Madrid
Updated:
Save
Despite the fact that Western countries have put in place sanction mechanisms against Russia as a result of its invasion of Ukraine, the country continues to receive income of 285 million dollars a day in its oil exports to Europe.
Environmental groups have already pointed out the dangers of continuing to rely on Russia as a supplier of oil and grain and vegetable oil to make, respectively, ethanol and biodiesel, putting the food supply of millions of people at risk. The war in Ukraine has made wheat, corn, rapeseed and sunflower oil, essential for fuel production, more expensive.
And the sanctions have given rise to what is known as “the latvian mix”a mixture of oil that has 49.9% of Russian origin as a method to avoid the blockade.
Since the annexation of Crimea in 2014, European oil majors (Shell, BP and Total) have bought nearly $100 billion from Russia, according to data from Transport & Environment.
But these have not been the only materials whose prices have skyrocketed. Some of the key elements coming from the region are palladium – found in car batteries, whose price recently exceeded 100,000 euros per kilo—, nickel, steel, aluminum, neon gas —used in the manufacture of semiconductors— or the wiring of catalysts.
According to a report prepared by the consulting firm KPMG, “the collapse of land routes, air restrictions and the destruction of maritime infrastructure in the Black Sea have put even more pressure on a supply chain depleted by the pandemic.”
This, according to their calculations, will mean a increase in vehicle prices between 2% and 3%. “Otherwise,” they emphasize, “companies would see their margins reduced, endangering their income statements.”
In 2021, car manufacturers faced production stoppages in their factories due to the shortage of semiconductors and only managed to sell 1% more than in 2020 – the year in which dealerships were closed for months due to the health crisis. Despite this, its joint operating profit soared 168%, closing the year with 134,241 million euros.
See them
comments