Ukraine entered the war against Russia and various sanctions have been imposed upon Russia. War on Ukraine will affect Nepal indirectly as the prices of petroleum, gold, and food items have increased internationally.
Nepal imports industrial raw materials from Ukraine. In the ongoing fiscal year, the business of more than Nrs.17 billion has been done between Nepal and Ukraine that might get affected now.
According to different reports, there are about 200 Nepalese in Ukraine. Nepalese students have been going to Ukraine, especially for medical education. As the conflict in Ukraine is escalating, some Nepalese have returned home, while others are in contact to return back to Nepal. Nepal has requested the Nepalese residing in Ukraine to return home using available resources.
Diplomatic relations were established between Nepal and Ukraine in 1993. Nepal has also opposed the Russian invasion of Ukraine.
Nepal has been importing Animal, vegetable fats and oils, cereals from Ukraine. With Russia, Nepal mainly imports electrical equipment, industrial raw material, and parts of airplanes. The trade with both of the countries will be disputed resulting in the loss of billions of rupees.
War always will lead to a global economic crisis. The war in Ukraine is no different.