Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/283687 
Year of Publication: 
2022
Citation: 
[Journal:] SPOUDAI - Journal of Economics and Business [ISSN:] 2241-424X [Volume:] 72 [Issue:] 1/2 [Year:] 2022 [Pages:] 34-55
Publisher: 
University of Piraeus, Piraeus
Abstract: 
The outbreak of the Russian-Ukrainian military conflict has sent chills down the spines of policy makers around the world. In this paper we offer an account of the unfolding military intervention in Ukraine and its concomitant global economic ramifications. By assessing the events that have led up to an apparently inevitable showdown, through the lens of hegemonic order theory, we provide tentative, yet comprehensive, insights into Russia's military incursion. We further discuss the potential impact of the military conflict on international trade and the prices of energy, food, and metals. Whilst the analysis suggests that the efficacy of the economic sanctions will depend on a variety of factors, it is envisaged that the United States (US) is likely to be an important resource player that will, to a certain extent, side-line Russia's gas exports to Europe. Also, countries that primarily trade with Russia and which have refrained from imposing sanctions (e.g., Turkey and China) may benefit from increased trade with the rest of the world. In contrast, many energy- and food-dependent European economies are expected to face increased inflationary pressures in view of the depressed global economic environment and the ongoing supply-side disruption.
Subjects: 
conflict
Economic sanctions
energy market
food price
rare earth metals
Russia
theory of hegemony
trade
Ukraine
JEL: 
E00
F18
F51
Q00
Document Type: 
Article

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