The hostilities in Ukraine have already entailed serious repercussions around the world. Russian nationals and the limping Russian economy are certainly taking the brunt of geopolitical ambitions. The White House warns that the ongoing turmoil is a precursor of nasty shocks in the global economy. Cecilia Rouse, Chair of White House's council of economic advisers, assessed the risks from Russia’s invasion of Ukraine to the global economy in general and the US economy in particular.
“The economic risks will hinge on the length of this war. And the more quickly it is resolved, the smaller the impact. The longer it goes on, the deeper the uncertainty," Biden’s top economic adviser said in a press briefing.
In early March, Russia’s President Vladimir Putin signed a decree on special economic measures to retaliate against the West for harsh economic sanctions. The Russian leader stated that he had to make the forced decision in the face of hostile and contradictory actions from the US, its allied countries, and affiliated international organizations.
