How the Russia-Ukraine war might pull us in to a recession.

Start of the Russia-Ukraine War 

On February 24, 2022, sirens sounded in Kyiv, the capital of Ukraine, as Vladimir Putin launched a special military operation against the country. This conflict, if it had occurred, would have been the largest war in Europe since World War II and would have had significant implications for the international community.

Implications of the Russia-Ukraine War on the globe

To start, let's look at the human cost of the conflict.

 The Office of the United Nations High Commissioner for Human Rights (OHCHR) verified a total of 6,826 civilian deaths during Russia's invasion of Ukraine as of December 18, 2022. Of them, 428 were children. Furthermore, 10,769 people were reported to have been injured. However, OHCHR specified that the real numbers could be higher.

 In addition to this, millions of people have been forced to flee their homes, leading to a significant displacement of people in both countries. The conflict has also had a significant economic impact, the March 2022 forecast of the global inflation rate in 2022 was increased by nearly three percent compared to projections from February 2022.

 The impact on prices in Russia was the most significant in 2022, at 3.3 percent compared to the others. Businesses have been forced to close or scale back operations, leading to job losses and economic hardship for many people.

 In addition, the conflict has disrupted the availability and cost of basic goods and services.

The conflict has had implications for energy markets, with Ukraine being an important transit country for Russian natural gas to Europe. The European Union and the United Kingdom imported an estimated 147.8 billion U.S. dollars worth of crude oil, petroleum products, and natural gas from Russia in 2021. The EU is greatly dependent on Russia for its energy procurement, particularly when it comes to natural gas supply via pipelines. Imports of petroleum products and gas have been heavily scrutinized following the Russia-Ukraine war, with the EU scrambling to wean itself from Russian oil and gas reliance. The ongoing situation has affected the flow of gas to the region and has led to concerns about energy security. There are also concerns about the potential economic impacts of the conflict on countries around the world, with the imposition of economic sanctions on Russia and the ongoing uncertainty about the situation in Ukraine affecting global markets.

The conflict between Russia and Ukraine has had a significant impact on the lives of ordinary people in both countries and has had significant economic implications on a global scale. As of December 6, 2022, more than 16 million border crossings were recorded from Ukraine to other countries starting from February 24, 2022, when the Russian invasion of the country began.

Additionally, the sword of a global recession is looming on our heads just because of this pointless conflict. Some of its inevitable consequences have dawned on us, and others are still wandering in the shadows and might be the last nail in the coffin for poor countries. 

    The Office of the United Nations High Commissioner for Human Rights (OHCHR) verified a total of 6,826 civilian deaths during Russia's invasion of Ukraine as of December 18, 2022. Of them, 428 were children. Furthermore, 10,769 people were reported to have been injured. However, OHCHR specified that the real numbers could be higher.

    In addition to this, millions of people have been forced to flee their homes, leading to a significant displacement of people in both countries. The conflict has also had a significant economic impact, the March 2022 forecast of the global inflation rate in 2022 was increased by nearly three percent compared to projections from February 2022.

 The impact on prices in Russia was the most significant in 2022, at 3.3 percent compared to the others. Businesses have been forced to close or scale back operations, leading to job losses and economic hardship for many people.

 In addition, the conflict has disrupted the availability and cost of basic goods and services.

The conflict has had implications for energy markets, with Ukraine being an important transit country for Russian natural gas to Europe. The European Union and the United Kingdom imported an estimated 147.8 billion U.S. dollars worth of crude oil, petroleum products, and natural gas from Russia in 2021. The EU is greatly dependent on Russia for its energy procurement, particularly when it comes to natural gas supply via pipelines. Imports of petroleum products and gas have been heavily scrutinized following the Russia-Ukraine war, with the EU scrambling to wean itself from Russian oil and gas reliance. The ongoing situation has affected the flow of gas to the region and has led to concerns about energy security. There are also concerns about the potential economic impacts of the conflict on countries around the world, with the imposition of economic sanctions on Russia and the ongoing uncertainty about the situation in Ukraine affecting global markets.

The conflict between Russia and Ukraine has had a significant impact on the lives of ordinary people in both countries and has had significant economic implications on a global scale. As of December 6, 2022, more than 16 million border crossings were recorded from Ukraine to other countries starting from February 24, 2022, when the Russian invasion of the country began.

Additionally, the sword of a global recession is looming on our heads just because of this pointless conflict. Some of its inevitable consequences have dawned on us, and others are still wandering in the shadows and might be the last nail in the coffin for poor countries.