ISLAMABAD: Russia's ongoing invasion of Ukraine, followed by financial sanctions imposed by the European Union (EU), the United States, and the United Kingdom (US and UK), has had a significant impact on the global financial market and is expected to have a negative impact on inflation in Pakistan in the coming days.

According to economic experts, the increase in global commodity prices caused by the Russia-Ukraine conflict is projected to exacerbate Pakistan's difficulties.

"Brent crude oil recently surpassed the USD100-per-barrel level. Petrochemical prices are inextricably tied to global oil prices, hence they are projected to rise as well "Pakistan Business Council CEO Ehsan Mali remarked (PBC).

According to Ehsan, the current financial restrictions imposed on Russian energy supplies, which serve several European and western countries, would compel a shift in fuel sources, placing even greater pressure on global oil prices. "The Pakistani government would have limited room to absorb the shock, thus local petroleum prices were projected to rise," Ehsan said.

It is worth noting that the United States, the United Kingdom, and the European Union are among Pakistan's top export destinations, and any impact on their economies would have a direct influence on Pakistan's export revenues.

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