On 24 February 2022, Vladimir Putin initiated the Russian invasion of Ukraine, causing shock around the world. What has unfolded has primarily been a story of human tragedy and devastation.
The war has also sent ripples through the international trading system, with soaring energy prices contributing significantly to global inflation, trade routes disrupted and waves of sanctions imposed by western governments on Russia and close ally Belarus.
Unstable
The war has also created a new climate of geopolitical uncertainty which also threatens to undermine business confidence.
In a poll conducted by the Institute of Export & International Trade (IOE&IT) at the end of 2022, 38% of respondents said ‘uncertainty in international markets’ was their biggest business challenge going into 2023, exceeding the 31% who said ‘post-Brexit rules for trade with the EU’.
Free webinar
To mark the unfortunate milestone of one year having passed since the invasion began, the Institute of Export & International Trade (IOE&IT) is hosting a free webinar at 2pm on 14 February, assessing the impacts of the war on trade and advising businesses on how to navigate the uncertain new trade landscape.
The webinar will feature trade policy and sanctions specialists from the IOE&IT and government, as well as Professor Trevor Williams, a former chief economist at Lloyds Bank, a visiting professor at the University of Derby and co-founder of FXGuard.
The webinar will cover:
- How the war has impacted global trade flows
- The impact of the energy and inflation crises
- A recap of the sanctions that have been introduced on Russia
- Practical tips for ensuring compliance with sanctions
- Practical tips for managing further disruption from geopolitical events
You can sign up to the webinar for free here.
