The war between Russia and Ukraine has intensified. Its effect is visible all over the world including India and this is the reason that the eyes of all the countries are fixed on the situation in Ukraine at this time. During a press conference on Monday, the fifth day of the war, Finance Minister Nirmala Sitharaman expressed concern over the impact on trade ties with Ukraine. The Union Finance Minister on Monday said the government is concerned about the impact of the Russia-Ukraine conflict on India's foreign trade, especially exports from the agriculture sector.
Government serious about the problem
In a post-Budget interaction with business and industry leaders in Tamil Nadu, Sitharaman said the government was closely monitoring the evolving situation in the Russia-Ukraine region and assessing the impact of the conflict on the country's trade. The Finance Minister said that as far as the impact of this war on our immediate imports and exports to Ukraine is concerned, we are deeply concerned about this. The situation in Ukraine will affect many other sectors including edible oils in India. In addition, we are serious about what will happen to our exporters, especially the peasant sector of Russia and Ukraine, from this conflict. He said that we are discussing seriously on both these issues.
essential things will be affected
Nirmala Sitharaman said that the government is already facing an emergency and in this crisis, I will have to do a full assessment through various concerned ministries, and only then can a clear comment be made on it. He said that however, we have understood this matter very well as it is going to have an impact on the essential things to come. The Finance Minister further said that India is seriously looking into the impact on exports and imports due to the ongoing war between Russia and Ukraine and for this, an import bill is also being considered.
Crude oil prices sky high
Significantly, Russian President Vladimir Putin announced military operations on the Ukrainian border last Thursday. After this, Western countries have imposed strict sanctions to stop Putin, terming the decision to attack as wrong. Due to all this, the price of crude oil reached its highest level in eight years and there was an outcry in the stock markets. On Thursday, the price of crude oil had reached a record high of $105 per barrel.
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