An appraisal of the impact Russia and Ukraine conflict on the global economy and peace (2021-2022)

Abstract

The unannounced war between Ukraine and Russia has taken the world politics, peace, economy, and global market systems by storm and the diplomatic efforts by world leaders to resolve the crisis have shown no sign of progress. Ukraine became an independent nation with the fall of the Soviet Union in 1991. It was earlier part of the Russian empire and later became the Soviet Republic and did away with its Russian imperial legacy, thereby forming close ties with the West. Since its independence, the country has been battling with corruption and internal divisions. The objective of the paper is to examine the implication of the Ukraine and Russia crisis on the global economy and peace. The paper has adopted using secondary sources of information by consulting relevant literature on the subject matter. The paper has two major findings firstly, the sovereignty of Ukraine as an independent country was not fully respected by Russia and secondly, superpower countries are playing politics with the conflict which led to further destruction of human beings and facilities between conflicting countries. The researcher recommends that neighbouring countries of Ukraine needs to recognize its statehood independence as an independent country and the superpower countries and other global communities need to show concern and make serious commitment to end the conflict between the two countries to restore the fate of global peace and economy in a good time.