In recent weeks, the war in Ukraine has seen major successes and failures on both sides. Advances have been made for the Ukrainian troops but Russia has found more pressure points to push, creating more economic unrest for the West. This conflict, only expected to last a few weeks, has turned into more than six months of intense battles and humanitarian disasters. Although physically it only affects portions of Ukraine’s population, its indirect consequences have extended much farther than eastern Europe. Russia has positioned itself directly against the entirety of the EU and the UN. These western powers have been heavily involved from the start, several rounds of sanctions have already been put into effect. However, their dogmatic approach to dealing with Russia is about to be tested in the coming winter. The U.S. has given lots of support in this conflict in the form of military aid and money, almost three billion dollars since the beginning of the Biden administration, but the consequences have been felt in the economy. A potential indicator for U.S. markets in the coming season may be Russia’s efforts to limit its oil and gas exports and increase energy costs for Ukraine. These next few months will prove to be critical in the outcome of the war and Russia’s future as a European nation.
Every year since 1975, a world economic summit has been held to discuss and brainstorm the current challenges facing the world. It has evolved since then into what we know today as the G7. There are seven member nations who make up this council including the United States and the current Presiding nation of Germany. The 26th of this month will mark the beginning of a new summit meeting in the Bavarian Alps with the massive backdrop of the Russian-Ukrainian conflict. Although it does not wield the policy making power like the EU or the UN, the G7 will play a huge role in setting the tone for the remainder of the war. Ministers from other countries and representatives from the EU have been invited to take part in the summit as well. Since Russia began sending troops to the Ukrainian border, many emergency meetings have been convened in response to the Russian act of aggression on Ukraine. This will add to the buildup of this year’s G7 summit which will like showcase severe punishments and a doubling down of its strict behavior towards Russia.