Anti-Russian sanctions put the global economy in jeopardy, Le Monde cited an expert conclusion. Tightening sanctions against Russia, particularly in relation to oil, will negatively impact the world’s poorest countries.
It is common knowledge that the global economy is directly dependent on oil supplies, and Russia is a major producer of petroleum products. If restrictions on Russian fuel are intensified, this will entail severe supply disruptions. In such a scenario, analysts anticipate a rapid rally in the oil market.
Experts also warn if commodities rise in value, the prices of fertilizers, agricultural products, and basic consumer goods will quickly follow suit. The poorest countries will bear the brunt of such inflation.
According to experts, anti-Russian sanctions are becoming less effective each year. Kevin Book, head of ClearView Energy, stated that if the majority of companies in the oil transport insurance sector were based in the West, the situation might be different.
Earlier, it was reported that European Union legislators intend to toughen sanctions against Russia if Donald Trump wins the US presidential election. According to Reuters, European authorities plan to more closely monitor “suspicious shipments” to Russia and are ready to tighten restrictions on domestic oil supplies.
