Escalation of Anti-Russian Sanctions and Its Implications for the Global Economy

Abstract

The military and political conflict between Russia and Ukraine continues to impact negatively on the global economy. In addition to technological and financial sanctions, the European Union (EU) imposed an embargo on energy imports from Russia. The European economy has severely felt its effects - rising energy prices, slowdown in production, and decline in consumer confidence. The countries of Eastern Europe and the Baltics have suffered the most. At the same time, supply factors play an important role, exacerbated by export restrictions imposed by a number of countries, which have a decisive influence on world food and energy prices, and have become a key determinant of higher inflation globally. The article considers the consequences of the escalation of sanctions imposed on Russia for the global economy.