Russia’s invasion of Ukraine will have far-reaching implications even on Belize, Foreign Minister Eamon Courtenay said today.
“Oil, as I understand, is now over a $100 a barrel, suggesting that because of the crisis in Ukraine and Russia being an exporter of petroleum, it gives us the clear indication that until his dispute is resolved and resolved peacefully that there is going to be a significant increase in the acquisition cost of petroleum for Belize,” said Courtenay.
The minister also expects that there will be cyberattacks and interruptions in supply chains.
On the supply side, Courtenay reminded that Russia and Ukraine are massive producers of wheat, supplying 23% of the global demand. Consequently, he expects that there will be interruptions to the supply of certain goods. Sanctions imposed by countries on Russia will also affect Belize.
Courtenay explained that these sanctions will affect the financial market and banking systems. He says that significant disruptions will occur across the globe. These are bad signs for Belize and other developing countries.
“Belize is going to be affected. There is no way we can escape it,” said Courtenay.
The effects are expected very soon, according to Courtenay. “We are talking weeks when we are going to start to feel the effects,” he said.
Russia’s invasion began on Wednesday with attacks on several cities. It brought immediate worldwide condemnation against Russia’s Vladimir Putin.
The Ministry of Foreign Affairs is working to determine if any Belizean is presently in Ukraine.