Russian gas supplies via Yamal had already been stopped in the first quarter of 2022 and there is almost 70% decrease in gas flows through Ukraine transit.
Read: Food Security, the Russia-Ukraine War, and the Food Corridor AgreementMoreover, the UN World Food Program (WFP) data shows that for every 1% increase in global hunger or food security risk, there is a 2% increase in migration waves.
Expectedly, the war in Ukraine and nuclear threats seem to dominate this year’s agenda as Russian President Vladimir Putin warns the world that he “is not bluffing” about using nuclear weapons.
Europe
Europe is suffering the worst drought in 500 years, most notably impacting France, Germany, Spain, Portugal, Italy, Belgium, the Netherlands, Luxemburg, Romania, Hungary, Serbia, Romania, Moldova, Ukraine, Ireland, and the UK.
he Russian invasion of Ukraine not only led to a war between the two countries, but also brought about a discursive and value-laden struggle between western and eastern countries.
The relatively immense demand due to the young population, external demand, and recent migration waves (from Ukraine-Russia, Syria, and East Asia) juxtaposed to the weak and insufficient supply have led to a demand surplus that puts an upward pressure on house prices.
For example, if they have no visible disabilities, young men in Ukraine who are usually unfit to fight in the war have been forced to take part in the recent Ukraine and Russian aggression.
At a time when the world was struggling with agreeing on measures to tackle climate change, the COVID-19 pandemic and the following outbreak of the Russia-Ukraine War severely impacted global energy markets and supply chains.
The current inflation crisis springs from supply-side shocks - less energy and food supplies - due to the unexpected war in Ukraine, and a spike in aggregate demand due to quick post-COVID19 recovery in many countries.
Read: Food Security, the Russia-Ukraine War, and the Food Corridor AgreementThe major difference between the three countries is that Turkey attempts to preserve its security, while Iran and Russia are expansionist in their long-term agendas.
he Grain Deal between Ukraine and Russia, which was facilitated by Turkey and the UN and signed on July 22 in Istanbul, has undoubtedly been one of the few diplomatic milestones throughout the war in Ukraine.
During a speech on television, Cortizo attributed the economic crisis to issues related to the outbreak of COVID19 pandemic and the Russia-Ukraine war.
On the other hand, the summit succeeded in as far as Turkey, Russia, and Iran kept the diplomacy table afloat in the face of challenges such as the COVID19 pandemic and the Russia-Ukraine war, which tested the international system and proved that international organizations failed.
Amid Western sanctions following Russia’s invasion of Ukraine, Russian President Vladimir Putin signed a five-page decree on June 30, seizing full control of the Sakhalin-2 gas and oil project.
Read: Inflation Soars Globally: A Story of Diverging Interest Rates
The war in Ukraine and the global food crisis
Food prices saw a rise due to the pandemic on account of logistical disruptions affecting supply and a sharp economic recovery that increased demand, themes I covered in an earlier article.
f the war in Ukraine reveals a single globally valid truth, it is the fact that today states operate under a very different political and security order than a decade ago.