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Renewed disruption to global supply chains will require construction firms to take mitigatory steps
In response to the further escalation of the Russia-Ukraine conflict, the US, the EU and the UK have imposed a severe package of restrictions on Russia. This new wave of sanctions targets broad areas of the Russian economy and high-profile political and military leaders in Russia and Belarus. The conflict and related sanctions are causing, and will continue to cause, renewed disruption to supply chains, which were just showing signs of improvement after the pandemic. This article explores the impacts of the conflict on global supply chains and steps construction parties can take to mitigate the consequences. Parties should seek specific legal advice on these issues and the potential impact on their respective businesses.
Global supply chains, which had already been severely impacted by 18 months of the pandemic, face renewed disruption. Russia and Ukraine are critical suppliers of metals, raw materials, chemical products and machinery. Russia controls around 10% of global copper reserves and is a major producer of nickel and platinum.
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