How Russia’s war is reverberating through global goods markets

Russia has been pummelled by sanctions. The country’s oil and gas majors have been hit, it has been largely shut out of the global financial system and many Western firms are pulling out of the country. But world leaders have remained quiet about its exports of metals and agricultural goods. Expect both categories to be “carved out”, says Natasha Kaneva, head of commodities research at JPMorgan Chase. Humanitarian considerations—poor countries rely on Russian exports of agricultural produce—make food “untouchable”, notes the bank. But even in the absence of a full embargo, war-induced disruptions are already threatening food security in vulnerable nations, and could hit key European and American industries from cars to aircraft, already stretched by covid-19.