Russia-Ukraine Crisis: How it Affects Business in Singapore and the ASEAN Region
The Lanturn Team
Last Updated on October 17, 2022
On Thursday, 24 February 2022,
How will this war impact businesses in Singapore and the ASEAN region? Here are three possible effects:
As the second-largest oil exporter after Saudi Arabia, sanctions and restrictions levied at Russia’s exporting ability will undoubtedly limit the availability of oil, resulting in scarcity that will increase the price.
A similar situation also occurs when it comes to electricity prices. Singapore is reliant on gas for electricity, and
One of the main reasons for higher consumer prices in Singapore is food inflation,
The COVID-19 pandemic has disrupted global supply chains and the distribution of goods and services, which could be further impacted by the ongoing geopolitical tensions between Russia and Ukraine. Most Western and super economy countries have imposed sanctions on Russia due to their invasion of Ukraine.
Such sanctions limit Russia’s ability to do business and diplomacy with other countries, hurting its economy and its respective partners in the process, especially the ones who rely on their exports, leading to further inflation risk.
Stick it out
For businesses and investors, the volatility of the financial market may tempt you to pull the plug on your investment efforts. This is understandable as you want an investment with a sense of certainty in this uncertain period. But as history has proven,
Turn to safe havens
Safe haven refers to a type of investment that retains or increases in value during turbulent times in the financial market. One such asset class is gold, whose value tends to rise in market downturns,
While it’s true that the invasion is just starting, we all sincerely hope that this conflict can be resolved quickly to minimise the cost to human life. And hopefully, the global economy and business operations can return to normal as soon as possible.
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