The prices of metals such as aluminium have moved similarly, though nickel prices remain slightly above pre-invasion levels.
Energy prices have also cooled — amid a slew of Western sanctions on Russian oil and a reduction in the European Union’s imports of Russian hydrocarbons. Brent crude prices had spiked to as high as $133 per barrel in March 2022. It is currently around $81.5. The price of natural gas has moved likewise and is around half of what it was a year ago.
Russia has found a large market for its oil in India. By selling crude oil at a discounted price, Russia has displaced India’s traditional oil suppliers and accounts for a little over a fourth of the total oil imports, ahead of Iraq and Saudi Arabia.
The equity markets have shrugged off much of the initial decline as focus has shifted to other triggers. European and Indian stocks are both higher today than when the conflict began.
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