UN Secretary-General Antonio Guterres -
"The war in Ukraine not only has a huge impact on the lives of civilians but also has global consequences…Developing countries already in dire situations can simply not afford skyrocketing prices of food, fuel and other essential goods."
While the sanctions against Russia are almost certainly the right thing to do, they will hit all of our pockets by raising the price of crude oil in the global market. A few weeks ago crude hit $139.13 a barrel, just $8 off the all-time high achieved in 2008, and experts say $200-a-barrel oil is not out of the question. (The price has since stabilised at around $112 but it could easily surge again.) Russia is the third-largest petroleum producer globally, only behind the United States and Saudi Arabia.
Kerrin Land - MD: Personal Finance at Old Mutual -
“The invasion of Ukraine by Russian armed forces has rattled markets and world leaders, with heavy economic sanctions being implemented against Russia.
“A significant impact of the conflict over the short term is related to energy, given that Russia is the third largest exporter of oil and gas in the world. Higher oil prices, which for most countries means a shock to inflation, is going to have an impact globally.
“While this is unsettling for any investor and comes at a time when Covid-19 is still causing much uncertainty, it’s best not to make knee-jerk changes to your portfolio. The best course of action remains ensuring your portfolio is appropriate for your long-term investment goals, be it retirement, growth, income, or capital preservation.”
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