The escalation of the conflict between the Kremlin and Kyiv seems to have approached its denouement with Russian troops invading Ukraine.
The United Kingdom has been unequivocal in casting aspersion on Russia while maintaining support for Ukraine. The UK has backed up its stance by providing military aid to the Ukrainian defence effort. Prime Minister Boris Johnson has also pledged that the government will provide further support in the form of non-lethal weapons. Over 180 million British pounds has been given in aid to Ukraine by the British Government since 2016.
The UK has sanctioned several Russians domiciled in the UK totalling over 180 since the conflict in the region began 8 years ago. Several other Russian companies have been sanctioned,
The conflict in Ukraine is poised to culminate in the inevitable exacerbation of living cost issues that have recently plagued the United Kingdom.
International students in the United Kingdom currently face living costs north of £10,000 (5.7 million Naira) per annum, with monthly house rent at circa £600.
The wholesale price of domestic gas (used for heating) soared on the 24th of February 2022 following Russia’s invasion of Ukraine. Consumers in the United Kingdom will be affected by the rising global prices in petroleum products even though the UK does not import domestic gas directly from Russia.
Food prices in the United Kingdom are also set to assume an upward trend. Ukraine is one of the world’s major suppliers of grain. The war in the region could significantly affect grain supply and distribution with Europe.
The global stock market has also taken a downward turn as Russia is a major producer of oil which serves a form of security for investors in commodities.
While there is a remote possibility of the UK engaging in direct military involvement with Russia, there have been calls from Conservative Members of the British Parliament for air support. Should this occur, there could be further uncertainty surrounding the socio-economic outlook for UK residents.
The living cost crisis in the UK has seen inflation rate jump to 5.4%, the highest level in almost 30 years. This has been driven largely by rising costs in clothing, footwear, and foodstuff.
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