The European Union would endure a short and painful transition if it halted Russian oil and coal imports, but with the help of its international partners the bloc could end its dependence on Moscow, a new study shows.
A closely watched auto-industry forecaster lopped more than 5 million cars off its projections for global production this year and next, largely due to fallout expected from Russia’s invasion of Ukraine.
Sanctions are causing a shortage of microchips in Russia. Meanwhile, the U.S. and Europe are spending billions in a race to reduce reliance on imports just as China plans to turn itself into a chip powerhouse.
Ukraine President Volodymyr Zelenskiy is urging farmers to sow as many fields as possible to protect the food supply. But several of the nation’s largest agribusinesses say some plantings just won’t happen if Russia continues its war in Europe’s breadbasket.
Russia announced an export ban for more than 200 products after the economy was hit by sanctions over the invasion of Ukraine. It stopped short of curbing sales of energy and raw materials, the country’s biggest contribution to global trade.
Russia’s invasion of Ukraine means the food inflation that’s been plaguing global consumers is now tipping into a full-blown crisis, potentially outstripping even the pandemic’s blow and pushing millions more into hunger.
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