Page 55 - Nigeriaone mag 2 edition en

Our economies are hanging by a thread

russian oil, illustrative image

Fuel price has risen significan- The Soviet Union does not exist Most importantly, Russia is a
tly in most part of the world in anymore, but Russia has proven nuclear power, a status that
the first part of 2022. This inc- to the World that it is a major grants Russians protection and
rease seems to be associated force that should not be igno- guarantees that they will not be
mostly with the crisis in Ukrai- red. By attacking Ukraine, Euro- attacked by the Americans or
ne. The entire globe went to an pean countries along with their the Europeans to preserve wo-
unprecedented crisis which ap- ally the US came together with rld peace.
peals to our spirits and should sanctions to force great-Russia To make matters worse, China
make us think twice. to stop its invasion. and India have found a way to
As a result, the world economy acquire Russian gas and oil at a
went into a recession with pri- cheaper price as we all know
ces increasing around the glo- nations have interests not frien-
be; not only fuel and its subsi- ds. They have jumped on the
diaries went up, but all other opportunity to get abundant
industries suffered from the supply and to increase their
war. productivity at the same time.
Russia is ranked at the sixth On the other hand, Ukraine car-
place when it comes to the ries a lot of weight as a food ex-
world oil reserve and entire re- porter, it contributes to 42% of
gions depend heavily on its sup- the sunflower oil traded world-
ply. It holds about 1.688 trillion wide, 16% of the maize and 9%
cubic feet (Tcf) of proven gas of the wheat. Some countries
reserves based on 2017 data like Lebanon depend heavily on
and is occupying the first place it. In some parts of the world,
in the world with just 24% of famine has started and that was
the world's total natural gas linked to the Russia- Ukraine
Pro Ukraine protesters in Nuremberg, reserves of 6.923 Tcf. conflict.
Germany

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