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Anti-Russia sanctions blowback: What to expect
Energy: Oil smashes $130/barrel this week, natural gas hits all-time high of $3,900/1,000 cubic meters, record US gas prices of $4.17/gallon
Inflation/Recession: The IMF already calls spiraling energy prices “very serious” as inflations keeps shooting up. Analysts claim there is no way the US and Europe can replace Russian energy within 12 months
Food/Commodities: Russian and Ukrainian wheat exports (30% of global market) and Russia’s nitrogen-based plant food production (14%) threatened; Aluminum, steel and nickel all hit record highs this week.