War in Ukraine: Impact on Global & Indian Economy
On 24 February 2022, Russia began a military invasion of Ukraine in a major escalation of the Russo-Ukrainian conflict that has been simmering since 2014. Denounced by the US and its allies as a war of aggression, it is the biggest military conflict in Europe since World War II. Russia's economy is only the world's 11th largest with a GDP of about $1.5 trillion but its vast oil and gas resources and its status as a leading producer and exporter of metals and other commodities makes it an important player in world trade.