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Experts: Geopolitical and economic impacts of Russia-Ukraine crisis

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Posted at 6:54 PM, Feb 28, 2022
and last updated 2022-03-01 08:07:43-05

COLORADO SPRINGS — The Russian invasion of Ukraine is raising concerns as experts worry about the impact the invasion could have on the U.S. economy.

The Colorado Springs World Affairs Council says the conflict could have geopolitical impacts.

"This is probably the biggest event since the end of the Cold War in terms of changing how we think of our world," said Schuyler Foerster," The Colorado Springs World Affairs Council.

He expects the Russia-Ukraine crisis to have a ripple effect in the United States.

"I would expect gas prices to rise, oil, heating, and oil prices to oil. Bigger impact in Europe than in the United States" said Foerster.

There may also be further shortages and disruptions to the global supply chain, but Foerster says they won't be substantial.

"Russia doesn't export much other than energy, oil and gas, and timber," said Foerster.

"We have some tools to mitigate this crisis but everyone is going to see more at the pump in the short term. I'm not sure about the long term," said Edin Mujkic, The Colorado Springs World Affairs Council.

He says people shouldn't be worried about Russia withholding oil or gas.

"They also need money. That's their only economy, pretty much, and military hardware and stuff," said Mujkic.

"The long-range of implications really is going to depend on how successful he is and to what extent success will be," said Foerster.

The Colorado Springs World Affairs Council plans to hold a panel discussion on March 11 at the Mining Exchange Hotel. Community members will be able to ask panelists questions about why the invasion is happening and the broader implications.