THE INFLUENCE OF THE MILITARY CONFLICT IN UKRAINE ON THE FORMATION OF THE LANDSCAPE OF THE WORLD ECONOMY

Анотація

The article considers the impact of the military conflict in Ukraine on the formation of the landscape of the world economy. The main positions on which the world economy could suffer were highlighted. It is determined that the military conflict may cause accelerating inflation in the United States and Europe, food shortages, rising oil and gas prices. In addition, it was analyzed that all this is happening in the context of the slow growth of world trade since the global financial crisis of 2008 and the recovery of the world's economies from the shock caused by the spread of the COVID-19 epidemic. The article highlights the forecast for US inflation and identifies its impact on foreign trade policy. It is analyzed that since 2014 the aggressor country has suffered huge losses in oil and gas exports. This trend is observed with the definition of sanctions policy against Russia. The paper highlights the instruments of sanctions policy in Europe, Asia and North America, and their impact on Russia's national economy. The article considers the impact of Russia's invasion of Ukraine has deepened the destructive effects of the critical demand and supply factors. There is also a threat of a rapid slowdown in the growth of national economies around the world. Households that spend more and more of their income on fuel and heating will have less money for other goods and services. Falling markets will add another pressure and make it harder for companies to raise funds for investment.The article considers financial sanctions against Russia since its invasion of Ukraine began on 24 February have included three main planks. First, sanctions against named Russian individuals have expanded dramatically. Second, a series of sanctions has been imposed on individual Russian banks. These include – but are far from limited to – the much-hyped ability of the European Union to require disconnection of individual Russian banks from SWIFT. Third, the Bank of Russia, the country’s central bank, has been blocked from using its international reserves in a number of jurisdictions. Scenarios for the development of events in the event of increased aggression by Russia and further sanctions shock have been identified. It is analyzed how supply chain disruptions can complicate Russia's trade with European countries and how it affects the entire Eurozone region.

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