Ukraine invasion: The Global Impact on Commodities

Ukraine invasion: The Global Impact on Commodities

REPORT • Apr 2022

What does the world look like without Russian and Ukrainian commodities?

The complexities of re-adjusting the world’s consumption is a challenge - particularly for countries already affected by disrupted supply chains and political unrest.

Executive Summary

Our previous advisory on the global impacts of the Ukrainian invasion looked at how the ongoing situation was likely to impact global
travel and trade. This second report will examine the repercussions of the conflict in Ukraine on global commodities such as oil, wheat and metals. Already, the short-term impact on these has been felt across the world, most visibly for consumers at petrol pumps

The longer-term impact on commodities, however, is no less important and it is these impacts that this advisory will examine in detail.

These impacts are multi-faceted and will affect people across the globe in ways that perhaps they did not anticipate when first receiving news of the Russian invasion of Ukraine

Key Points

  • What effect will rising food prices have on the global risk landscape
  • The complexities of moving away from Russian oil and gas supplies
  • What parts of the world could make up for the shortfall in Russian commodities
  • Which other vital commodities will be affected
  • What the industries could be disrupted further from supply chain issues


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