Russia’s war of aggression against Ukraine is causing a humanitarian, social and economic tragedy for the Ukrainian people. However, the consequences of the full-scale military invasion of Ukraine are also reverberating across the entire world, disrupting the global supply of commodities, causing a sharp increase in the price of food and energy, and threatening the recovery from the COVID-19 pandemic.
Countries with established commercial and financial ties with the economies of Russia and Ukraine, both experiencing the worst recession seen in decades, appear particularly vulnerable. This report investigates the exposure of Eastern Partner countries (Armenia, Azerbaijan, Georgia, Republic of Moldova, and Ukraine) to the economic shocks caused by the war, and, in particular, through the impact that the war is having on inflation, migration, remittances, investment and trade.
This report is published as part of the multi-country project “EU4Business: From Policies to Action – phase 2”, implemented in the Eastern Partnership with the financial support of the European Union within the EU4Business initiative