The Russia-Ukraine war, which was supposed to last just a few days, has now entered into its six month of fighting, with no signs of waning. While there were mixed reports of both a Russian or Ukraine victory or a conciliation on the cards, the reality of the situation was made clear on August 25, which happens to be Ukraine’s Independence Day, when a Russian attack killed 25 civilians when missiles struck a railway station and a residential area in eastern Ukraine. Ukraine essentially celebrated its Independence Day under heavy shelling.
The impact that this crisis has had on the world, and the implications that will continue to hold in the future, cannot be understated. Just as the global economy was reeling from recovery from the pandemic, the war has driven the whole world into full-fledged economic turmoil. The outbreak of the war led to an almost immediate rise in the price of oil, while led to global inflation of consumer goods and food prices, a definite blow that was felt around the world. It can be argued that the resulting inflation that the world has witnessed has naturally caused political upheaval around the world, and Pakistan is clearly no exception to this phenomenon.
Indeed, Pakistan has fared worse than most other countries in a number of ways. Our economic structure is more exposed to higher energy and food prices, smaller external financial inflows, and rising financial costs, resulting in a situation where inflation in the prices of one commodity inadvertently leads to a hike in prices of a whole host of other goods.
The fighting has continued indefinitely without any major progress for either side. The whole crisis is a major failure of all world powers, who have not looked to mediate and halt the expansive ambitions of Russia through proper dialogue and conciliation. No party appears to be ready to negotiate and compromise. This conflict threatens to devastate the world; we can’t afford a continuation of this conflict.
