Europe’s Economy After the Ukraine Conflict: The Cost of Sanctions and the Search for a New Equilibrium
By Thobile Jiwulane:
The conflict in Ukraine has emerged as one of the most significant geopolitical shocks to Europe since the end of the Cold War.
The sanctions imposed on Russia were designed to constrain its financial, technological and industrial capabilities. However, their impact has extended far beyond Russia, affecting the economies of European Union member states as well. Four years after the outbreak of the conflict, it has become increasingly clear that the economic consequences have been far more complex than either supporters or critics of the sanctions regime initially anticipated.
The most immediate challenge for Europe has been energy security. For decades, much of European industry benefited from access to relativel...