He pledged to find ways to blunt those increases. Gas prices have soared to record levels in the U.S., and Biden warned on Tuesday that the cost of gas "will go up further" following the country's ban of Russian oil imports. That's unlikely to trigger a recession in the U.S., where economic growth has been strong over the past year - but the war will probably continue to affect consumer prices and confidence. World Bank Group president David Malpass recently called it "a catastrophe" for the world economy that could send global inflation higher and hit poorer countries the hardest.
The war in Ukraine – and threat of further destabilization in Europe – has thrown global markets into turmoil, largely due to Russia's predominant role in a number of global commodity markets. What the war means for markets, inflation and you "That leads to direct confrontation between NATO and Russian troops and accordingly risks World War III," Bremmer said. Ian Bremmer, president of the geopolitical consultancy Eurasia Group, told CNBC this week that Western countries sending troops to fight with Ukraine's military against Russia, or installing a no-fly zone over the country, is "a non-starter" because of the massive implications. Biden has effectively put those questions to rest, saying at the end of February that the U.S. have openly wondered if American troops could be deployed to help defend Ukraine and its people. Here's what you need to know: Will the Russia-Ukraine war lead to World War III? The rapidly unfolding situation has prompted some common questions: What will the war's economic effects mean for you? Will it ultimately lead to World War III? And, relatedly, how might it all end?
officials have hinted that more sanctions could still be in the works. have imposed a wide range of unprecedented and severe economic sanctions on Russia over the war - and they're likely not done yet. and its allies in the North Atlantic Treaty Organization (NATO) have condemned Russia's invasion, with President Joe Biden calling the war "unjustified." Multiple countries, including the U.S. Most experts believe Russia's end goal likely involves removing Ukraine's current pro-Western, democratic government - led by President Volodymyr Zelenskyy - and installing a pro-Russian regime in its place. Russian President Vladimir Putin has claimed Russia's goal is the "demilitarization" of Ukraine, but there is little evidence to support any claims of aggression on Ukraine's part.
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