AKHIL RAMESH
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2022 started with a surging omicron variant. A few weeks in, providing a respite, the variant subsided around the globe. However, as if the world was deprived of tragedy and was rejoicing for too long, weeks later, Russia invaded Ukraine, leading to death and destruction in Ukraine and economic turmoil around the globe.
Russia’s invasion of Ukraine is not comparable to any other invasion in history due to its geoeconomic significance. Both Ukraine and Russia are leading exporters of commodities such as crude, natural gas, iron and steel, wheat, and edible oils that have a direct impact on the inflation levels in major world economies.
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