By Ben Wolfgang
Moscow could drive prices higher as it seeks leverage over Ukraine peace talks
The global economic damage sparked by Russiaâs war in Ukraine may get much worse.
Russia itself has seen foreign investment dry up, hundreds of Western companies pull out, and the domestic GDP set to shrink by 10% or more this year. But the pain hasnât been all one-sided since President Vladimir Putin gave a green light for the invasion of his neighbor Feb. 24.
Economics specialists and foreign policy observers say the Kremlin still has âsome cardsâ left to play in the global marketplace, particularly in the fuel and food sectors, and could soon decide to pull those levers in order to maximize its leverage in any future peace negotiations with Kyiv. Such Russian tactics, if employed, would likely drive gas, grain and wheat prices even higher than todayâs record levels.
