[ad_1]
Russia’s invasion of Ukraine will not only affect the eastern European nation but the UK will also feel repercussions.
Boris Johnson said the invasion is a “catastrophe for our continent” after Russian tanks rolled into Ukraine on Thursday morning.
The attacks may be in a country more than 1,000 miles away from the UK but the ramifications will be felt here as global commodity prices jumped towards multi-year highs over fears of sanctions and supply disruption.
Follow live updates of Russia’s invasion of Ukraine
These are the ways the invasion could affect the UK:
Oil and gas
Less than 5% of the UK’s gas comes from Russia, with the rest coming from the North Sea and Norway as well as liquified natural gas from countries such as Qatar and the US.
But as the rest of Europe is more reliant on Russian gas, which comes through Ukraine, if its pipelines are cut off other countries could be scrambling for gas which could cause a knock-on effect for UK supplies. Up to 50% of Germany’s gas is Russian.
UK gas prices rose by more than 30% as Russia invaded while oil prices rose above $100 a barrel for the first time since 2014.
Energy bills are already rising in the UK and across Europe and if less gas is available, that could push prices up even further.
Read more: Inside Putin’s mind – Why is he invading Ukraine and what does he want?
Please use Chrome browser for a more accessible video player
‘Russian flag’ at Ukraine power plant
Samuel Tombs, chief UK economist at Pantheon Macroeconomics forecaster, said if the surge in oil, natural gas and electricity prices is sustained there could be an extra 1.5 percentage points boost to the UK’s consumer price inflation.
“CPI…
[ad_2]
Source : skynews
