The Implications of Russo-Ukrainian War on the Global Economy
Written by Shannon M De Souza The Russo-Ukrainian War is wreaking havoc on the global economy was still in a process of stabilizing post the spread of Covid-19 around the world. The combat started when the Russian President, Vladimir Putin declared a military operation in Ukraine on February 24 th , 2022, thus threatening Europe with a large-scale war once more after 1945. Russia’s invasion of Ukraine resulted in a lot of civilian casualties and collateral damage. The attack came after weeks of tensions that had already shaken the global economy by rising oil prices. The oil price ratcheted up by $100 per barrel for the first time after 2014 while European natural gas prices soared by 62%. Source: https://www.nytimes.com/2022/02/24/world/europe/why-russia-attacked-ukraine.html The government of the United States of America is placing sanctions on Russia as a protest against the war though they are aware this could have serious repercussions on their economy. The world economy has n...