• facebook

The Russia-Ukraine Conflict: Economic Consequences on Europe and the World

Author: Philip Fwaldin Kasuwa
Institution: Pope John Paul II Catholic University in Lublin
ORCID: https://orcid.org/0000-0001-7118-6461
Year of publication: 2022
Source: Show
Pages: 63-82
DOI Address: https://doi.org/10.15804/npw20223403
PDF: npw/34/npw3403.pdf

A number of international sanctions have been placed on Russia since it launched an attack on Ukraine on February 24, 2022, in order to persuade the country to de-escalate the conflict. The sanctions imposed on Russia, while designed to harm the Russian economy, had unintended consequences on the world economy, primarily through the disruption of global supply chains. Energy supply shocks, commodities and trade supply shocks were all caused by the conflict. In many nations, this resulted in an increase in worldwide inflation. Despite the fact that Israel and Turkey were instrumental in mediating a peaceful end of the conflict between Russia and Ukraine, the economic fallout from the crisis continued to reverberate throughout Europe and beyond.

Российско-украинский конфликт: экономические последствия для Европы и мира

После нападения на Украину 24 февраля 2022 года на Россию был наложен ряд международных санкций, чтобы убедить страну в необходимости деэскалации конфликта. Санкции, введенные против России, хотя и были призваны нанести ущерб российской экономике, имели непредвиденные последствия для мировой экономики, в первую очередь из-за нарушения глобальных цепочек поставок. Сбои в поставках энергоносителей, сырьевых товаров и торговли были вызваны конфликтом. Во многих странах это привело к увеличению мировой инфляции. Несмотря на то, что Израиль и Турция сыграли важную роль в мирном разрешении конфликта между Россией и Украиной, экономические последствия кризиса продолжали сказываться на всей Европе и за ее пределами.


