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

doi:10.2139/ssrn.4176209

Cited by 2 publications

(7 citation statements)

References 43 publications

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“…This implies that good FDI and trade flow and openness spur export goods, which the present war in Ukraine undermines (Kalaitzi and Chamberlain, 2020). This result is consistent with the findings of Saridakis et al (2022) that found that this war has generated food inflation which keeps on increasing globally, as well as trade destruction. This further suggests that if war breaks trade and supply chains, there would be serious trade disruption, which has huge implications for growth and development (Cihix et al, 2022).…”

Section: Resultssupporting

confidence: 88%

“…Similarly, a positive and significant result was revealed for food exports. This is like the findings of Saridakis et al (2022) and Abu Hatab (2022) that the current war affects food exports and imports. This implies that FDI and international trade relations ensure adequate food distribution across the globe.…”

Section: Resultssupporting

confidence: 84%

“…Mbah and Wasum (2022) reviewed the impact of the Russian-Ukraine war on key global economic actors and revealed that both the Russian and the global economies are feeling the heat of the war through a sharp increase in inflation and commodities prices risk, with negative impacts on economic growth and investment inflows. Saridakis et al (2022) examined the impact of military invasion on food, metal, energy, and international trade, and suggested that USA would likely replace Russia in supplying gas to Europe; while China and Turkey may benefit more from Russia supplying oil and gas at a cheaper rate, while food inflationary rates will keep on increasing globally and trade destruction keeps increasing. Khudaykulova, Yuangiong and Khudaykulov (2022) reviewed the economic consequences and implications of the Russia-Ukraine war on both the local and global economy and revealed that the war has led to abnormal rises in inflation and debt, and limitations of daily economic life.…”

Section: Literature Review Theoretical and Conceptual Backgroundmentioning

confidence: 99%

“…Russia and Ukraine have trade relations between each other and with many countries, mainly the European Union (EU), and African and Asian countries, which this current war might have significantly affected. Past scholars have stated that this current war in Ukraine needs urgent attention and needs to be critically assessed and cross-sectionally examined because of its abysmal impact on global economies (Balbaa, Eshov and Ismailova, 2022;Saridakis et al, 2022;Rybakova & Kuznіetsova, 2022;Pereira, Basic, Bagunovic and Barcelo, 2022). The importance of these two countries to the EU in terms of trade relations, supply chains, and FDI forms part of the motivation for this study.…”

Section: Introductionmentioning

confidence: 99%

“…Shocks from this war and sanctions have degenerated and truncated supply chains and trade relations, leading to many scholars revealing that the Russia-Ukraine war negatively impacted the global economy (Balbaa, Eshov and Ismailova, 2022;Khudaykulova, Yuangiong and Khudaykulov, 2022). Other scholars also revealed that the war severely affects countries' bilateral and multilateral trade relations (Saridakis et al, 2022;.…”

Section: Introductionmentioning

confidence: 99%

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Does the Russia-Ukraine war affects trade relations and foreign Direct investment flows from Europe into Asia and Africa?

Benson

2023

IJRBS

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This study used secondary data from World Development Indicators to examine the implication of the Russia-Ukraine war on Trade relations and Foreign Direct Investment flows into other parts of the world. Data from 85 countries between 2012 and 2021 were analyzed using the generalized method of moments (GMM) technique. Findings revealed that the coefficients of export goods, international trade represented by external trade, food exports and fuel exports had positive and significant results from both panels and all the sub-regions, except for Europe, which revealed a mixed result. Conversely, results from food imports, military expenditure, fuel imports and fossil energy consumption revealed negative but significant results, except food imports in Europe showed an insignificant result. Conclusively, the findings of this study revealed that the current war has increased military expenditure, which has caused a significant setback to FDI and trade relations. This has undermined both bilateral and multilateral trade relations and cut off supply chains, markets, and value chains that have long existed before the crisis amongst countries across the globe. Therefore, world leaders should do everything possible to restore peace between these two countries because it will do the world better than their selfish desires. In addition, if the war degenerates more than this, it would not only be injurious to the global market, trade routes, economy and FDI but can lead the world to another world war. Conclusively, this study will help world countries, governments, leaders, policymakers, investors, and companies in various decision-making endeavors, including war-related decisions. World leaders with management crisis skills who can unite nations should help mediate the conflict between Russia and Ukraine to restore peace. However, further studies are still required on this ongoing war for scholarly guidance as there are still limited empirical studies in the world literature regarding this crisis.

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Section: Resultssupporting

confidence: 88%

Section: Resultssupporting

confidence: 84%

Section: Literature Review Theoretical and Conceptual Backgroundmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

Does the Russia-Ukraine war affects trade relations and foreign Direct investment flows from Europe into Asia and Africa?

Benson

2023

IJRBS

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Tanker Fleet of Greece: Strategy Development in the Conditions of Sanctions Against Russia – Through a Practice Lens

ARGYRIOU

2023

JEE

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The focus of this article is on the reorientation of the economic policy of Greece in the field of its tanker fleet development, influenced by geopolitical shifts resulting from the Russian-Ukrainian war. These shifts have led to changes in global demand for tanker fleet services due to sanctions imposed on Russia’s oil exports. The primary objective of this research was to compare the Greek tanker and LNG fleets with fleets of comparable size in the United States and Singapore. The study relied on secondary data collected from articles in journals, books and official websites, and the Clarksons Research database. The findings reveal that significant portions of deadweight tonnage of the Greek oil tankers were absorbed by Asia, Africa, and the Mediterranean and Black Sea zones during the period from 2001 to 2023. Furthermore, the deadweight tonnage of Greek LNG fleet has found significant usage in Asia, America and Africa zones between 2013 and 2023.The data also demonstrate a notable increase in the volumes of Russian crude oil transported by Greek tankers over the past year, despite EU sanctions on Russia’s oil exports. Greek tankers have increasingly employed «ship-to-ship» transfers as a means to circumvent these EU sanctions. We argue that further EU sanctions may limit these transfers, but their ultimate effects remain uncertain, as Greek tankers may continue to transport Russian oil to alternative markets, thus ensuring their profits.

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

Cited by 2 publications

References 43 publications

Does the Russia-Ukraine war affects trade relations and foreign Direct investment flows from Europe into Asia and Africa?

Does the Russia-Ukraine war affects trade relations and foreign Direct investment flows from Europe into Asia and Africa?

Tanker Fleet of Greece: Strategy Development in the Conditions of Sanctions Against Russia – Through a Practice Lens

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