The Effects of Russian Sanctions Are Being Felt Worldwide

With the financial war officially declared on Russia, the US has launched multiple sanctions that affect their economy. These sanctions prevent Russians from receiving supplies from the West as well as prevent exporting certain materials that are integral for making the country money.

 

While these sanctions were launched as a way to target the Russian economy, there have been effects in the United States as well. 

 

One of the most widely felt consequences of Russian sanctions felt in the US has been the increase of gas prices. The average cost of gas has risen to nearly $4.50, the highest recorded price in history. Russia is the 2nd largest producer of crude oil in the world, so the sanction preventing the US from importing gas has greatly affected the nation,

 

Russia also is responsible for producing large amounts of grain that the US buys. Together with Ukraine, Russia is responsible for producing 14% of the world's wheat supply. Stopping the import of Russian grain means higher prices for things like beer, pasta, and cake. 

 

While sanctions that are launched intend to affect the Russian government, they are affecting the United States more than we may realize. To learn more about the financial war, take a look at the infographic below:

Source: USGoldBureau.com