Putin’s war in Ukraine is damaging the developing world

Rising oil and food prices are presenting massive challenges in the developing world which is still reeling from Covid-19

An evacuated resident is comforted by a rescue worker outside a burning apartment building in Kyiv on Tuesday after strikes on residential areas killed at least two people, Ukraine emergency services said. It is difficult to see any winners in the ongoing war caused by Russia’s irrational and devastating invasion of Ukraine. Photo: Aris Messinis / AFP via Getty Images

Russia's invasion of its neighbour has caused additional increases in oil and food prices, further harming developing countries struggling to recover from the pandemic. Multilateral organizations should provide financing to help these economies cope with multiple shocks, and back regulations to prevent speculation in key markets.

It is difficult to see any winners in the ongoing war caused by Russia’s irrational and devastating invasion of Ukraine. But the losers extend far beyond the people of Ukraine, who are being attacked, and the people of Russia, who did not choose this war but now must endure an economy being dismantled by trade and financial sanctions.