Countries around the world have imposed sanctions on Russia following its decision to invade Ukraine. As a result of both formal sanctions and hesitancy from purchasers, some Russian commodities have effectively been cut off from global markets.
Russia is a major producer of oil and nickel. In the wake of the invasion, May Brent crude futures spiked as high as $139.13 a barrel, as oil prices climbed to their highest levels since 2008. On March 8, the London Metal Exchange halted trading in nickel as prices more than doubled to over $100,000 per ton.A Jeep Wrangler Moab is displayed outside the Chrysler Jeep Assembly plant in Toledo, Ohio, U.S., November 16, 2018.
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