Issue Brief on “Impact of Russian Invasion of Ukraine on the European Economy”

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On February 24th, 2022, Russia invaded Ukraine. It has been six months since and the economic indicators of Europe, Asia and even the rest of the world have plummeted. The global economy, especially the economy of Europe, has faced trade disruptions, reduced remittances, weakening of investor confidence, rising commodity prices especially of oil and gas. Countries around the globe have experienced these economic burdens, the ones most affected are those in close proximity of Russia and Ukraine.

Large economies of Europe such as Germany, France, UK, Italy, and Spain have faced the aftermath of sanctions on Russian oil and gas. According to statistics provided by the European Union, Russia’s largest trade partner was the EU; the total trade between them amounted to approximately €257.5 billion.[1] Since the invasion of Ukraine, the European Union has halted trade with Russia and imposed several wide-ranging sanctions on Russia.

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