Impact Of Russia-Ukraine Conflict On Global Economy

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Ana Kurtanidze
Maia Chinchladze
Irakli Bakradze


In March 2022, the Versailles declaration was developed, within the framework of which the leaders of the 27 EU countries agreed to gradually overcome the EU's dependence on Russian fossil resources as soon as possible. At the European Council, measures were set to reduce the impact of high prices on energy resources and ensure supply of energy resources.

Also, on June 23-24 2022, EU leaders discussed the causes of rising energy prices. Ways of containment of energy prices were outlined, the possibility of introducing a temporary price limit was discussed. In 2022, on July 26, EU energy ministers reached a political agreement on a voluntary reduction in demand for natural gas by 15% this winter.

On August 5, 2022, the council adopted a regulation on reducing gas demand by 15% by written procedure.

Russia is also responsible for the global food crisis.

The actual problem is the supply of fuel and the increase of fuel prices, as well as logistical challenges associated with border crossings and airspace restrictions. In addition, the import of goods and the large flow of Ukrainian refugees to the EU countries caused some difficulties.

Economy, Economic Crisis, Import of Goods, Rising Prices, Inflation, Escalation of the Conflict
Published: Mar 9, 2023

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