Russia has ordered military action against Ukraine. After this order, the Foreign Minister of Ukraine has said that Russia has completely attacked our country. He has said that if the world can stop Russia, then stop it. On the other hand, the President of Ukraine has made a passionate appeal. He asked the people of Russia, do you want war? US President Joe Biden has said that Putin has chosen the path of pre-planned war after ordering Russia’s military action. Putin said that Russia would be responsible for the deaths in the war. India told the Security Council that Russia and Ukraine should find a peaceful solution to the issue. In such a situation, what will be the effect of this war on India?
The impact on Crude Oil Prices
The impact of the conflict between Russia and Ukraine is also being seen on crude oil prices. Russia produces about a third of the natural gas production in Europe. Russia accounts for about 10 percent of global oil production. Amidst the war between the two countries, the price of crude oil at the international level has crossed $ 100 per barrel for the first time since 2014. The price of Brent touched $100.04 a barrel while WTI touched $95.54 a barrel. The impact of the supply of oil or gas from Russia is not directly a matter of much concern for India. Despite this, rising international prices of crude oil can definitely increase its difficulty. This is because India is more dependent on oil imports for its needs.
Nuclear Energy Will be Affected
According to the data given on the website of Ukraine Embassy in India, the trade between the two countries was $2.69 billion in 2020. In this, Ukraine exported $1.97 billion to India. At the same time, India exported $ 721.54 million to Ukraine. India’s trade with Ukraine would be in jeopardy in the event of war. According to an estimate, India bought edible oil worth $1.45 billion from Ukraine in the year 2020. Apart from this, India buys fertilizers, nuclear reactors and boilers from Ukraine. Ukraine is the second-largest supplier of nuclear reactors and boilers to India after Russia. India’s nuclear energy program could be slowed down due to supply disruptions. Before the escalation of tensions between Russia and Ukraine over Crimea in 2014, India and Ukraine were worth more than $3 billion. Although it has improved over time but still it has not reached the old level. In the event of war, it may again be in trouble.
Impact on India Stock Market
The effect of military war between Russia and Ukraine is visible on the Indian stock market. Asian markets are witnessing a heavy fall since this morning. On Thursday, the BSE Sensex opened with a fall of 1814 points. It went down to 55,375 points in early trade. At 9.30 am, it lost 1399.62 points or 2.45%. NSE’s Nifty also declined by 367.35 points or 2.15%.
Impact on LAC
The effect of military action between Russia and Ukraine can also be seen on the LAC with China. Amidst the ongoing conflict with China, International Relations Experts believe that on this occasion, China can show an aggressive attitude here. Since America’s full attention will now be on Russia, then China can get a chance here. In such a situation, it is possible that after the Olympics, China will do some aggressive action on the LAC. China is clearly with Russia on the attack on Ukraine. In such a situation, Russia and China will come closer in the event of war. Swasti Rao, Associate Fellow at the Institute for Defense Studies and Analysis (IDSA), says that whenever such an international incident happens, America proves to be weak in this, China gets stronger. This is a difficult situation for India.
Impact on Indian People Living in Ukraine
More than 20 thousand people and students of India are living in different parts of Ukraine. Many students from the country go to Ukraine to study medicine. The safety of these people in the event of war is an important issue. India had asked its citizens and students to leave Ukraine on 22 February itself. Efforts are being made by the Government of India to evacuate its citizens from there safely. An Air India plane is bringing some Indian people from Ukraine.