On Thursday, global markets trembled as Russia launched a military strike. According to estimates, wholesale prices for everything from gasoline to wheat increased in the United States.
Even for people who haven’t given much consideration to Eastern Europe and have never invested directly in oil, gas, or other commodities, the intensifying crisis has changed the value of mutual funds and exchange-traded funds in millions of retirement accounts.
Meanwhile, Oil prices, which have been steadily climbing in recent weeks as a result of the Russia-Ukraine war, have now surpassed $100 per barrel, owing to concerns that sanctions may damage Russia’s crude oil exports.
Given that India imports more than 80% of its oil, the development is a significant setback for the country.
Furthermore, the Russia-Ukraine situation has a significant impact on both Indian households and policymakers. 90 percent of India’s sunflower oil imports come from Ukraine and Russia combined.
Following that, among Asian markets, Indian markets took the worst of the impact. In fact, in the first hour of trading, the market capitalization of BSE-listed companies was reduced by $177 billion.