  • Akresh, R, Caruso, G.D., Thirumurthy, H. (2022). Detailed Geographic Information, Conflict Exposure and Health Impact. World Development, 155, 105890.
  • Averre, D. (2016). The Ukraine Conflict: Russia’s Challenge to European Security Governance. Europe-Asia Studies, 68(4), 699–725.
  • Bhattarai, A., Romm, T., Siegel, R. (2022). U.S. economy appeared ready to surge, but Russia’s invasion of Ukraine could send shockwaves. The Washington Post, 25 February 2022. Retrieved from: https://www.washingtonpost.com/business/2022/02/25/economy-us-russia-ukraine-gas/.
  • Cohen, P., Ewing, J. (2022). What’s at stake for the Global Economy as Conflict Looms in Ukraine. The New York Times, 21 February 2022. Retrieved from: https://www.nytimes.com/2022/02/21/business/economy/ukraine-russia-economy.html.
  • Chassang, S., Miquel, G.P. (2009). Economic shocks and civil war’. Quarterly Journal of Political Science, 4(3), pp. 211–228. doi: http://dx.doi.org/10.1561/100.00008072
  • Collier, P. (1999). On the Economic Consequences of Civil War. Oxford Economic Papers, 51(1), 168–183.
  • Dreger, C., Kholodilin, K.A., Ulbricht, D. Fidrmuc, J. (2016). Between the Hammer and the Anvil: The Impact of Economic Sanctions and Oil Prices on Russia’s Ruble. Journal of Comparative Economics, 44(2), 295–308.
  • Ganegodage, K.R., Rambaldi, A.N. (2014). Economic Consequences of War: Evidence from Sri Lanka. Journal of Asian Economics, 30, pp. 42–53.
  • Glick, R., Taylor, A.M. (2010). Collateral Damage: Trade Disruption and the Economic Impact of War. The Review of Economics and Statistics, 92(1), 102–127.
  • Havlik, P. (2014). Economic Consequences of the Ukraine Conflict (No. 14). Policy Notes and Reports.
  • Heydemann, S. (2018). Civil War, Economic Governance & State Reconstruction in the Arab Middle East. Dædalus, 147(1), 48–63.
  • Hoffmann, M., Neuenkirch, M. (2017). The Pro-Russian Conflict and its Impact on Stock Returns in Russia and the Ukraine. International Economics and Economic Policy, 14(1), 61–73.
  • Kang, S., Meernik, J. (2005). Civil War Destruction and the Prospects for Economic Growth. The Journal of Politics, 67(1), 88–109.
  • Kesternich, I., Siflinger, B., Smith, J.P., Winter, J.K. (2014). The Effects of World War II on Economic and Health Outcomes Across Europe. Review of Economics and Statistics, 96(1), 103–118. doi: https://doi.org/10.1162/rest_a_00353.
  • Koubi, V. (2005). War and economic performance. Journal of Peace Research, 42(1), 67–82.
  • Krastev, I., Leonard, M. (2022). The crisis of European security: What Europeans think about the war in Ukraine. ECFR, 9 February 2022. Retrieved from: https://ecfr.eu/publication/the-crisis-of-european-security-what-europeans-think-about-the-war-in-ukraine/.
  • Lanktree, G. (2022). Businesses in Britain, EU brace for impact of Ukraine conflict. POLITICO, 24 February 2022. Retrieved from: https://www.politico.eu/article/businesses-in-britain-and-europe-brace-for-impact-of-ukraine-conflict/.
  • Liefert, W.M., Liefert, O., Seeley, R., Lee, T. (2019). The Effect of Russia’s Economic Crisis and Import Ban on its Agricultural and Food Sector. Journal of Eurasian Studies, 10(2), 119–135.
  • Malyarenko, T., Wolff, S. (2018). The Logic of Competitive Influence-Seeking: Russia, Ukraine, and the Conflict in Donbas. Post-Soviet Affairs, 34(4), 191–212.
  • Mankoff, J. (2014). Russia’s Latest Land Grab: How Putin Won Crimea and Lost Ukraine. Foreign Affairs, 93, 60.
  • Nordhaus, W.D. (2002). The Economic Consequences of a War in Iraq. National Bureau of Economic Research. Retrieved from: http://www.econ.yale.edu/~nordhaus/homepage/iraq.pdf.
  • Ozili, P.K., Arun, T. (2020). Spillover of COVID-19: Impact on the Global Economy. doi: https://dx.doi.org/10.2139/ssrn.3562570.
  • Samokhvalov, V. (2015). Ukraine between Russia and the European Union: Triangle Revisited. Europe-Asia Studies, 67(9), 1371–1393.
  • Shelest, H. (2015). After the Ukrainian Crisis: Is There a Place for Russia? Southeast European and Black Sea Studies, 15(2), 191–201.
  • Stukalo, N., Simakhova, A. (2018). Social and economic effects of the war conflict in Ukraine for Europe. Geopolitics under Globalization, 2(1), 11–18. doi: https://doi.org/10.21511/gg.02(1).2018.02.
  • Thomas, L., Strupczewski, J. (2022). Ukraine crisis will hit economy, but EU is ready, officials say. Reuters, 25 February. Retrieved from: https://www.reuters.com/markets/europe/eu-ready-take-economic-pain-imposing-sanctions-russia-2022-02-25/.
  • U.S. Department of State. (2022) The stakes of Russian aggression for Ukraine and beyond. Retrieved from: https://www.state.gov/the-stakes-of-russian-aggression-for-ukraine-and-beyond/.
  • UNHCR (2022). UN High Commissioner for Refugees Calls for Immediate End to Ukraine War, Which Has Uprooted over 10 Million People.
  • Wang, W. (2015). Impact of Western Sanctions on Russia in the Ukraine Crisis. Journal of Politics and Law, 8, 1–6.
  • Wiseman, P. (2022). Economic dangers from Russia’s invasion ripple across Globe. AP NEWS, 2nd March. Retrieved from: https://apnews.com/article/russia-ukraine-vladimir-putin-coronavirus-pandemic-business-health-9478a9825c9abfde5f6505bd34b2998c.
  • World Bank (2022b). War in the Region. Europe and Central Asia Economic Update. World Bank, Washington, DC.

Russia Ukraine war invasion Россия Украина война

Wiadomość do:



© 2017 Adam Marszałek Publishing House. All rights reserved.

Projekt i wykonanie Pollyart