Ukraine, Russia Conflict Will Obstruct Economic Recovery: Australian Treasurer

Ukraine, Russia Conflict Will Obstruct Economic Recovery: Australian Treasurer
Treasurer Josh Frydenberg during Question Time in the House of Representatives at Parliament House in Canberra, Australia, on June 02, 2021. Sam Mooy/Getty Images
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Australian Treasurer Josh Frydenberg has warned that the escalating hostilities between Ukraine and Russia will obstruct Australia’s economic recovery, as global oil prices rise to a seven-year high.

“This is not just going to have an impact in terms of the national security situation ... But what it would have is a broader economic impact, too,” Frydenberg told Sky News on Feb. 22. “We’ve already seen the price spiked, and I think it would have a broader impact on the global financial system, on equity markets and stabilisation.”