Besides triggering a humanitarian catastrophe, Russia’s invasion of Ukraine and the resulting Western sanctions significantly affect the global economy. The crisis puts additional strains on the shipping industry, which is still dealing with the backlogs and surging transportation costs the COVID-19 pandemic triggered. Russia’s curtailed ability to trade already generates consequences across the global economy, resulting in social and economic woes that will likely worsen as the conflict continues. Ana Swanson of The New York Times offers an overview of how the Ukraine crisis affects global trade.
About the Author
Ana Swanson covers trade and international economics for The New York Times.