Why falling oil prices will have a negative impact on Ukraine

Chief editor of the portal “Hvilya” and the head of political programs of the Ukrainian Institute for the future Yuri Romanenko said that in Ukraine will affect Russia’s sale of oil at low prices, which is caused by the economic crisis due to the coronavirus.

Почему падение цен на нефть негативно повлияет на Украину

He said this in the video blog for his Youtube channel.

“The fall in oil prices will hit all the other raw items. Given that we have a raw country, then we will walk in a spiral due to the fact that the raw products will fall in price”, — said Romanenko.

The second drawback from the sale of Russian oil at lower prices, he said, is that 3 million Ukrainian workers in Russia will earn less and, accordingly, to transfer money home. According to him, it will affect Ukrainian labor migrants in other countries.

Romanenko was indignant that the government of Ukraine, unlike the leadership of other countries, is not taking measures to prepare for economic crisis. He believes that Ukraine should follow the example of foreign countries and to reduce taxes for the population.