Ukraine Russia Conflict: It’s Social and Economic Implications

Abstract

Russian troops entering Ukraine on February 24 provoked widespread protests across the nation. Global peace and security are threatened by the conflict in Ukraine's eastern regions. In other words, the situation in Ukraine has ramifications that are felt around the world. In addition, the social implications of Ukraine's unrest have an impact on the course of European development. Conflict between Russia and Ukraine will have a significant impact on the global economy through three primary channels: financial sanctions, commodity prices, and supply-chain disruptions. It was expected that important global macroeconomic metrics will return to normal during the 2022-23 following the COVID-19 pandemic. As a result of the conflict, Americans are becoming less reliant on Russia for their primary energy needs. Market design should be reexamined by policymakers in order to assure energy security and to implement incentives to enable a green transition that is widely supported.