Dear Editor,

The world has been shocked by the military actions carried out in Ukraine by Russia.

This situation in Ukraine has been dire, and the records of deaths have soared over the hundreds. With this reality, countries throughout the international community have enacted sanctions against the Russian State. Of note are the sanctions placed on 70 per cent of Russian banks and the assets of notable Russian internationals, among other measures.

Despite this, however, Russia has remained resolute in its efforts to protect its borders and the independent regions of Donetsk and Luhansk, while attacking Kyiv, Ukraine’s capital. With the continuation of these actions, it is possible that this conflict will not be resolved until the terms and conditions of the Russian State are met.

War is expensive and the backlash from war is even more expensive. Considering this fact, Ukraine and Russia will have many costs to cover post-conflict.

The destruction in Ukraine will lead to infrastructural and military costs, and Russia’s costs will come as a result of fallout from the sanctions and their military expenses. Not to mention the cost in human lives on both sides.

Also, each country must now seriously consider what this war will cost it, given the interconnectedness of this new world.

Russia’s actions will have ripple effects across the entire world, and although Jamaica is far removed from this geopolitical conflict, its impact will be felt in the economy.

The novel coronavirus pandemic has already ravaged the Jamaican economy, and we have seen an overall hike in the prices of goods and services throughout all industries.

Though a worldwide phenomenon, COVID-19 could be considered as an invisible enemy for which the overall effect is unquantifiable because of constant mutations of the virus.

The Russia-Ukraine conflict on the other hand is a real and present danger to all countries in the world, including Jamaica. The global economy will be terribly rattled if this conflict persists because it will continue to impact global gas prices.

The EU depends on Russian energy to fuel many aspects of its society. As a result, the hike in prices will impact EU markets and by extension their trade partners.

Jamaica trades heavily with the EU, and as a result, our economy will experience increased prices in imports and gas; hence, the overall cost of living will be impacted.

Additionally, the looming closure of UC Rusal Windalco has raised uncertainty among employees, and if the closure occurs, the impact would be felt in the economy. Therefore, the Jamaican Government must consider mechanisms to limit the impact through sound economic policies that will ease the burden on Jamaicans who could not have prepared for this international crisis with its corresponding local effects. These mechanisms could include tax breaks on gas prices and increased promotion of locally produced goods.

On-point analysis and preparation are key to Jamaica’s ability to stand up to this impending crisis.

Sandré Rhoden

International relations specialist

Political commentator

sandrejjrhoden@gmail.com