‘Buckle up’! Ukraine-Russia conflict expected to impact BVI

The Russian military invasion of Ukraine that began last week has roiled global markets in recent days sending global oil prices higher and the effects are expected to reach the Virgin Islands.

The skyrocketing oil prices are expected to inject more uncertainty into an already off-balanced world economy that is still reeling from the impacts of the coronavirus pandemic.

Speaking at a press conference on Friday, Minister of Transportation and Utilities Kye Rymer said he is expecting the high prices to have some impact on the territory. However, he used the moment to continue encouraging people to think about greener alternatives.

“We have encouraged persons to go green and utilise the shuttles and less consumption of fossil fuels. We expect what is happening in the world to impact us. Like the president of the United States mentioned to his people to brace for inflation and some hardship. So, yes, we will see it and the government will discuss measures and then try to put measures in place to make things easier for the people of this territory,” Rymer said.