Ukraine crisis: Several products may face trade risk
Published: 12:19 20 February 2022
There have been a lot of talk around the world about the implications of a Russian invasion on Ukraine. Russian President Vladimir Putin has repeatedly been saying that he has no intention of invading Ukraine at all, but that the Western military, especially the United States, has repeatedly emphesizing on their words that Russia is going to invade Ukraine very soon.
The United States and its Western allies have long threatened to impose tougher sanctions on Moscow if it invades the neighboring country. Observers fear that the imposition of an international embargo on Russia will disrupt the supply of various products.
Among the potential for sanctions, prices of nickel and aluminum, already important metals, have peaked the highest in recent years. Here are some indications on the influence that may occur if more sanctions are imposed over Russia.
Russia produced 920,000 tons of refined copper last year, which is 3.5 percent of the world's total production. Of this, 4,8,741 tons of copper was produced by the Russian company 'Nornickel'. Another major Russian copper producer is UMMC and the Russian Copper Company. Copper of these companies goes to Europe and Asia.
Russia produced 4 percent of the world's steel last year, according to the 'World Steel Association'. The amount is 760 lakh tons. Their main steel producers are Severstal, NLMK, Ivraj, MMK and Meckel. About 50 percent of this steel goes to Europe.
Russia is a major producer of potash, phosphate and nitrogenous fertilizers. The country produces more than 50 million tons of these fertilizers every year, which is 13 percent of the global production. FosAgro, Uralchem, Uralkali, Acron and Eurochem are major Russian fertilizer manufacturers. They export fertilizers to different parts of Asia.
Russia is the largest producer of wheat in the world. Last year, the country produced 76 million tons of wheat. The main buyers of Russian wheat are Turkey and Egypt.
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