Written by: Adrito Prohor
Edited by: Shreyoshi Sharbojoya

There was an old saying that expressed how tragically destructive humans can be, this remains true today and the adage may remain true in the future if prompt action is not taken.

Currently, the world is in turmoil; it is struggling to find its feet with unprecedented upheavals occurring every day. Humanity has only recently begun to recover from Covid 19’s devastating blow. Nevertheless, political tensions continue to escalate quicker than ever. In addition, the conflict between Russia and Ukraine has had a significant impact on the world. To highlight a few, the current dispute is responsible for the global economic crises, the food crisis, the energy shortages, and a host of other problems that continue to slew. Peace talks should commence as soon as possible in an attempt to prevent the situation from getting any uglier.

But why? Russia invaded Ukraine because they thought their security and sovereignty would be threatened if Ukraine joined NATO. As a result, Russia was subject to sanctions from the United States and the EU. These sanctions would undoubtedly have a terrible impact on Russia’s economy, but they would also have a similar impact on the rest of the globe.

Well, in what ways does it impact Russia? The preponderance of the sanctions imposed on Russia are economic sanctions, which have the aim of slowing down and limiting the Russian economy’s growth. Additional sanctions are in place on Russian oligarchs with the main objective of pressuring Putin to remove his troops from Ukraine. Moreover, Limiting the export of technological components that Russia will require for the development of manufactured goods and military equipment is one of the further sanctions and it is a weapon to dismantle the Russian economy.

Russia is the largest land mass of the world and produces a substantial portion of oil and natural gas that are utilized as energy sources around the world. Russia also produces a large amount of commodities, such as wheat, which is imported by several nations. However, due to the sanctions; imports of oil, natural gas, wheat and other resources from Russia are disrupted. Numerous nations relied on Russian energy, but as a result of the sanctions, they are the ones that suffer.

Furthermore, If Asian countries are looked upon, it is observed that Bangladesh is suffering from a terrible energy crisis. Bangladesh used to purchase energy from Russia, but the sanctions have curbed the possibility of that now. Oil prices soared as a result, as did the price of natural gas. The nation’s load sheddings have begun, and the daily lives of the populace are now disrupted by the daily, six-hour load shedding that occurs nationwide.

According to the BP Statistical Review of World Energy: Japan, China, France, Spain, and Taiwan are Russia’s top five LNG consumers. European nations are heavily struck as a result of the sanctions. According to studies, natural gas prices are at an all-time high and are frequently 10 times the average price.

A further effect of the war is exceedingly high global inflation. The value of the dollar is still rising, and it has grown dramatically in Asian countries like Bangladesh, Pakistan, and India. Many imported goods are hence routinely expensive. Millions of individuals are unable to afford the selling prices because rising inflationary costs for production are making this unattainable. Except for those on fixed incomes, no one is concerned about inflation. If not, everyone would use it as justification to increase prices for goods and services according to their whims.

This calamity was caused by humans, so it must be resolved by people as quickly as possible. While further violence will only fuel the flames, peace negotiations can aid in the world’s recovery and act for the restoration to normalcy. The superpowers should work together to find a way to put an end to the suffering brought on by the conflict.