|
New
Delhi,
Feb
24:
Expressing
concern
over
ongoing
tensions
between
Russia
and
Ukraine,
India
on
Thursday
said
that
the
situation
is
in
danger
of
spiralling
into
a
major
crisis
which
may
undermine
the
peace
and
security
of
the
region.
India’s
Permanent
Representative
to
the
United
Nations
TS
Tirumurti
made
this
statement
in
the
backdrop
of
Russia
ordering
troops
into
Ukraine’s
breakaway
regions
Donetsk
and
Luhansk.
Ukraine
requested
an
urgent
United
Nations
Security
Council
(UNSC)
Meet
after
Heads
of
these
regions
asked
Russian
President
Vladimir
Putin
for
help.
Russian
President
Vladimir
Putin
on
Thursday
announced
a
military
operation
in
Ukraine,
claiming
it’s
intended
to
protect
civilians.
Delivering
an
emergency
address,
Putin
said
the
operation
has
been
launched
to
demilitarize
the
country.
In
a
televised
address,
Putin
said
the
action
comes
in
response
to
threats
coming
from
Ukraine.
He
added
that
Russia
doesn’t
have
a
goal
to
occupy
Ukraine.
Putin
said
the
responsibility
for
bloodshed
lies
with
the
Ukrainian
“regime”.
Although
India
has
not
taken
a
stand
against
the
crisis,
the
war
between
the
two
countries
will
have
some
negative
impact
on
the
country.
It
was
evident
after
the
Indian
equities
markets
key
indices,
Sensex
and
Nifty,
crashed
by
nearly
3
per
cent
on
Thursday
as
oil
prices
soared
above
$100
a
barrel-mark
for
the
first
time
in
eight
years
after
Russian
troops
launched
their
attacks
on
Ukraine.
The
benchmark
Sensex
was
trading
1707.25
points
or
2.98
per
cent
down
at
55,565.96
points
at
noon
against
its
previous
day’s
close
at
57,232.06
points.
So,
here
is
the
list
of
items
which
will
get
costlier
in
India
in
the
wake
of
the
Russia-Ukraine
war:
Fuel
Prices:
The
first
and
biggest
casualty
is
fuel
prices.
Being
the
third-largest
consumer
of
crude
oil
in
the
world,
petroleum
products
are
likely
to
get
expensive
as
crude
oil
prices
near
$104
per
barrel
after
Russian
forces
attacked
Ukraine.
The
government,
which
brought
down
the
prices
during
Diwali
last
year,
is
likely
to
hike
the
fuel
prices
after
the
completion
of
assembly
elections.
Edible
Oil:
Ukraine
is
the
biggest
producer
of
sunflower
oil
and
it
accounts
for
almost
80%
of
India’s
sunflower
oil
imports.
The
impact
on
its
supply
will
automatically
increase
the
price
of
the
edible
oil.
Wheat:
More
than
a
quarter
of
the
world’s
wheat
exports
come
from
Russia
and
Ukraine.
In
the
wake
of
the
war,
the
flow
of
wheat
and
grain
could
be
disrupted.
Ukraine
and
Russia
account
for
almost
70%
of
the
world’s
sunflower
oil
shipments.
Metal
Price:
Russia
is
the
world’s
top
producer
of
Palladium
and
the
world’s
second-largest
producer
of
Platinum.
It
is
used
in
a
critical
component
in
catalytic
converters
–
a
part
of
a
car’s
exhaust
system
that
controls
emissions.
Palladium
is
also
used
in
electronics,
dentistry,
medicine,
hydrogen
purification,
chemical
applications,
groundwater
treatment,
and
jewellery.
Palladium
is
a
key
component
of
fuel
cells,
which
react
hydrogen
with
oxygen
to
produce
electricity,
heat,
and
water.
Story first published: Thursday, February 24, 2022, 14:23 [IST]
For Quick Alerts Subscribe Now For Quick Alerts ALLOW NOTIFICATIONS | Published: Thursday, February 24, 2022, 14:23 [IST] New Delhi, Feb 24: Expressing concern over ongoing tensions between Russia and Ukraine, India on Thursday said that the situation is in danger of spiralling into a major crisis which may undermine the peace and security of the region. India’s Permanent Representative to the United Nations TS Tirumurti made this statement in the backdrop of Russia ordering troops into Ukraine’s breakaway regions Donetsk and Luhansk. Ukraine requested an urgent United Nations Security Council (UNSC) Meet after Heads of these regions asked Russian President Vladimir Putin for help. Russian President Vladimir Putin on Thursday announced a military operation in Ukraine, claiming it’s intended to protect civilians. Delivering an emergency address, Putin said the operation has been launched to demilitarize the country. In a televised address, Putin said the action comes in response to threats coming from Ukraine. He added that Russia doesn’t have a goal to occupy Ukraine. Putin said the responsibility for bloodshed lies with the Ukrainian “regime”. Although India has not taken a stand against the crisis, the war between the two countries will have some negative impact on the country. It was evident after the Indian equities markets key indices, Sensex and Nifty, crashed by nearly 3 per cent on Thursday as oil prices soared above $100 a barrel-mark for the first time in eight years after Russian troops launched their attacks on Ukraine. The benchmark Sensex was trading 1707.25 points or 2.98 per cent down at 55,565.96 points at noon against its previous day’s close at 57,232.06 points. So, here is the list of items which will get costlier in India in the wake of the Russia-Ukraine war: Fuel Prices: The first and biggest casualty is fuel prices. Being the third-largest consumer of crude oil in the world, petroleum products are likely to get expensive as crude oil prices near $104 per barrel after Russian forces attacked Ukraine. The government, which brought down the prices during Diwali last year, is likely to hike the fuel prices after the completion of assembly elections. Edible Oil: Ukraine is the biggest producer of sunflower oil and it accounts for almost 80% of India’s sunflower oil imports. The impact on its supply will automatically increase the price of the edible oil. Wheat: More than a quarter of the world’s wheat exports come from Russia and Ukraine. In the wake of the war, the flow of wheat and grain could be disrupted. Ukraine and Russia account for almost 70% of the world’s sunflower oil shipments. Metal Price: Russia is the world’s top producer of Palladium and the world’s second-largest producer of Platinum. It is used in a critical component in catalytic converters – a part of a car’s exhaust system that controls emissions. Palladium is also used in electronics, dentistry, medicine, hydrogen purification, chemical applications, groundwater treatment, and jewellery. Palladium is a key component of fuel cells, which react hydrogen with oxygen to produce electricity, heat, and water. Story first published: Thursday, February 24, 2022, 14:23 [IST]