Former CIA station chief Dan Hoffman discusses the Ukrainian’s success against the Russians on Fox Business Tonight.
Russian President Vladimir Putin issued a retaliatory decree on Tuesday to hit “enemy” countries with ongoing export blocs that could further hamper the world market.
The move will aim to suspend existing deals and restrict Russia’s exports of “raw materials and products” that serve the interests of certain foreign entities.
RUSSIA INVASES UKRAINE: LIVE UPDATES
Russian President Vladimir Putin attends a meeting with senior officials via videoconference at the Novo-Ogaryovo residence near Moscow, March 31, 2022 (AP / AP Images)
The steps are in retaliation for the heavy international sanctions that have affected Russia since its illegal invasion of Ukraine nearly 70 days ago.
The bloc is said to be defending Moscow’s interests and counteracting “hostile actions contrary to international law by the United States and foreign countries and international organizations that have joined them,” Russian media reported.
Putin claims that international sanctions “illegitimately deprive the Russian Federation, citizens of the Russian Federation and Russian legal entities of [their] right to property[s] and restricting their right to property[s]”
Putin did not specify which nations or foreign groups would specifically target him, but instead called on his government to approve a list of entities to be sanctioned within the next 10 days.
HOUSE VOTES TO TERMINATE NORMAL TRADE RELATIONS WITH RUSSIA, BELARUS
The Moscow Stock Exchange reopened on March 24th after a long stall amid harsh sanctions from the international community. (Reuters / Maxim Shemetov / Photos on Reuters)
Russia has already imposed retaliatory sanctions against the United States and other NATO allies, but the latest threat could spark a new round of economic turmoil as it allows Moscow to cancel existing deals, a move that could create global shockwaves.
Human rights officials warn that global food supplies are expected to be negatively affected, which could be catastrophic for international hunger.
Before the war in Ukraine, Kyiv was responsible for contributing more than 10% to the world wheat market.
If Russia then takes steps to block its own wheat exports or cancel existing deals, up to 30 percent of global wheat supply could be affected, reports said earlier this year.
Similarly, Ukraine and Russia account for just under 30% of world supplies of barley, which is largely used for livestock feed.
Gasoline prices hover around $ 4 a gallon for the cheapest class at several gas stations in Washington, DC, on April 11, 2022 (Chip Somodevilla / Getty Images / Getty Images)
Corn and sunflower seeds – used for oil – have also noticed export vulnerabilities.
Worldwide prices have jumped at the pump and in grocery stores after first the global coronavirus pandemic, and then supply chain problems and rising inflation. But Putin’s decree blocking world trade could have additional significant economic consequences.
Add Comment