ANALYSIS: Despite limited direct economic ties, Russia’s invasion of Ukraine has important consequences for Australians too.
to visit Australia – for the 2007 APEC summit in Sydney – I had a chance to ask him what he thought of Australia.Mr Putin has probably not thought of Australia much since, apart from the fuss we made over Russian-backed rebels in Ukraine shooting down Malaysian Airlines MH17 in 2014, and his visit to Brisbane in 2014 for a G20 leaders summit.
But Russia matters to the global economy because, like Australia, it is a major global supplier of natural resources such as oil, gas, coal, metals and wheat. Sanctions banning Russian imports will naturally reduce global supply and increase the prices of these resources, as well as the products made from them.
Given the central role of German manufacturing to European supply chains, disruptions to its energy supply will have major global economic implications.In the very short term, there may be some upsides for Australian exporters, such as wheat farmers.
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