From disrupted global markets to a possible refugee crisis, here are some of the ways Russia's invasion of Ukraine will have ripple effects far outside the borders of the conflict.
on Russia — signals that people even out of immediate harm’s way will be affected by what threatens to become the biggest war in Europe since World War II.There could be collateral damage from sanctions on Russiaof economic sanctions on two Russian banks with about $80 billion in assets, five Russian oligarchs and their families, and prohibited U.S. entities from purchasing Russian sovereign debt.
Because the U.S. does not rely much on trade with Russia, it is somewhat insulated from direct consequences. Europe is more directly affected. But certain sectors of the U.S. economy rely on highly specific Russian exports, primarily raw commodities. Russia is a major exporter of oil and natural gas, especially to Europe. As a result, officials have reportedly shied away from severe sanctions on Russian energy exports.Nearly 40% of the natural gas used by the European Union comes from Russia. President Biden has said the not-yet-operational Nord Stream 2 pipeline would not move ahead if Russia invaded Ukraine.
Even if Russia chooses not to limit exports, supplies could still be affected by a conflict in Ukraine because multiple pipelines run through the country, carrying gas from Russia to Europe. “They could simply be casualties of a military invasion,” Rediker said.
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