Budget 2023Budget 2023
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now

How Russia's invasion impacts Ukraine's major exports and adds to inflationary risks

Ukraine, a significant producer of uranium and titanium, also grows wheat. It is a big global supplier of these commodities. Russia's invasion of Ukraine could impact supply and prices, resulting in economic repercussions globally and inflationary risks.

February 25, 2022 / 09:15 AM IST
Representative Image

Representative Image

Ukraine is a natural resource-rich country that has large reserves of minerals like uranium and titanium. As Europe's top producer of uranium and with vast deposits of titanium, Ukraine ranks high in the world for its key resources.

As the world’s ninth largest producer of uranium and sixth for titanium, the country is important to the global supply chain. Russia’s attack on Ukraine could have economic repercussions globally, giving rise to uncertainty.

The magnitude of the potential economic fallout is unclear, because the scale of the conflict is uncertain. As the conflict worsens, however, it could hit supply chains and the impact of all of this would be on the commodity market, sending inflation higher.

Natural uranium and low-enriched uranium can be used as fuel for nuclear power reactors, research reactors, military plutonium production and naval propulsion reactors. Highly enriched uranium can power naval propulsion, military plutonium, tritium production reactors, and act as feedstock for nuclear weapons production.