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ECONOMY
It is not just the economies of the two countries that are affected. The conflict
between Russia and Ukraine has shaken financial markets and raised concerns about
the global economic recovery following the epidemic. The United States and other
Western countries imposed severe sanctions on Russia, causing its economy to
collapse.
In addition, Russia, like Ukraine, is a major supplier of oil, natural gas and metals, as
well as wheat and corn. Prices for these products have skyrocketed as sanctions and
war reduced supplies. This affected the economies of other countries, including the
Philippines.