February 2022, Interview: "Russia’s invasion of Ukraine has sparked a global political crisis, with a humanitarian one expected to follow as civilian and military casualties mount and Ukrainians fleeing the violence expected to create a dramatic flow of refugees into central Europe. The attack also threatens to exact painful economic hardships. Global stock and energy markets plunged Thursday, as the invasion and widening list of retaliatory economic sanctions from the West (the most recent ones announced by President Biden Thursday afternoon) are expected to affect commodities, energy supplies in particular. Russia is a major source of oil and natural gas to Europe. The conflict is also forecast to worsen existing pandemic-related inflation, supply chain delays, and labor shortages in the U.S. and various nations around the world."
Non-HKS Harvard Author Website - Kenneth Rogoff