Russia's Invasion of Ukraine: Economic Challenges, Embargo Issues and a New Global Economic Order

About the Book

From the Back Cover
This book presents a cutting-edge analysis of the economic effects and challenges of Russia's invasion of Ukraine, with a special focus on EU sanctions on Russian energy exports and Ukraine's political relationship with the European Union in a global context. Key macroeconomic perspectives on the ongoing conflict between Russia and Ukraine are outlined, highlighting in particular how sanctions imposed by the international community will have a wider economic impact than what has been envisaged thus far. The book discusses the effects of Russian gas supply boycotts against Western countries as well as the global effects of an EU energy import boycott on Russia, especially for the Asian continent. An innovative proposal to cut electricity prices is presented. It also explores the challenges to relations between the EU, China and Russia caused by the invasion, the effects of the unfolding refugee crisis (within a post-Brexit EU), military and humanitarian aid pledges to Ukraine, and the risks of reduced multilateralism within the world economy as a direct result of the war. The book also analyzes the risks and benefits of a potential enlargement of the EU to integrate Ukraine as a member state. The topics covered by the book are all set within a long-run view of diplomatic and economic relations between the West, Russia and Ukraine.
The factors analyzed here provide a new, broader picture of the international effects of the conflict, as well as its potential implications for policy design as we enter a new global order marked by the Russo-Ukrainian war. The book will be of interest to researchers and policymakers working in International Economics, New Political Economy, European politics and integration, and macroeconomics more broadly.
Paul J. J. Welfens is a long-time researcher of Russian economic development and European integration as well as an expert on EU-US and EU-China economic relations. He is President of the European Institute for International Economic Relations (EIIW) at the University of Wuppertal, where he also holds the Jean Monnet Chair in European Economic Integration and the Chair of Macroeconomic Theory and Policy. He is also a Non-Resident Senior Research Fellow at AICGS/Johns Hopkins University, Washington DC.