Russia-Ukraine Conflict Impacting Global Economy

When Russia’s President Vladimir Putin invaded Ukraine on February 24, he wanted his neighbouring country’s “de-Nazification, de-militarisation and its neutrality” with regard to his strategic tussle with the West. The invasion followed Ukrainian President Volodymyr Zelenskyy’s refusal to give up the demand for his country to be a member of the North Atlantic Treaty Organization (NATO), and acknowledge bordering Donbas’s Luhansk and Donetsk regions as independent states. Zelenskyy no longer wants to be part of the US-dominated military alliance whose expansion in eastern Europe had rattled Putin. Zelenskyy is also willing to be neutral, and discuss the future of Luhansk and Donetsk, but the concessions have come only after huge costs: cities wrecked, thousands dead, and millions displaced. Zelenskyy’s overconfidence that NATO would fight on Ukraine’s behalf in the event of an invasion by Russia, whereas NATO was never willing to make Ukraine its member, a prerequisite for Western forces to directly join any war against Russia. Germany and France insisted that Ukraine must meet the eligibility criteria. A European nation must show a commitment to democracy, individual liberty and support for the rule of law. At the same time, some American and European officials felt Ukraine had not yet met the threshold. But the crux of the matter was: Nato membership to Ukraine would increase friction with Russia.

Resulting the great economic impact of the Russia-Ukraine conflict is not just limited to Ukraine, Russia, or Europe, but it is widespread across the globe. Several global companies that have had their business disrupted by the conflict due to their presence in these two countries. Businesses should not expect a quick return to normal. From closures to the suspension of potential investments and ongoing projects such as the Nord Stream 2 natural gas pipeline, disruption is rife, and will take some time to untangle. “Further, in the backdrop of ongoing conflict an

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