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The new energy shock: Putin, Ukraine and the global economy
The Russian invasion has led to sharp rises in worldwide energy prices, increasing the risk of higher inflation and reduced growth.
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A burning oil depot reportedly hit by shelling near the military airbase Vasylkiv in the Kyiv region in Ukraine on Feb 27, 2022.
PHOTO: REUTERS
Derek Brower, Tom Wilson and Chris Giles
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(FINANCIAL TIMES) - Even before Russian tanks rolled into Ukraine on Thursday, Western governments were struggling with rising energy prices that threatened to derail economies emerging from two years of pandemic. Russian President Vladimir Putin's aggression could now turn that threat into a reality.
From crude oil to diesel to natural gas, the fossil fuels that power the global economy are trading at or towards record levels, threatening to redraw geopolitical relations between producers and consumers, drive up inflation and potentially even disrupt the fight against climate change.
