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Hegemonic Sanctions and Global Economic Ramifications in the Context of the Russian-Ukrainian Conflict: A Commentary

Author

Listed:
  • George Saridakis

    (G.Saridakis@kent.ac.uk)

  • Constantinos Alexiou

    (School of Management, Cranfield University, UK)

  • Roger Hoseinc

    (c Department of Economics, The University of the West Indies, Trinidad and Tobago)

  • Nirvana Satnarine-Singhc

    (c Department of Economics, The University of the West Indies, Trinidad and Tobago)

Abstract

The outbreak of the Russian-Ukrainian military conflict has sent chills down the spines of policy makers around the world. In this paper we offer an account of the unfolding military intervention in Ukraine and its concomitant global economic ramifications. By assessing the events that have led up to an apparently inevitable showdown, through the lens of hegemonic order theory, we provide tentative, yet comprehensive, insights into Russia’s military incursion. We further discuss the potential impact of the military conflict on international trade and the prices of energy, food, and metals. Whilst the analysis suggests that the efficacy of the economic sanctions will depend on a variety of factors, it is envisaged that the United States (US) is likely to be an important resource player that will, to a certain extent, side-line Russia's gas exports to Europe. Also, countries that primarily trade with Russia and which have refrained from imposing sanctions (e.g., Turkey and China) may benefit from increased trade with the rest of the world. In contrast, many energy- and food-dependent European economies are expected to face increased inflationary pressures in view of the depressed global economic environment and the ongoing supply-side disruption.

Suggested Citation

  • George Saridakis & Constantinos Alexiou & Roger Hoseinc & Nirvana Satnarine-Singhc, 2022. "Hegemonic Sanctions and Global Economic Ramifications in the Context of the Russian-Ukrainian Conflict: A Commentary," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 72(1-2), pages 34-55, January-J.
    • Handle: RePEc:spd:journl:v:72:y:2022:i:1-2:p:34-55
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Economic sanctions; Russia; Ukraine; conflict; trade; energy market; food price; rare earth metals; theory of hegemony;
    All these keywords.

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • F18 - International Economics - - Trade - - - Trade and Environment
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General

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