Global Economic Conditions are being Affected by the Conflict between Ukraine and Russia

Abstract

Reignited Cold War-era hostilities between Russia and NATO allies began after Russia invaded Ukraine. A full-scale conflict broke out in Ukraine when the nation decided to strengthen its ties with the European Union and NATO. Ukraine enjoys profound historical, cultural, and social ties with Russia. He made it clear in a speech only days before the assault that Russia regards Ukraine as part of its fold, which it has held since the Russian Empire was founded in the 18th century by Catherine the Great and continued throughout their shared history as part of the Soviet Union. The invasion shows Putin's willingness to settle the issue by force, which has now developed into one of Europe's gravest security problems since World War II. Russia is a major energy supplier to Europe, supplying gas via several vital pipelines. Even if the crisis is settled amicably, economic sanctions against Russia may make it hard for these countries to get gas. The impact of the Ukraine War on key areas of the global economy as seen from various countries.