From the Document: "The Russian Federation's (Russia) renewed invasion of Ukraine in February 2022, and the increasing number of international sanctions that followed, have heightened congressional interest in understanding the implications of these developments for the U.S. and global economy. The war, which has already led to economic, security, and humanitarian crises in the region, is causing wide-ranging spillover effects globally and is likely to hamper national economic recoveries from the COVID-19 [coronavirus disease 2019] pandemic. The overall impact will ultimately depend on the duration and fallout of the war and sanctions, and on policy responses. The trade disruptions, inflationary pressures, and security concerns have started to weigh on consumer and investor sentiment, reduce real incomes, and depress global demand for imports. If prolonged, the war could lead to a more widespread regional--and potentially global--economic recession and increase the risk of social unrest in both advanced and emerging economies. Members of Congress may monitor the situation and help inform potential U.S. economic policy responses."
CRS In Focus, IF12104
Congressional Research Service: https://crsreports.congress.gov/