The most significant impact of Russia's attack on Ukraine is being felt by the Ukrainian people. It's very difficult to see the human cost of this invasion.
Of course, this attack has increased global uncertainty. That said, in terms of trade, Canada's direct ties with Ukraine and Russia are very minimal. There isn't much of a direct impact on Canada. However, there are several indirect effects. The most significant effect concerns commodity prices. I'm thinking in particular of the cost of oil, which has increased significantly since the attack began. Today, a barrel of oil costs about $110 in American currency. This will increase inflation in Canada and around the world.
In addition, the prices in the agricultural sector are increasing, such as the price of wheat. This can affect the price of our food purchases.
Moreover, the financial markets have been highly volatile. The prices of government and corporate assets and bonds have changed. There has been more demand for American dollars. When people are scared, they all want the protection of American dollars.
Obviously, economic confidence has decreased. This attack is affecting the world order. That said, it's only the start of the second week of this war. It's hard to know what will happen. However, I can say that we'll consider the impact on Canada as we make our decisions.