East Africa: Ukraine Crisis Can Hurt East Africa

s the crisis in Ukraine deepened with the Russian occupation of Crimea, the question is, will East African economies be hurt by the standoff? Unfortunately, the answer is yes.?As the West moves to impose sanctions on Russia, it will mainly targeting its oil exports, which the country needs in order to earn US dollars. However, China will likely remain closely aligned with Russia and continue to purchase the latter’s oil exports. Thus, the sanctions will have little effect on Russia, but could drive up global oil prices as smaller producers struggle to keep up with global demand.?If that happens, traders in East Africa including Rwanda would be forced to hike their own prices to balance the additional overheads and the final burden would as usual be met by consumers. Click here

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