Russian Aggression Welcomes Global Energy Crisis: Experts

Web Desk — As western nations are united in their response to Russian aggression in Ukraine, several countries in the Middle East condemned the attack, but others – including close US allies – remained silent.

Qatar urged all involved to exercise restraint following the Russian invasion of Ukraine, while Israel, Lebanon, and Turkey publicly condemned the invasion.

While Syria supported Russia, the main ally of President Bashar al-Assad, Iran blamed “NATO’s provocative actions” for the conflict.

The most shocking reaction came from America’s closest allies, Saudi Arabia and the United Arab Emirates (UAE). Both countries, instead of giving a reaction, remained silent on the situation.

What “Prompted” Russia To Invade Ukraine? | 7 Points |

Sanctions on Russia

Joe Biden announced new sanctions targeting Russia’s access to the global financial system, large state-owned banks, and oligarchs close to Vladimir Putin.

Biden told reporters at the White House, “Putin chose this war and he and his country will pay the price.”

Additionally, the US president said sanctions would target wealthy Russians close to Putin. “We will continue to designate corrupt billionaires in the days to come,” he said.

Putin was not targeted personally by Thursday’s measures, but Biden said sanctions against him were “on the table”.

Following suit, the UK targeted six Russian banks, 11 companies, and eight individuals, while the EC announced it would also freeze Russian assets in the 27-nation bloc.

Sanctions’ Repercussions
Energy, tourism, and agriculture sectors in the Middle East are likely to be adversely affected by the Russian aggression.

Egypt, the world’s largest importer of wheat, receives 85 percent of its wheat from Russia and Ukraine, while Libya, Tunisia, and Lebanon import more than 40 percent of their wheat from Ukraine.

The price of oil surpassed $105 a barrel on Thursday, as many feared the invasion could disrupt the flow of energy from Moscow.

In addition to its oil production, Russia is also the world’s second-largest producer of natural gas, and the conflict threatens to roil global energy markets.