30 months of chaos: How the Russia-Ukraine war shook the world to its core

On the afternoon of February 24, 2022, Pakistani Prime Minister Imran Khan was meeting Russian President Vladimir Putin at the Kremlin when Russia launched a large-scale invasion of Ukraine. Russian forces attempted to capture Kyiv and overthrow the Ukrainian government, anticipating a quick victory. However, Ukraine's military and citizens mounted strong resistance.

Now, 30 months later, Ukraine's Commander-in-Chief claims significant territorial gains, while Russia has faced substantial losses. Western nations, including the U.S. and the European Union, have provided enormous military and financial aid to Ukraine, totaling $380 billion, including $118 billion in military assistance. The U.S. alone contributed $61 billion in military support.

Severe economic sanctions were imposed on Russia, with $300 billion in Russian sovereign funds frozen and G7 countries committing to using $50 billion of those funds to aid Ukraine. The war has deeply affected global trade and the economy. Key commodity prices, such as wheat, corn, soybeans, and oil, skyrocketed, with oil prices reaching $139 per barrel.

Russia's halt of gas supplies to Europe led to a staggering 400% increase in gas prices across the continent, contributing to global inflation rising by 5%. The IMF estimates the war cost the global economy $1 trillion, with worldwide economic growth dropping from 3.4% in 2022 to 2.9% in 2023.

The human cost of the war has also been catastrophic, with approximately 8 million Ukrainians becoming refugees and 6.3 million more internally displaced. European nations have collectively spent $121 billion on aid for Ukraine, pledging an additional $54 billion.

Despite sanctions, Russia's economy has begun to recover. Its GDP, which contracted by 2.1% in 2022, rebounded with 3.6% growth in 2023. Inflation, once at 17.8% in April 2022, has fallen to 5%, and interest rates, which peaked at 20% during the invasion, have dropped to 11%. The IMF forecasts Russia’s economy will grow by 3.2% this year, surpassing the growth rates of several developed nations.