"When great powers fight for world domination, Latin America can become a venue for arms race"

In the wake of the war, commodity prices have soared - for both oil and natural gas as well as corn and wheat.

This is due to the uncertainty in the world and the fact that Russia is one of the world's largest oil and gas exporters and that both Russia and Ukraine are very important players in the global food market.

And other raw materials are also included in the upward spiral. 

Gives jingle at checkout

The high commodity prices are in a way good news for many Latin American countries where the export of oil, metals and agricultural products are central pillars in the economy.

But for those countries that do not have their own oil deposits, the import of fuel becomes a costly story.

And Latin America's vulnerability to price fluctuations in the global market is a painful reminder that the region has failed to free itself from its dependence on raw materials.

During colonial times, Spanish and Portuguese ships sailed out of Latin American ports loaded with the largest gold and silver treasures the world had ever seen.

Then came independence.

And the gold became rubber, became oil, became lithium.

Constantly new resources that would become the path to wealth and development. 

Latin America is vulnerable

Of course, much has changed over the years - yet commodity dependence runs like a common thread through the history of Latin America.

And there are still few examples of natural resources paving the way for successful industrialization. 

It was high commodity prices in the early 2000s that enabled left-wing presidents such as Hugo Chávez, Lula da Silva and Evo Morales to make major public investments.

But when commodity prices then plummeted, conditions changed rapidly and many countries were plunged into a deep economic crisis. 

The United States has lost influence 

During the 2000s, US influence over Latin America has weakened.

Many of the presidents who have come to power in recent years have seen it as an opportunity to balance between major powers such as the United States, the European Union, Russia and China.

Sometimes even being able to play off the great powers against each other to get as much as possible in the form of financial assistance and investments. 

In Latin America, a new situation has emerged.

China has already overtaken the United States as the most important trading partner for a large number of countries.

And shortly before the invasion of Ukraine, the presidents of Argentina and Brazil visited Moscow to deepen their relations.

Many countries in the region have also chosen a cautious line in relation to the ongoing war, and have not joined Europe's and US sanctions against Russia. 

A new cold war?

It is clear that this is appreciated by Russia.

Foreign Minister Lavrov has said that he expects countries such as Argentina, Brazil and Mexico to never bow to the will of the United States.

But if the war continues and the conflict between Europe / USA and China / Russia deepens, it will be difficult to continue to balance between the great powers. 

Some even talk about a new Cold War.

Then Latin America can once again become a venue for arms race when outside great powers fight for world domination.

And the relatively stable democratic development of recent decades, in which the region has left behind military coups and guerrilla wars, may no longer be taken for granted.