Early in 2022, as the world’s economy began to rebound from the pandemic, Russia’s invasion of Ukraine threw global finance into disarray. A U.S.-led coalition responded with sweeping new sanctions targeting Russia’s energy sector, its oligarchs and its financial system. Sanctions on Russia sent ripples across the global economy, and permanently altered the world financial landscape.
Heading into the second year of fighting with no clear end in sight, the invasion will continue to shape the world economy for the foreseeable future. The war has strained supply chains and caused food and energy price swings, disrupted regional payments and trade, and darkened the global economic outlook.
Here’s a look back at how the war upended global finance in 2022.