It has been almost five months since the war between Russia and Ukraine started. The war does not seem to be over yet. Ukraine has been annihilated in this war. Homes, schools, hospitals, factories, railway stations and airports have been razed to the ground in Ukraine.
Economically, Ukraine has also suffered huge losses. The Russian economy is also at a standstill. Let’s look at the overall impact this war has had on Russia and Ukraine, and on a global scale.
Food and Economy: Russia and Ukraine were major exporters of wheat, barley, corn, and cooking oil to the world. This war has hampered these exports.Due to this, the economies of these two countries have been affected and the countries that rely on food imports from these two countries have faced food shortages.As a result, international food prices have increased. It also caused inflation internationally.
Infrastructure damage: Ukraine is the most cost-effective city in Europe. Transport fares here are very low. The war has leveled 30 percent of Ukraine’s infrastructure.8,000 km of road has been demolished. More than 300 flyovers, 4,430 residences, 92 factories, 378 schools, 138 hospitals, 12 airports, and 7 power stations were destroyed. Its indirect loss is $600 billion.
Crude Oil Trade: Russia is the world’s second largest natural gas producer and third largest oil producer. European countries were heavily dependent on Russia for their petroleum needs. Currently, European countries are making alternative arrangements due to the embargo on Russian energy.