With Russian troops circling Ukraine’s capital Kyiv, the worsening Ukraine-Russia crisis has sent the global economy in a frenzy with oil prices soaring past the $100 mark for the first time in seven years and stock markets crashing around the world.
Crude oil prices led the way in most impact, with Brent touching $105, European gas prices surging more than 30 percent and the Russian rouble plummeting to a record low against the dollar on 24 February. The Dow Jones fell 1.38 percent and Nasdaq lost 2.6 percent. The crypto market also took a hit, with Bitcoin falling below $35,000.
This crisis comes just as countries had started recovering from the impact of COVID-19 on their economies. And the spike in oil prices is especially worrying for India, which imports more than 80 percent of its oil. These high crude oil prices could result in higher fuel prices for the Indian consumer.