Effects of Russian sanctions, energy crisis will be long-term: experts

Some experts say that the prospect of continued disruption to food and energy supplies as a result of the war will trigger a search for long-term alternatives to Russian imports.While the price shock of the conflict is felt globally, the disruption to energy supplies is most keenly felt in the European Union (EU), which sources a quarter of its oil imports and 40% of its natural gas from Russia (the US, by comparison, got about 3% of its crude oil from Russia in 2021). A UN official warned in early May that millions of tons of grain are stuck in Ukraine as the ongoing conflict with Russia prevents safe transit from the country's ports.Martin Frick, the Germany director of the UN World Food Programme told German news agency DPA: "Ukraine's food is urgently needed in the world," adding that Ukrainian shipments were critical to help tackle a "global food crisis."While the heavy investment required to source new supplies suggests that any development of new supply channels could ensure a long-term shift away from Russian natural gas, trade in oil, refined products, and agricultural goods could be more fluid.