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

Saridakis, George, Alexiou, Constantinos, Hosein, Roger, Satnarine-Singh, Nirvana (2022) Hegemonic Sanctions and Global Economic Ramifications in the Context of the Russian-Ukrainian Conflict: A Commentary. SPOUDAI: Journal of Economics and Business, 72 (1-2). pp. 34-55. ISSN 1105-8919. E-ISSN 2241-424X. (KAR id:95958)

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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 the 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 to replace 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, like the developing countries, expected to face increased inflationary pressures given the depressed global economic environment and the ongoing supply-side disruption.

Item Type: Article
Uncontrolled keywords: Economic sanctions, Russia, Ukraine, conflict, trade, energy market, food price, rare earth metals, theory of hegemony
Subjects: H Social Sciences > HB Economic Theory
Divisions: Divisions > Kent Business School - Division > Department of Marketing, Entrepreneurship and International Business
Funders: University of Kent (
Depositing User: George Saridakis
Date Deposited: 28 Jul 2022 20:56 UTC
Last Modified: 04 Jul 2023 12:51 UTC
Resource URI: (The current URI for this page, for reference purposes)

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