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How Putin weakened Ukraine’s economy

Earlier in the week, Irina Gorovaya and other businessmen in Kyiv organized the “Stay in Ukraine” campaign to try to rally people to support local businesses that are being affected by the economic upheaval. Gorovaya, chief executive officer of Mozgi Group, a creative agency, said festivals and other events were losing money quickly because people were too hesitant to buy tickets.

“Everybody is sitting at home thinking about what is to come tomorrow,” she said.

On Ukraine’s southern coast, the arrival of the Russian Navy to conduct exercises in the Black Sea is another reminder of Ukraine’s vulnerability, both militarily and economically, as In the event of war, the country’s important ports could be blocked. So far, Russia has allowed a corridor to remain open for commercial shipping and there have been no disruptions to operations at Ukrainian ports.

“We don’t have any guarantees, but for now we are operating normally,” said Aleksandr Mukhin, who works at the development office in the southern Ukrainian port of Mykolaiv.

During a port visit this week, the sweet scent of sunflower oil, one of Ukraine’s main exports, hung in the air. Oil is pumped through a series of pipes into a bright red Italian Saracena. Ukraine exports about 300,000 tons of sunflower oil every year.

During World War II, the port was the site of fierce fighting; part of it remained unrepaired after heavy bombing occurred as Soviet forces fought to recapture it from Nazi Germany.

The port of Odessa, the country’s largest oil and gas terminal and a major hub for grain exports, is also seen as a possible target, especially as there is considerable sympathy in the city for pro-Russian separatists. in 2014. Some military analysts have warned that Russia might try to take Odessa if the army invades.

But even without a blockade or full-scale attack, ports could still be hit by risk aversion among international insurers. London marine insurance market on Tuesday listed Russian and Ukrainian waters in the Black Sea and Sea of ​​Azov are at high risk, making it more expensive to transport goods to and from ports. This will put additional economic pressure on Ukraine, which relies on ports in the Black Sea for grain exports.

https://www.nytimes.com/2022/02/18/world/europe/ukraine-economy-putin.html How Putin weakened Ukraine’s economy

Fry Electronics Team

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