear on global convertors’ margins, as crude value has already started hampering their...