Analysis of the Russian-Ukraine War- A Global Economic Perspective

Abstract

Although war has its own destructive impacts in all sectors, it has always been a part of the evolution since inception. Russia and Ukraine are rightly said to be the bread baskets for the whole world. As such the conflict between these two countries has made the already COVID disrupted world economy more volatile. Russia is one of the world’s biggest exporters of fossil fuels and as such it is a great concern that the prices of oil and gas might sore up to an extent beyond control. At the same time several countries have announced bans on Russian oil. Besides, prices of other commodities like nickel and aluminium have also sored up. Prices of food, cooking oils, cereals have also risen to a great extent. There is a great concern about the upcoming sowing season in Ukraine. Although it is believed that the USA, Europe and India could cover the shortages of wheat but it could be more complicated in case of sunflower and corn for which Ukraine is said to be a major player.

In this paper, the researchers have planned to analyse the Russian-Ukraine war as a global economic perspective.