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Tuesday, October 4, 2022
HomeNewsWhile the Russia-Ukraine conflict escalates, how does it affect Malaysia?

While the Russia-Ukraine conflict escalates, how does it affect Malaysia?

On Thursday (24 February), Russia has launched a full-scale invasion of Ukraine, bringing the simmering Russo-Ukrainian War which started in 2014 to a rolling boil.

Previously, Russian President Vladimir Putin ordered military troops to enter Donbas, a southeast region of Ukraine that borders Russia under a ‘peacekeeping mission’.

While the Russo-Ukrainian War continues to escalate, you might wonder what it has to do with us in the far Southeast Asia and how does it impact us.

Source: CNN

The geopolitical risk had drove oil prices up and this means that you will need to spend more on petrol. In fact, right after Putin announced the military operation and launched an attack on Kyiv, Brent crude oil crossed USD$100 for the first time since 2014.

With the world’s global economy being so much connected, such conflicts will undoubtedly affect market price of goods.

Source: Trading Economics

A rise in oil price will mean a price hike in all transport-related services and on a larger scale, it would greatly affect prices of imported goods.

In addition, having a war would mean the airspace in the region due to safety reasons.

Malaysia had once become a victim of the long embroiled Russo-Ukrainian War, which began in 2014. Remember the commercial airline MH17 which was shot out of the sky when it was flying over Eastern Ukraine?

Despite the attack being aimed at Ukrainian military aircrafts, the unfortunate civilians fell victim to this conflict. It was reported that the disaster killed all 298 people onboard, with 43 were Malaysians and 80 under the age of 18.

Source: Reuters

While the Russo-Ukrainian War is still ongoing, it was reported that tanks have invaded Ukraine and over 10 civilian casualties.

At the same time, “World War III” had gone trending on Twitter with many calling for the war to be stopped immediately and pray for the innocent people in Ukraine.

While this could be the start of the World War III, let us appreciate that Albert Einstein once said “I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones.”

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