It may be a world away and pale in comparison to the human toll, Russia’s decision to invade Ukrainian territory this week will have many direct and indirect impacts on Canada’s economy.
The most obvious one is on the price of oil. Russia is an energy superpower, and the prospect of Russian exports of energy products like crude oil and natural gas being limited is weighing heavily on markets.
The European oil benchmark, Brent crude, topped $105 a barrel on Thursday, it’s highest level since 2014. The predominant North American oil blend, West Texas Intermediate, wasn’t far behind, changing hands just shy of $98
