Russia’s economy has floundered since Putin ordered the invasion of Ukraine in February, with a 3.4% projected decline in the country’s GDP this year.
After Russia invaded Ukraine on February 24, energy prices skyrocketed as uncertainty grew about what the impending Western response to the world’soil exporter, and by far Europe’s largest oil and natural gas provider, would mean for global markets.
The price of international benchmark Brent crude was $92.51 per barrel Monday, up 12% from a year ago, while U.S. gas prices are up 11% in the period. Soaring energy prices sent already surging inflation to levels not seen in the U.S. and Europe in more than 40 years, bringing the global economy to the brink of a recession.
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