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I'm almost positive I'm being heavily downvoted for being a contrarian (oh the irony!) but this is the kind of misconception that I'd like to counter.
Russia's gas supplies were quickly replaced after some painful short-term disruptions. The world has centuries worth of coal which Germany is so giddily burning right now. One commodity can be replaced with another.
Likewise, Ukraine's wheat production or rapeseed or iron isn't important. Reduce world exports 10% and the price will spike, followed by a demand response, and shortly thereafter a supply response, and pretty soon the price of wheat will be right back where it started. I'm heavily invested in commodities and have watched all this develop before and will again.
I don't see the misconception. The point being made is that in a war of commodities having control over resources is important. Controlling more of X is better than controlling less of X. It's not about the sky falling on the heads of those who get economic sanctions applied to them. Of course markets adapt to their conditions as best they can. But the more or less leverage you have, the more or less impactful the sanction.
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