Ukraine war is fuelling energy and arms trade worldwide

All wars spawn profiteers, and the Ukraine conflict is no exception. Oil companies, arms manufacturers, fertiliser and food producers have all seen their profits rise sharply. Black marketeers and sanctions busters have cleaned up. Even whole countries, such as Iran and Turkey, have exploited the war to bolster their standing.

The vast rise in global energy prices has produced record profits for producers sourcing energy from outside Russia. Shell has just posted its highest ever yearly gain, making a profit of almost $40 billion last year. Even after the windfall tax imposed in Britain, those supplying gas and oil are raking in far more money than anything earned before.

Countries stepping up supplies in response to the sanctions on Russia have also done well. Qatar