Are Russian Sanctions Hurting Everyone And Driving The World Into Recession?

Money Tips Daily by Charles Kelly, former IFA and author of

Sanctions on Russia are having a negative impact on Western economies at a time when they were starting to recover from the pandemic led recession.

As the US and UK bans imports of Russian oil, and price of oil soars to near record levels, it has been reported that Middle East leaders refused to speak to President Biden. This could signal a major shift in the world balance of power away from US dominance.

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Food prices will rise even higher as wholesale wheat and fertilizer prices rise.

The price of filling up the average family car with petrol has gone above £90, and in the US where petrol was always so cheap it has now hit $4 a gallon.

This will inevitably mean less available money for people to spend in the wider economy.

Stock markets around the world have been falling in the last month, but commodity prices and precious metals are going through the roof!

Take a look at Gold, Silver, platinum and Uranium.

· Gold up 13.9% in last month.

· Silver up 13% in the last month

· Palladium up 9%.

The price of Uranium, used in nuclear fuel, has risen to a near 10 year high and 30% in the last six weeks. Some Uranium stocks have shot up by over 50% recently.

When you include higher interest rates, this mirrors the situation we had before the 2008 financial crisis.

The price of oil impacts just about every part of our economy.

Money Saving Tips

There have already been warnings last year of rising food prices due to higher fuel costs, and even the UK post office has announced that it will be increasing the price of a first class stamp by 10p to 95p on the 4th April.

Tip. If you want to stock up on stamps you could save yourself a 12% rise, which about 120 times more than you can earn leaving your money in the bank on deposit!

If you live in the UK, now is the time to start thinking about topping up your ISAs and Pensions before the end of the tax year on 5 April.

Don’t leave your money in the bank! Well, not the same bank anyway.

Firstly, your deposits are only protected up to £85,000 by the Deposit Protection Scheme.

Secondly and more importantly, you could double the return on your deposits and ISAs by switching banks for a better deal. My own bank has not increased savings rate despite TWO recent interest rate hikes. Loyalty does NOT pay!

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