Within days, Russia's war on Ukraine squeezes the global economy

Ocean rates may double or triple to $30K/ container & air freight costs are set to jump even higher

In the span of just a few days, the global economic outlook has darkened while troops battled in Ukraine and unexpectedly potent financial sanctions rocked Russia’s economy and threatened to further fuel worldwide inflation. The price of oil, natural gas and other staples spiked Monday. 

Russia has long been a relatively minor player in the global economy, accounting for just 1.7 per cent of the world’s total output despite its enormous energy exports. 

But while Putin has ignored a slate of international norms, he cannot ignore a modern and mammoth financial system that is largely controlled by governments and bankers