How a Russian invasion of Ukraine could impact Americans economically
By Alex Gangitano and Sylvan Lane - 02/03/22 06:00 AM EST
A potential Russian invasion of Ukraine could negatively impact the pocketbooks of average Americans, who are already facing higher prices and rising inflation.
Moscow’s saber-rattling has led to moves to impose financial and economic sanctions, but a full-blown incursion could echo through markets worldwide, including for U.S. voters.
Trade between the U.S. and Russia totaled just $35 billion in 2019, according to White House data, 16 times smaller than the value of U.S.-China trade the following year. Russia is only the 20th largest supplier of U.S. goods imports and the 40th biggest export market for American producers.
Even so, Russia is a significant source of U.S. energy imports and a key supplier for European nations who may lean harder on America to make up for fuel unavailable from Russia in the event of war.
Russia was the third-biggest supplier of foreign petroleum for the U.S in 2020, according to the U.S. Energy Information Administration, responsible for 7 percent of imported oil. Russia also exported $13 billion in mineral fuels to the States in the previous year, more than half of all goods sent to America.
Experts point to changes in oil prices as the first tangible effect that could be seen in the U.S. if Russia invades Ukraine.
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https://thehill.com/policy/finance/592562-how-russia-invasion-ukraine-impact-americans-economically
