Russia's Invasion of Ukraine Changed Global Economy in a Week

Russia's Invasion of Ukraine Changed Global Economy in a Week
(Douane Francaise via AP)
A week of war in Ukraine has rocked the global economy, as quick-fire Western sanctions isolated Russia, collapsed its currency and financial assets and sent energy and food prices soaring.

Russia's $1.5 trillion economy is the world's 11th biggest, according to World Bank data. A week ago, it was doing a bumper trade in energy, exporting millions of barrels of crude a day with help from major oil companies. Western brands were doing brisk business in Russia, and investors were lending to its companies.

Now, a barrage of sanctions have made Russia's biggest banks radioactive, traders are shunning barrels of Urals crude oil, and Western companies are fleeing the country or shutting up shop. Russian stocks have been kicked out of global indexes, and trade in some Russian companies has been halted in New York and London.
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