A year on the Russian invasion of Ukraine Global Economic and Political Implications
2023-02-24376 view
Russia's invasion of Ukraine has opened the door to global crises in many areas, on top food and energy, while pushing for changes in European policy and in the features of international relations.
After that war on Ukraine (the main country on the map of global food production) caused significant effects on the prices of food commodities in global markets, and threatened food supplies ( with what it means for developing countries), political treatment was possible through the Black Sea grain initiative, and through the creation of solidarity corridors by European countries. Such measures have greatly reduced the repercussions of the war on the level of food sources.
On the other hand, after the Russian invasion of Ukraine, energy prices, which had already risen gradually in 2021, rose when life began to return to normal in the wake of the historical paralysis caused by the corona virus pandemic. Solutions and alternatives had to be sought, especially by the EU and G7 countries. European and international actions, along with other factors, notably the slowdown in the global economy and, consequently, the decline in energy demand, have contributed to the significant re-decline in energy prices.
The decline in energy prices is expected to be gradually reflected in consumer prices, especially in the prices of foodstuffs, which will fall in cost; but it may not transpire until late spring and early summer of 2023. However, this is conditioned by the continuation of the form and pace of the war; especially if there is no major escalation, and continuity of economic confrontation measures by the major Powers.
On the other hand, the Russian invasion of Ukraine has made the "Russian-Western" relationship more intense and complex; and this is reminiscent of the most severe days of the Cold War. Such a scene has been reflected in international relations, alignment and polarization on the political scene, at several fronts, especially on the "Russian-European" and the "Russian-American" fronts. Moreover, it has had effects on transatlantic relations, including China's relationship with the West.
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