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Russia Invades Ukraine: What's next for us?

By Kayla Sullers
On February 26, 2022

A large boom at 6 a.m. shook Ukraine residents early Thursday, Feb. 24, after Russia launched a full-scale invasion. Airstrikes were released on cities and military bases, and troops and tanks were deployed from three sides in the attack.

The Ukrainian government sought help as civilians fled in trains and cars while forcing martial law to ensure their safety. The New York Times reported Thursday at least 137 soldiers and civilians had been killed in the attacks thus far.

U.S. President Joe Biden criticized the Russian intrusion in broadcast comments from the White House on Thursday. Biden reported new sanctions on Russia following the assaults, removing Russia's biggest banks and organizations from Western monetary business sectors, limiting U.S. imports of innovation to Russia, and freezing trillions of dollars in Russian resources.

Russian President Vladimir Putin ignored global condemnation and cascaded new sanctions. He unleashed the largest ground war in Europe since World War II. Putin threatened any country trying to interfere with "consequences you have never seen."

Regardless of the U.S.'s decision to not take part in a battle with Russia, the conflict in Eastern Europe can cause damage to the economy overseas. Americans could feel the impacts of Russia's intrusion into Ukraine.

As indicated by CNBC, oil costs rose 8% on Feb. 24 to reach $100 a barrel, the most noteworthy high since 2014. The stock market plunged once the assault hit, with the Dow dropping 830 points, CBS News announced. The Dow, Nasdaq and S&P lists had all fallen by 2% from a day before by Thursday evening.

The U.S. doesn't get a lot of food from Russia or Ukraine; however, Americans could, in any case, see more exorbitant costs at supermarkets. Ukraine is a major producer of wheat, barley, rye and corn, while Russia is the world’s largest wheat exporter.

“If a war does break out and other countries stop importing from them and shift to importing from the U.S., prices will go up, and we could see some shortages,” Phil Lempert, a food marketing and consumer behavior analyst, told NBC News.

The sanctions are not expected to force immediate hardships on Russia, but U.S. consumers can expect higher costs at the gas pump and in the supermarket right away.

Courtesy Photo 

 

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