The cost of war

29 March 2022
Global uncertainty amid the ongoing conflict in Ukraine and sanctions against Russia have sent commodity prices spiralling, while in the Middle East major Russian interests may be at risk

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War’s global dimension

The conflict in Ukraine and economic sanctions imposed on Russia will have far-reaching consequences for the Middle East

On 24 February, Russia invaded Ukraine. The conflict quickly took on a global dimension when the West and its allies, led by the US and European Union, swiftly responded with economic sanctions designed to cripple the Russian economy.

While Ukraine is a foreign conflict on another continent, the Middle East and North Africa cannot ignore the shifts to the global geopolitical landscape and the economic disruption induced by sanctions.

With these risks come opportunities, and in the following months, countries will be presented with challenges that will likely shape the region for years to come.

The region had been drawn into the economic dimension of the conflict before it even began. As natural gas prices soared in the months leading up to the Russian military incursion, Qatar was courted by the EU to fill the void that any disruption to supplies from Russia may create.

With long-term sales commitments in place for much of its gas, Qatar is unable to completely solve Europe’s energy problem, but in a meeting with the EU, Saad Sherida al-Kaabi, Qatar’s minister of state for energy affairs and CEO of QatarEnergy, said it was ready to help if needed. Read more

More from MEED on the Ukraine crisis: 

Middle East finds 1990 echoes in Ukraine crisis
> When the unexpected happens
> Russia-Ukraine crisis drives tender inflation
Riyadh turns to China as US relations strain
Countries on edge as wheat shortage looms
> Russia sanctions could disrupt $41bn of projects
Ukraine conflict intensifies financial reform

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