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| Source: Financial Times |
What Is the Ukraine - Russia War?
The Ukraine - Russia War has been going on since 20th February 2014. The war has been going on for almost 10 years now. The war has resulted in at least 62,295 deaths and at least 14,000 buildings destroyed over the past 10 years. The reason for the war is that Vladimir Putin, Russia’s president, believes that Ukrainians and Russians constitute “one nation”.
Ukraine was a part of Russia under the reign of Catherine the Great, however, Ukraine became its own country only recently in 1991. Vladimir Putin aims to “right the wrongs” that happened in the Cold War 30 years ago when they were known to be the USSR (Union of Soviet Socialist Republics).
According to the Guardian, “The number of battlefield casualties in Ukraine is approaching nearly 500,000 Russian and Ukrainian soldiers, US officials have told the New York Times, marking a significant rise in the death toll this year after intense fighting in the east of the country.”
How does the Ukraine - Russia War impact the world?
The Ukraine - Russia war was a massive and historic energy shock to the markets according to a November 2022 report by the OECD (The Organization for Economic and Cooperation and Development). The war is said to have had the greatest impact on the European Economy. This is because the Euro area depends very strongly on energy imports and Russia was a key energy supplier to the Euro area before the war. Additionally, Russia and Ukraine played a key role in supplying the Euro area with fertilisers and food before Russia’s invasion.
Especially in the United Kingdom, the Ukraine - Russia war has resulted in an increase in the prices of basic commodities. Additionally, global oil prices have increased by 11% and UK wholesale gas prices have increased by 40% since the war. It has resulted in squeezing the supply and pushing up prices to unprecedented levels.
According to The Wall Street Journal and other sources, the war will never end. It might have long pauses for ceasefires. This is a matter of life and death for both nations, and neither is willing to back down. Although Russia is heavily overpowered by the amount of military power, Ukraine will continue to fight and preserve its dignity.
It is going to take a lot of money to rebuild Ukraine after the impact it has gone through and to think that it is not over yet. Countries such as Poland, Estonia, Latvia, the United States, Lithuania, and Portugal are helping Ukraine by providing it with financial aid. The United States is the largest provider of military assistance to Ukraine, having committed $43.7 billion since the start of the Biden administration. $43 billion of that assistance has been provided since February 2022.
The Bottom Line
The Ukraine - Russia war has not only heavily impacted Ukraine primarily, but also the entire world. A strong impact on inflation rates has resulted in making everything insanely expensive for all the countries that relied on Russia for trade. Russia’s hunger for power has resulted in hurting the entire world, but they do not care.
According to the Guardian, “The number of battlefield casualties in Ukraine is approaching nearly 500,000 Russian and Ukrainian soldiers, US officials have told the New York Times, marking a significant rise in the death toll this year after intense fighting in the east of the country.”
How does the Ukraine - Russia War impact the world?
The Ukraine - Russia war was a massive and historic energy shock to the markets according to a November 2022 report by the OECD (The Organization for Economic and Cooperation and Development). The war is said to have had the greatest impact on the European Economy. This is because the Euro area depends very strongly on energy imports and Russia was a key energy supplier to the Euro area before the war. Additionally, Russia and Ukraine played a key role in supplying the Euro area with fertilisers and food before Russia’s invasion.
Especially in the United Kingdom, the Ukraine - Russia war has resulted in an increase in the prices of basic commodities. Additionally, global oil prices have increased by 11% and UK wholesale gas prices have increased by 40% since the war. It has resulted in squeezing the supply and pushing up prices to unprecedented levels.
According to a report by the European Central Bank on the effect of Russia’s invasion of Ukraine, “Prices for food products such as wheat (as an ingredient of flour, bread and pasta) or oilseeds, for which imports from Ukraine and Russia had played an important role before the war, recorded inflation rates far above average food inflation. For example, sunflower oil and other edible oils were over 47% more expensive for euro area consumers in January 2023 than one year previously.”
Will There Ever Be an End to the Ukraine - Russia War?
Will There Ever Be an End to the Ukraine - Russia War?
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| Source: India Today |
According to The Wall Street Journal and other sources, the war will never end. It might have long pauses for ceasefires. This is a matter of life and death for both nations, and neither is willing to back down. Although Russia is heavily overpowered by the amount of military power, Ukraine will continue to fight and preserve its dignity.
It is going to take a lot of money to rebuild Ukraine after the impact it has gone through and to think that it is not over yet. Countries such as Poland, Estonia, Latvia, the United States, Lithuania, and Portugal are helping Ukraine by providing it with financial aid. The United States is the largest provider of military assistance to Ukraine, having committed $43.7 billion since the start of the Biden administration. $43 billion of that assistance has been provided since February 2022.
The Bottom Line
The Ukraine - Russia war has not only heavily impacted Ukraine primarily, but also the entire world. A strong impact on inflation rates has resulted in making everything insanely expensive for all the countries that relied on Russia for trade. Russia’s hunger for power has resulted in hurting the entire world, but they do not care.
As stated by the official website of the Ukraine - Russia War, “Ultimately, the answer to the question is simple: a country that shuts down any expression of freedom can never understand, nor live with or next to, a country that represents the very essence of freedom.”
Written by - Vidita Sachdeva
Written by - Vidita Sachdeva
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