Economic Consequences of the Russo-Ukrainian War

People queue outside a branch of Russian state-owned bank Sberbank to withdraw their savings and close their accounts in Prague on Feb. 25, 2022, before Sberbank closed all its branches in the Czech Republic later in the day. Michal Cizek/AFP via Getty Images

Commentary

On Feb. 24, a new war shocked Europe when Russia launched a major military campaign against her southern neighbor, Ukraine. The force Russia has mustered—ground troops estimated to be in the range of 190 000—implies that the aim of the invasion is to take all of Ukraine if not a major part of it.