Effects of Russia-Ukraine war

The Ukraine crisis can be understood as one of the most controversial events in the today’s global political debate. The ongoing conflict has come to affect and influence Europe’s as well as the rest of the world’s foreign- and security policies. From a historical perspective Ukraine has been torn between East and West ever since the country became independent from the Soviet Union in 1991. The International Monetary Fund warned Russia’s war with Ukraine and the subsequent sanctions imposed upon President Vladimir Putin’s country will have a “severe impact” on the global economy. Having built up a large military presence on the border from late 2021, Russia launched a full-scale invasion of Ukraine on 24 February 2022, which is ongoing. Price shocks will have an impact worldwide, especially on poor households for whom food and fuel are a higher proportion of expenses. Russia’s ultra-rich who rank among the world’s 500 wealthiest people have now lost a combined $83 billion this year. The war resulted economic loss which has a huge impact on the global economy.