The Global Economic Impacts of Russia’s Invasion of Ukraine

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A currency exchange information board.
On March 1, 2022, the US dollar and the euro rates at the Moscow Exchange reached at least 94.25 and 105.27 against the Russian rouble respectively. (Photo by Sergei KarpukhinTASS via Getty Images)

The price of oil and natural gas has spiked following Russia’s invasion of Ukraine and the retaliatory sanctions against Russia imposed by the United States, European Union and their allies. Much of Europe is dependent on Russia’s reserves of oil and natural gas, and much of the world relies on Russian metals and agricultural exports from Russia and Ukraine. From rising costs for energy and food, to the risk of cyberattacks on banking systems, to a further squeezing of supply chains, we’ll discuss the possible global economic effects of Russia’s invasion of Ukraine and of the newly imposed sanctions.


Stephanie Flanders, senior executive editor, Bloomberg; head, Bloomberg Economics

Adam Tooze, professor of history, Columbia University; director, the European Institute; author, "Shutdown: How Covid Shook the World's Economy"