How important is Russia in the global economy? What effects can the conflict in Ukraine have on markets and trade? Here are some graphs to help see it more clearly.
© Natacha Pisarenko Associated Press
What effects can the conflict in Ukraine have on markets and trade?
A power more military than economic
Russia is a great military power, but it only ranks 11e ranks in the world by the size of its economy, according to World Bank data. She was, in 2019, the 20e source of products imported from the United States. Its most exported product categories are oil, natural gas, machinery and ferrous metals. Ukraine, meanwhile, is the 54e Mondial economy.
Crude oil at a peak
Oil prices soar. For the first time in seven years, the price of a barrel of Brent has exceeded the symbolic bar of 100 US dollars. Thursday, during the day, it traded at more than 105 dollars, before falling back below 95 dollars on Friday.
Wheat leaps
The crisis between Ukraine and Russia, two heavyweights in the agricultural sector which account for 29% of world grain exports, also drives up the price of wheat. This suggests an increase in the price of products sold on our shelves, which would contribute to fueling the already galloping inflation.
Natural gas suffers
Europe imports 40% of its natural gas from Russia, according to Eurostat data, and the crisis is having an impact on prices. In Rotterdam, the Dutch TTF benchmark jumped to around 134 euros per megawatt hour on Thursday.
European dependence
Natural gas is Russia’s most exported product, after crude oil and other petroleum products. Some European countries are also very dependent on natural gas from Russia. However, these countries do not necessarily use natural gas as their sole source of energy. For example, according to The EconomistFinland used it in 2021 for only 3% of its energy consumption and Germany, 27%.