Putin Keeps His Foot on the Gas

But beyond the local tragedy for Ukrainians, Putin’s uniquely unnecessary war is also an economic disaster with consequences for everything from the price of pita in Cairo to the costs of heating in London. In fact, much of this year’s bad economic news — abrupt food shortages and skyrocketing oil prices — relates, albeit indirectly, to the war.

When Ukraine (“the breadbasket of Europe”) lost its ability to export wheat to the entire region, this resulted in an acute wheat shortage that affected poorer countries especially severely.

At the same time, the West imposed unprecedentedly harsh sanctions on Russia, including its vast oil sector. As a result, oil prices soared. A flight abroad is now almost twice as expensive as this time last year. Filling up the gas tank, once a routine affair, has become a real expense, forcing many to reconsider whether a trip is really necessary.

For its part, Russia responded as expected, by cutting off the flow of gas to Europe. Heating costs are expected to increase dramatically in Europe. Even now, many Europeans have taken to sharing their shocking electricity bills on social media.