Few months ago, Russia declared a war to Ukraine. The war was expected to finish fast, but fortunately, Ukraine is resisting to Russia until now. This dirty war by one man's greed has a lot of effects to South Korea, but many people do not know this and just think of it as an unrelated event. So, I believe we have to know why our life has become harder.

▲ Russia`s attacking way

The first effect is the increase of oil price. This has many reasons, but Russia-Ukraine War's effects cannot be ignored. Also, Ukraine blocked the gas pipe from Russia which exports gas to Europe. Because of this, WTI increased by six percent. For examples, we can see now that gasoline's price are more than 2000 won.

▲ Oil Price`s changes

The second effect is about the price of food. Russia and Ukraine has 28 percent of world's wheat exportation amount. However, this war cannot make them export wheat to other countries easily. So, this war has made wheat's price to increase and this price increase will make the other grains' price to increase also.

The final effect is the increase in national interest rate. Experts say emerging countries price can rise up to one percent and war's pressure can affect the exportation of Asian countries. Recently, South Korea's exportation has trade deficit for the last two months. its case price and liabilities are increasing . This will increase more until the war ends.

Like this, the Russia-Ukraine War affects South Korea's economy in many ways. we cannot say how many day this war will continue, but we have to know what causes this and what we have to do to live in this crisis.

by Nam Guemin