The war between Russia and Ukraine negatively impacts the sectors like metals, crude oil, and several other industries. Due to the Russia Ukraine war, global supply chains have been disrupted, many sectors have been affected due to ear we have discussed some of the sectors below.
Crude oil sector.
Across the globe, Russia is the 3rd largest crude oil exporter; due to the war, the price of crude oil is estimated to be around 110$ per barrel. On Wednesday, the cost of crude oil went to 110.23$ per barrel. Various sectors like paint and oil makers depend on crude oil are dependent on crude oil, and India only imports around 85% of crude oil.
Edible oil.
The World’s major exporter of sunflower oil is Russia and Ukraine; from 2020 to 2021, 18.93 lakh tones of sunflower oil were imported by India. On the other side, Ukraine exported 13,97 lakh tonnes of sunflower oil. Russia exported 2.22 lakh tones; the sunflower oil sector was severely affected due to the Russia Ukraine war.
The sector of agriculture.
Due to the war between Russia and Ukraine. Russia and Ukraine are among the world’s leading agricultural product exporters globally; they export more than 30% of what and 32% of barley, as the war has a more significant impact on this sector.
The drugs area might see a negligible effect as its products to Russia and Ukraine are presently absolved from sanctions.
Taking about pharamaceutucals sector the openness of Indian medication creators to these geologies is low at practically 3% of their complete commodities, CRISIL has said.