Despite the small size of Ukraine’s economy in a global sense, the invasion of the country by Russia has caused macro shocks well beyond its borders. In response to an unprovoked attack on a democratically elected government within Europe, Europe and many of its allies have imposed harsh and far-reaching sanctions. The predominantly economic measures taken by western countries against Russia have been successful in causing financial strain on Russia’s economy (the eleventh largest economy in the world in terms of GDP1 ) but also caused massive upheaval in markets, global trade, and most importantly a massive shift in the geopolitical backdrop. READ MORE
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