Journal of Global Economics

Ukraine was attacked by Russia on February 24, 2022. As a result, numerous international sanctions were put in place against Russia in an effort to get it to defuse the situation. Despite being designed to harm Russia, the sanctions imposed had unintended consequences for the global economy, primarily through the disruption of global supply chains. Energy, commodity, and trade supply shocks were caused by the conflict. This resulted in increased energy prices, commodity prices, and food prices, which in turn caused an increase in worldwide inflation in several nations. Israel mediated the peace between Russia and Ukraine, but the economic fallout from the crisis continued to be felt throughout much of Europe and beyond.