Sanctions..

 

The war in Ukraine is "a catastrophe" for the world which will cut global economic growth, the president of the World Bank has told the BBC.

"The war in Ukraine comes at a bad time for the world because inflation was already rising," said David Malpass.

Mr Malpass said the economic impact of the war stretches beyond Ukraine's borders, and the rises in global energy prices in particular "hit the poor the most, as does inflation".

Food prices have also been pushed up by the war, and "are a very real consideration and problem for people in poor countries".

Mr Malpass points out that both Russia and Ukraine are big food producers. Ukraine is the world's biggest producer of sunflower oil, with Russia number two, according to S&P Global Platts. Between them they account for 60% of global production.

The two countries also account for 28.9% of global wheat exports according to JP Morgan. Wheat prices on the Chicago future exchange have been trading at 14-year highs.

With the US rushed and disorganized sanctions and assets freeze which impact regular Russian people, a miserable existence caused solely by the Biden Administration. Just a thought.