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New Delhi, Feb 24: Expressing concern over ongoing tensions between Russia and Ukraine, India on Thursday said that the situation is in danger of spiralling into a major crisis which may undermine the peace and security of the region. India’s Permanent Representative to the United Nations TS Tirumurti made this statement in the backdrop of Russia ordering troops into Ukraine’s breakaway regions Donetsk and Luhansk. Ukraine requested an urgent United Nations Security Council (UNSC) Meet after Heads of these regions asked Russian President Vladimir Putin for help.
Russian President Vladimir Putin on Thursday announced a military operation in Ukraine, claiming it’s intended to protect civilians. Delivering an emergency address, Putin said the operation has been launched to demilitarize the country.
In a televised address, Putin said the action comes in response to threats coming from Ukraine. He added that Russia doesn’t have a goal to occupy Ukraine. Putin said the responsibility for bloodshed lies with the Ukrainian “regime”.
Although India has not taken a stand against the crisis, the war between the two countries will have some negative impact on the country. It was evident after the Indian equities markets key indices, Sensex and Nifty, crashed by nearly 3 per cent on Thursday as oil prices soared above $100 a barrel-mark for the first time in eight years after Russian troops launched their attacks on Ukraine. The benchmark Sensex was trading 1707.25 points or 2.98 per cent down at 55,565.96 points at noon against its previous day’s close at 57,232.06 points.
So, here is the list of items which will get costlier in India in the wake of the Russia-Ukraine war:
Fuel Prices:
The first and biggest casualty is fuel prices. Being the third-largest consumer of crude oil in the world, petroleum products are likely to get expensive as crude oil prices near $104 per barrel after Russian forces attacked Ukraine.
The government, which brought down the prices during Diwali last year, is likely to hike the fuel prices after the completion of assembly elections.
Edible Oil:
Ukraine is the biggest producer of sunflower oil and it accounts for almost 80% of India’s sunflower oil imports. The impact on its supply will automatically increase the price of the edible oil.
Wheat:
More than a quarter of the world’s wheat exports come from Russia and Ukraine. In the wake of the war, the flow of wheat and grain could be disrupted.
Ukraine and Russia account for almost 70% of the world’s sunflower oil shipments.
Metal Price:
Russia is the world’s top producer of Palladium and the world’s second-largest producer of Platinum. It is used in a critical component in catalytic converters – a part of a car’s exhaust system that controls emissions.
Palladium is also used in electronics, dentistry, medicine, hydrogen purification, chemical applications, groundwater treatment, and jewellery. Palladium is a key component of fuel cells, which react hydrogen with oxygen to produce electricity, heat, and water.
Story first published: Thursday, February 24, 2022, 14:23 [IST]