RIYADH: Russia’s invasion of Ukraine continues to send ripples through the business world, and gasoline prices are skyrocketing as a consequence of the military conflict.
While countries including Japan are imposing sanctions against Russia, firms such as UK’s Shell continue to import supplies from the country.
Looking at the bigger picture:
- Japan intends to impose more sanctions against Russian imports as it stands in solidarity with Ukraine. Those sanctions could have a great impact on the Asian country’s energy sector, Reuters reported, citing Hiroshige Seko, upper house secretary-general of the Liberal Democratic Party.
- Gasoline prices hit $4.0 per gallon on Sunday, its highest level since 2008, CNBC reported, citing the American Automobile Association. This is mainly attributed to the global surge in oil prices as a result of Russia’s invasion of Ukraine.
- Germany plans to invest 200 billion euros ($220 billion) in industrial transformation in the period between 2022 and 2026, Reuters reported, citing the country’s finance minister. The industrial transformation includes plans relating to climate protection, hydrogen technology, and the expansion of the electric vehicle charging network.
Through a micro lens:
- British publicly-traded multinational oil and gas firm Shell Plc has ordered 100,000 metric tons of heavily discounted crude oil from Russia, CNBC reported. This comes at a time where many corporations worldwide are trying to drift away from Russian supply. In response to criticism of the purchase, the oil and gas giant stated it will designate profits to a fund dedicated to humanitarian aid in Ukraine.
