<strong>Sanction Consequences</strong>

smaransingh

Jul 4

With Ukraine still fighting the war with Russia, There is a constant threat of inflation hovering in the sky. It's been almost 5 months since the war started but still, we haven't got any result. This war has not only impacted Russia or Ukraine but the whole world is facing the consequences due to a surge in the prices of essential commodities like wheat, oil, etc. The war has led the biggest exporter of grain, Russia, to divert its export for its consumption.

Sanctions on Russia

Not only the war but also the series of sanctions on Russia has led to a surge in the prices of essential commodities.
The approval of Nord Stream 2, a USD 11 billion gas pipeline across the Baltic sea owned by Russia, has been halted by Germany.
Britain has condemned Russia and has placed sanctions against 5 Russian banks and 3 Russian billionaires. They have given warning that if Russia doesn't stop themselves then they will declare Russia as a 'pariah state'.
European Union, a group of all the European countries has decided to cut down their Russian oil imports by sea by the end of 2022.
USA and EU have barred all the top officials of the Russian Government from entering their region.
The USA-backed task force has blocked over USD 30 billion worth of assets owned by Russian oligarchs.

India is in constant touch with Russia

In the initial stages of the war, when thousands of Indians were there trying to flee the country. Indian PM Narendra Modi talked with both counterparts to stop the war for a few hours and provide a safe passage for the Indian nationals so that they could reach a safe place.
When the world was playing the blame game, the Indian PM tried to resolve the issue through dialogue and diplomacy.
Even during the voting session in the UN, India tried to be neutral and promoted diplomacy as the only way to resolve the prevailing situation.

India's surging import of oil from Russia

With Russia facing sanctions on oil exports from the EU. Russia started selling oil to India at a discounted rate.
In February, Russia's export of oil to India was less than 3%. But now Russia is India's second-largest source of crude oil, after Iraq.
In the beginning, India was criticised for importing oil from Russia. But India's foreign policy didn't change and Indian External Affairs Minister S. Jaishankar told that our policy is for the people of our country and we don't think what the world says.

Conclusion

The war which was started due to the unnecessary pinch by the USA can only be stopped through dialogue and diplomacy.
Countries like Egypt are feeling the heat of war. There is a shortage of wheat in Egypt and India is trying to help them by providing them with wheat.
India can play the role of mediator between Russia and Ukraine. Since it has good relations with Russia.
The only way to keep the thoughts of inflation away is by stopping the war.

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