Russia- Ukraine Conflict (2022) and the Impact on the Economy of Asian Countries

Document Type : Original Article

Authors

1 Universiti Pendidikan Sultan Idris, Tanjung Malim, Perak, Malaysia

2 History Department, Universiti Malaya, Kuala Lumpur, Malaysia

3 History Section, School of Distance Education, Minden, Penang, Malaysia

Abstract

This article discusses how the ensuing Russia-Ukraine conflict in 2022 will affect the economies of Asian countries. Emphasis on the economic impact will be focused foremost on selected commodities such as petroleum, wheat, palm oil, and minerals. The disruption of essential world commodities, particularly petroleum and wheat, has been caused by the conflict between Russia and Ukraine. Both countries are major exporters of these commodities. The resulting disruption in the trade of these commodities also has global ramifications, affecting the trade of other commodities. Consequently, countries in Asia have not been immune to these impacts either. This article uses a library research approach, especially reports and sources from international online newspapers such as Al-Jazeera, Financial Times, BBC and The Guardian. Local or regional newspapers such as Deccan Herald and Hindustan Times are also used for countries in South Asia, Nikkei Asia and East Asia Forum for countries in East Asia. In addition, financial reports issued by international bodies and organisations such as the Asian Development Bank, the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) and the International Monetary Fund (IMF) are also used. The study found that the conflict between Russia and Ukraine in 2022 will have a global impact on commodities, particularly in Asian countries. This impact encompasses price increases and shortages in commodity supplies. However, the effects on commodities vary across Asian countries due to factors related to commodity dependence, which contribute to the overall impact.

Keywords

Journal of Iran and Central Eurasia Studies
Volume 5, Issue 1
August 2022
Pages 27-54

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