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Opalesque Geneva:

According to UBP, a Swiss private bank, the conflict between Russia and Ukraine now threatens to create far-reaching commodity shocks for the global economy, drawing a parallel between the OPEC crude oil embargo in 1973 and this year's emerging supply shock as Western countries levy extensive sanctions on Russia.

Russia has been widely described as an energy superpower. It is the world's leading natural gas exporter, the second-largest natural gas producer, and the second-largest oil exporter, and producer. Russia's foreign exchange reserves are the world's fifth-largest.

While Russian energy exports (~40% of total exports in 2021) were still technically outside the scope of sanctions - until the U.S.'s recent ban on Russian oil and gas and energy imports, the impact that anticipation of potential sanctions have been having on energy markets as well as on grains and key industrial metals (given Russia's importance as a global supplier in these areas) has been substantial, UBP's Chief Investment Officer Norman Villamin says in the bank's latest Insight report, Ghost of the 1970s.

Global crude oil prices have risen by as much as 50% year-to-date with a 2......................

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