Volume 28, Issue 118 , September 2022, , Pages 37-60
Abstract
Russia's massive invasion of Ukraine in February 2022 and the severe financial sanctions imposed against Moscow have not only had an economic impact on Russia; but, the consequence ...
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Russia's massive invasion of Ukraine in February 2022 and the severe financial sanctions imposed against Moscow have not only had an economic impact on Russia; but, the consequence of this crisis has also affected the international economy, including America and Europe’s markets. The inflation caused by the Ukraine crisis, which has currently disrupted most of the world's economies, including the United States and Europe, is constantly increasing due to the sharp increase in the prices of oil, gas, industrial and agricultural products. This article tries to examine the economic impact of the war between Russia and Ukraine in 2022 on the key players of the global economy, especially the United States and Europe, which have imposed severe financial sanctions against Russia. Therefore, the main question of this research is: What effect will the Russia – Ukraine war have on the international economy, especially for the U.S. and Europe?The hypothesis of the research is that given the fact that the conflict in Ukraine has the political and military dimensions, the leaders of these countries have prioritized the political issues over the economic issues in their decision making process to address this crisis. This has caused the economy to be affected again by high politics issues and faced stagnation and increase in global prices which once was considered as a low politics during the Cold War and then, it became more relevant in the decision-making process of governments after the Cold War.This paper has applied the descriptive-analytical method to analyze the data.
