The Russia-Ukraine war began in 2014 with the revolution of the dignity of Ukraine and now on February 24 2022, Russia invaded Ukraine it was a military operation that run by Russia on Ukraine that affect and it became European’s fastest growing refugee since World War II the reason for this conflict is started when Russia wanted to keep this soviet nation out of NATO, including Ukraine, when Ukraine wanted to join NATO. Nonetheless, when you look at history, the Soviet Union collapsed, and Russia lost 14 former republics, including Ukraine. Thus, The Russian government believes that if Ukraine joins NATO, it might attempt to take over CRIMEA.

This dispute between Ukraine and Russia affects whole global economies as it will directly impact financial markets, trade, stock markets, the auto industry's supply chain, oil prices, etc. Russia is one of the largest economies in the world, so it will have a direct or indirect effect on the global economy due to high inflation. There is already a global war between these two nations, which is challenging economic growth and raising inflation rates. Till now Ukraine is not a major trading partner and contributor to the economy but Russia is one of the major importers to India, Germany, the USA, Japan, the UK, France, Italy and many European and middle east countries.

Commodity Trade: - IMF said rising fuel prices could be the consequence of higher commodity prices that can cause the global supply chain to disrupt the supply chain. A longer delivery time for goods and higher production costs can affect commodity trade among manufacturers around the world. Both countries contribute less than 3 per cent of global exports and 2 per cent of global imports, and now it is affected by the Ukraine-Russia dispute, so many countries face issues, and fuel prices are rising. The cost might affect commodity trade, affecting land, shipping and air connectivity, and perhaps railway, road and off-road routes.

Food Shortage and Supplies: -  As per the UN reports together Russia-Ukraine is the exports 30 per cent of wheat in the world Besides corn, cooking oil, sunflower oil, and seed oil, they are also exporters of these products, so the threat to food might be there as well exports through black seaport and the price will rise since 2011 when food supplies suffering from food shortage Ukraine is also a key supplier for seed oil in the world and most important with food threat is most of the countries who under poor countries likely to suffer The countries in Africa, especially those in sub-Saharan Africa, find wheat in short supply, For the Middle East and Asia in the Middle East, food will be a concern, and they are likely to experience food shortages for wheat food, as 70 per cent of exports come from Ukraine and Russia.

Oil Crises: - The conflict between Russia and Ukraine continues and it has become a concern for the world crude oil is also the crisis which the whole world is facing, the USA has already banned importing oil from Russia. The production of oil in Russia has seen in decline since April 2022, and since 1982 whole world is witnessing the fastest rate of inflation this is just because Russia is one of the largest oil providers in the world with many Middle East countries. There is a high price in fuel in India for petroleum purposes and other countries may face economic slowdowns as a result. Apart from oil gas supplies price will be high in the upcoming time because of crude oil we can make gas so it depends on crude oil, oil price is pushed to be high after this conflict since 2008.

Travel and transport: - Travel and aviation are also affected by Russia's assault on Ukraine and ultimately fuel prices rise. The shutdown will make travel difficult for people, so transportation is also affected, and Russia is shutting down all international routes, such as railway, freight shipping, air, etc. There has been a complex disruption of global trade as well as the disruption of air freight, which is the most affected by war and the most affected are Ukraine - Russia. Therefore, trading with European countries is difficult. Rail freight is a vital part of the transport system in most of these countries, which minimizes transport costs within Europe. Tourism used to be an important part of the economies of both countries, but after World War 2, the revenue of both countries declined

Slower Growth: - The war is a threat to slower growth after the pandemic to the global economy and the growth rate for the year 2022 will be 4.4 per cent as forecast by IMF. The entire globe feels the effects of slower growth, trade disruptions, and steeper inflation, harming especially the poorest and most vulnerable," the IMF, World Bank and European Bank for Reconstruction and Development (EBRD) warned in a joint statement. So the growth rate for this year will remain slower as the economic effects of the war are too much and as result, India, Australia, Germany, the USA, the UK, and China are going to influence slower growth this year

Conclusion

The Russia- Ukraine war still continues and now we can say every nation will be affected by this conflict between Ukraine – Russia, maybe directly or indirectly and Russia is a superpower nation and they may not be seeing a recession in their economy as compared to Ukraine and they have so many trades with many countries the such USA, japan, as European countries as well. But you never know and it has been already forecasted that there will be a slowdown in growth for 2022. But as we are witnessing this conflict for the last 3 months and it is difficult to predict when this war will end