Russia’s War Set Off a Commodities Scare. A Year Later, the Fright Is Gone.

Russia is a key supplier of many major commodities, but supply issues weren’t quite as catastrophic as some had expected following its invasion of Ukraine a year ago.

“Given Russia’s vast amount of natural resources, the impact on the commodity sector from the war in Ukraine remains material,” says Jeremy Thurm, senior credit research analyst at Aegon Asset Management. After a year, however, a “variety of other factors such as redirected trade flows, lack of sanctions, China’s Covid lockdowns, and a warmer-than-expected winter have all muted the initial impact the war had on commodity prices.”