South East Asia feels economic pinch of Ukraine war

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Jia Ruiying, who owns Singapore's only Russian supermarket, hasn't had a shipment since 4 days before the war erupted.

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Russian Supermart, which stocks a range of food and drink from across Eastern Europe, hasn't had a shipment since four days before Russia launched its attack on Ukraine on 24 February. As a result of the conflict, she is now planning to diversify her supply chain "to more places in Eastern Europe to avoid any delays in product shipments due to the Russian-Ukraine war".cut some Russian banks out of the Swift international payment system"Some of customers are having difficulties withdrawing money from their banks due to sanctions," Ms Jia says.

South East Asia gets most of its crude from the Middle East and parts of Africa and is therefore, perhaps, less vulnerable than other nations directly impacted by sanctions on Russian oil."It doesn't matter whether Russia is imposing an export embargo on you or not," says Vandana Hari, global energy expert and founder of Vanda Insights.

 

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