MOUNT GILEAD — Early Thursday morning, Russia invaded and attacked Ukraine on multiple fronts in what is described as the biggest attack by one European state on another since World War II.
Ukraine reported Russian troops poured across its borders and also invaded by sea. Major cities, including Kyiv, were shelled and struck by air.
Citizens of the United States woke to the relative quiet of everyday life. But the war will strike the U.S. on other fronts.
Experts project gas prices, which according to AAA Ohio averaged $3.543 on Feb. 24, are likely to exceed $4/gal.
“We won’t know the extent of the economic pain Ohioans are going to feel right away but unfortunately they’ll feel it. It greatly depends on how Russia intends to prosecute this military campaign. But any war in Europe is bad for Ohioans and a large-scale war beyond Ukraine would be devastating,” stated Rebecca Heinrichs.
Heinrichs is an Ohio native, a graduate of Fredericktown High School and Ashland University’s Ashbrook Scholar Program. She is now in the Washington, D.C. area and an expert on foreign policy.
Economic analysts are predicting there will be certain impacts here in the U.S.
Russia’s top exports to the U.S. in 2019, according to the OEC (observatory of Economic Complexity) were refined petroleum ($4.85B), crude petroleum ($2.25 billion), and platinum ($1.44 billion). They import a number of goods from the U.S., including planes, helicopters, and/or spacecraft ($3.36 billion), cars ($781 million), and vehicle parts ($261 million).
“The European Union is America’s largest trading partner, and Ohio in particular prospers with investments in Europe and ally investments in Ohio.hespecially if Russia, whether intentionally or unintentionally, escalates this war against Ukraine to a European NATO ally, Heinrichs continued.
“American families are already paying a high price in inflation and high energy prices in part because of the Biden administration’s anti-American oil and gas policies and now with sanctions about to slam Russia for its aggression, we’ll see even higher prices. And remember, conflict in Europe could mean aggressors in other major American markets could strike out, too. The United States must lead a coalition of allies to levy a heavy cost on Putin with the promise to relieve the economic pain once he backs down. Other U.S. adversaries are watching and learning to see if this Administration has it in them.”
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) in a press release Thursday said the U.S. imposed expansive economic measures, in partnership with allies and partners, that target the core infrastructure of the Russian financial system — including all of Russia’s largest financial institutions and the ability of state-owned and private entities to raise capital — and further bars Russia from the global financial system.