The global economy and national governments are currently facing many global challenges and threats that few could have predicted. The Russian-Ukrainian conflict broke out in parallel with the beginning of the recovery of most countries of the world from the crisis caused by the COVID-19 pandemic, which has had negative effects on the global economy, business activities and people. There are new challenges arising from the crisis between Russia and Ukraine that are reflected at many levels of the global and national economy. Both countries are major suppliers of raw materials used in many industries, with Europe most affected due to trade relations with both countries and dependence on Russian energy. The Russia-Ukraine conflict has exacerbated the crisis among industries already struggling to cope with supply chain bottlenecks, rising costs and critical shortages of materials due to the COVID-19 pandemic. The economic consequences of the conflict will lead to rising inflation, rising interest rates and slowing global growth.

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