Russian-Ukraine 2022 War: A Review of the Economic Impact of Russian-Ukraine Crisis on the USA, UK, Canada, and Europe

The popular belief worldwide is that the global financial sanctions unleashed on Russia, the seizure of assets and properties of the oligarch friends to President Putin for Russia’s current attack on Ukraine will cripple the Russian economy and hinder any further attack on Ukraine. This is logical reasoning, however, the impact of this crisis extends to the global economy. Thus, the purpose of this study is to review the economic impact of the 2022 Russia-Ukraine war on key global economic actors, specifically, countries that have unleashed financial sanctions on Russia as punishment like the USA, Canada, UK, and EU. This study uses the Social Contract and the Interest Group Theories to explain the rationale…