When it comes to natural resources, Russia has the world by the balls. From Tyler Durden at zerohedge.com:
For weeks, we’ve detailed how Russia’s invasion of Ukraine has sparked one of the most significant commodity shocks the world has ever experienced. It even supersedes changes to commodity markets in the 1970s and involves every commodity from grain to fertilizer to crude to metals.
In a series of charts (provided by Bloomberg), we will show just how the Ukrainian conflict and Western sanctions on Russia are choking the world’s supply of natural resources, driving up prices.
Russia is a top exporter of many commodities.
Here is the share of Russian exports for each region of the world. The U.S. and allies implementing bans on Russian crude and other commodity exports have disrupted global trade and unleashed supply constraint fears (here’s why banning Russian crude imports is risky).