Economic impact of the Russian invasion of Ukraine

Retailers around the world removed Russian-made products from their inventories due to the invasion, either voluntarily or as a result of sanctions.

The economic impact of the Russian invasion of Ukraine began in late February 2022, in the days after Russia recognized two breakaway Ukrainian republics and launched an invasion of Ukraine. The subsequent economic sanctions have targeted large parts of the Russian economy, Russian oligarchs, and members of the Russian government.[1][2][3][4] Russia responded in kind. A wave of protests and strikes occurred across Europe against the rising cost of living.[5]

The war in Ukraine has also resulted in significant loss of human capital,[6] destruction of agricultural trading infrastructure,[7] huge damage to production capacity,[8] including through the loss of electricity,[9][10] and a reduction in private consumption of more than a third relative to pre-war levels.[11]

  1. ^ Melander, Ingrid; Gabriela, Baczynska (24 February 2022). "EU targets Russian economy after 'deluded autocrat' Putin invades Ukraine". Reuters. Archived from the original on 26 February 2022. Retrieved 26 February 2022.
  2. ^ "China State Banks Restrict Financing for Russian Commodities". Bloomberg News. 25 February 2022. Archived from the original on 25 February 2022. Retrieved 26 February 2022.
  3. ^ "Western Countries Agree To Add Putin, Lavrov To Sanctions List". Radiofreeeurope/Radioliberty. 25 February 2022. Archived from the original on 26 February 2022. Retrieved 26 February 2022.
  4. ^ Holland, Steve; Chalmers, John; Psaledakis, Daphne (26 February 2022). "U.S., allies target 'fortress Russia' with new sanctions, including SWIFT ban". Reuters. Archived from the original on 26 February 2022. Retrieved 26 February 2022.
  5. ^ "Inflation protests across Europe threaten political turmoil". ABC News. Retrieved 23 October 2022.
  6. ^ The Loss of Human Capital in Ukraine, Noam Angrist, Simeon Djankov, Pinelopi Goldberg and Harry Patrinos, ]CEPR.ORG, 27 April 2022.
  7. ^ Restarting Ukraine's Agricultural Exports, Oleksii Blinov and Simeon Djankov, CEPR.ORG, 10 June 2022.
  8. ^ Assessing the Damages to Productive Capacity in Ukraine, Oleksii Blinov and Simeon Djankov, CEPR.ORG, 21 September 2022.
  9. ^ The Economic Toll of Attacks on Ukraine's Power Grid, Oleksii Blinov and Simeon Djankov, CEPR.ORG, 22 December 2022.
  10. ^ Russia's Air Attacks Cut The Ukrainian Economy by 12% in November, Oleksii Blinov, Forbes.ua, 12 January 2023 (in Ukrainian).
  11. ^ Measuring Private Consumption During the War, Oleksii Blinov and Simeon Djankov, CEPR.ORG, 24 July 2022.