Global stocks today fell while safe-haven investments like gold and US dollar hit multi-year high amid continuation of Russian military operation in Ukraine on ninth day.
After reports that Russian forces seized Europe’s biggest nuclear power plant in Ukraine, the currencies of many developing countries depreciated amid higher demand of US dollar.
Commodity prices like oil, gold and aluminum shoot up as sanctions of western countries over Russia have disrupted the supply channels. Experts said that cutting off many Russian banks from interbank payments system SWIFT, can hit the industries which depend on supply of industrial commodities. Many European countries are heavily dependent on Russian energy, particularly gas through several pipelines.
Moreover, supply of various agriculture products and fertilizers has also been affected following Russia-Ukraine conflict. Indian imports might also face brunt of it . Experts said, if the conflict will stretch further, global Supply chain specially edible oil and food supplies may be hampered badly.
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