Following the tentative recovery observed in 2021, global economic conditions worsened significantly in 2022 (IMF, July 2022). Russia’s invasion of Ukraine on 24 February 2022 caused global economic growth estimates to drop for the first time since 2020.

Tamar Sulukhia, the Director of ISET and the ISET Policy Institute, took part in a discussion organized within the RECONOMY program. This online forum focused on the ways the Russian invasion of Ukraine has challenged the EU’s approach towards the future of Eastern Partnership countries, as well as prospects for EU integration.

Russia’s invasion of Ukraine has profoundly affected nearly every aspect of the global economy, from food and energy security to supply chains and financial markets. The World Bank (June 2022) estimates that the 2021 5.5% rebound global growth is therefore expected to drop to 2.9% y/y in 2022.

The Russian invasion of Ukraine, as well as the global pandemic, have diverted the world’s attention and in general, put climate change and the green economy onto the back burner of the political agenda.

During the Russia-Ukraine the EU has become a clear example of how substantial reliance on a single country to satisfy energy needs can threaten nations’ economic development, and how challenging the task of achieving energy security is while substantially depending on a single country in key energy products.