‘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.
‘Buckle up’, Premier warns
Meanwhile, Premier Andrew Fahie said the BVI government does not control the world’s economy. But similar to what US President Joe Biden told the Americans recently, the people of the Virgin Islands must “buckle up” as there will be some economic hardship resulting from the Russian-Ukraine conflict.
“This is not going to be something I or anybody could control here in the BVI, that is going to be difficult, but we have started some things that can help, that is why we went green. Even if fuel price increase with the war in Ukraine, it does not increase the cost of the sun,” Fahie said.
“We have shown that we want to deal with these matters by being proactive, not knowing there is a war going on in Ukraine. When we passed legislation that all the resources and materials for going green and for alternative energy can come in the territory duty-free. We have done some things with the school and putting things where we don’t need to be reliant on fossil fuel, we have been doing some things to be proactive. Yes, there are going to be some effects of it but by being proactive, we can mitigate some of them,” the Premier added.
Our news centre tried reaching the General Manager for the BVI Electricity Corporation (BVIEC), Leroy Abraham but up until news time, all efforts made were unsuccessful.
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Every time the US gas prices go up they put the price up in the BVI an if do come down it takes a long time. From what I have been told by someone who works on a oil tanker that comes to the BVI they said they cant understand it because we get our oil from Trinidad.
More excuses for them to SCREW us left, right and center SMH
Oil is a global commodity. Spikes in supply anywhere on earth affects prices everywhere.
Every time the US gas prices go up they put the price up in the BVI an if do come down it takes a long time. From what I have been told by someone who works on a oil tanker that comes to the BVI they said they cant understand it because we get our oil from Trinidad. Maybe Kye Rymer can answer this question
In this globalized world you can’t understand that prices in one location affects prices globally?
These thieves in the BVI who call themselves business people are very glad of this opportunity to jack up their prices on poor people
My deceased mother always use to say: Ït takes a thief to know a thief”. Stop calling people names that you would not like to be called.
Fuel contracts not being honored? Why not.
Is the Joint Task Force(JTF) going to board, fine or detain all the russian owned yachts lurking around the Caribbean now?
Green isn’t the problem.
The real issue is the BVI having it’s financial services standard being downgraded.
Enlighten me and mythoughts. Aren’t there neighbors of ours with oil as one of their Natural resource…. We have half of their population here dragging down our country with their gimmee mee and crime,our prison as their bed and breakfast,why we worried about oil from the white man and cost.
with that attitude even your neighbor in your back yard wouldn’t give you anything!
So why was it made so difficult to use solar enery without charging duty on imports for everything connected including making the license free.
Actually they are Nations. Free and independent. This is what some are touting for the VI.
The people from these neighboring nations have been installed and continues to be installed, to become the majority of the VI population. When the VI cast a vote for independence,thei yeah vote will be majority.
No positive future,our VI. Paradise doomed to become a Caribbean Island Nation cursed by the Heavens like the others.
It is time for the BVI to freeze all Russian assets in the BVI This is the right thing to do.
Some may think this is a strange request, however there are significant Russian assets in the BVI., having been brought in over the years, probably all in USA dollars. Also several Russian yachts have been coming in. Example Yacht A owned by Andrey M*** is a Russian oligarch. He started his empire in the banking sector when he co-founded MDM bank. Within a decade the bank grew into being one of the biggest private banks in Russia.
The BVI has been complicit in the kleptocrat laundromat, largely based in the London property market.
Effect what s**t still go be the same, y’all MS just want be in thing