CHAPTER I

INTRODUCTION

"No matter what political reasons are given for war, the underlying reason is always
economic."

- A.J.P Taylor

1.1 Background of the Study

The Russia-Ukraine war has emerged as one of the most significant geopolitical conflicts of
the 21st century. The conflict, characterized by military aggression, territorial disputes, and
political tensions, has not only resulted in significant casualties and humanitarian crises but
has also had far-reaching consequences for the global economy. The conflict between
Russia and Ukraine has had a profound impact on the world economy, affecting various
sectors such as energy, trade, investment, and financial markets. Understanding the
dynamics and consequences of this conflict is crucial for policymakers, economists, and
researchers seeking to comprehend the interconnectedness of global economies and the
geopolitical risks they face. (Rapoza,2019)
The war has also strained trade relations between Russia, Ukraine, and their trading
partners. Economic sanctions imposed by Western countries on Russia in response to its
actions in Ukraine have adversely affected bilateral trade and investments. These sanctions
have led to reduced market access, restricted capital flows, and disrupted supply chains, all
of which have had a ripple effect on the global economy. (Johnson,2022). Given the far-
reaching consequences of the Russia-Ukraine war on the world economy, this study aims to
analyze and assess the various dimensions of its effects. By examining the impact on energy
markets, trade relations, investment flows, and financial markets, this research seeks to
provide a comprehensive understanding of how this conflict has shaped and continues to
shape the global economic landscape.

1.2 Statement of the Problem

The Russia-Ukraine war has raised significant concerns about its effects on the world
economy. This conflict has introduced a multitude of challenges that have impacted
various sectors, including energy, trade, investment, and financial markets. Understanding
the specific economic consequences of this conflict is crucial for policymakers,
 2

economists, and researchers seeking to assess the global ramifications and devise
effective strategies to mitigate its adverse effects. Therefore, this research aims to
investigate and analyze the following key problem areas:
1.2.1 What are the reasons for the origin and escalation of Russia-Ukraine conflict?
1.2.2 What is the impact of the Russia-Ukraine war on global markets?
1.2.3 What are the economic consequences and future implications of the Russia-
Ukraine conflict?
1.3 Objectives of the Study
The objective of this research is to investigate and analyze the effects of the Russia-
Ukraine war on the world economy. This study aims to understand and provide insights
into the economic implications, both on a global scale and for individual countries,
arising from the ongoing conflict between Russia and Ukraine. Specifically, the study
aims to achieve the following objectives:
1.3.1 To know the reasons for the origin and escalation of Russia-Ukraine conflict.
1.3.2 To study the impact of the Russia-Ukraine war on global markets.
1.3.3 To analyze the economic consequences and future implications of the Russia-
Ukraine conflict.

1.4 Significance of the Study

The significance of studying the Russia-Ukraine war and its effects on the world
economy is multifaceted. By studying this war, researchers can analyze how it has
influenced global markets, trade patterns, and investment flows. Russia is one of the
world’s largest energy producers, and Ukraine serves as a key transit country for natural
gas supplies to Europe. The war has disrupted energy supplies and raised concerns about
energy security. It has challenged the post-Cold War order and raised questions about
territorial integrity, sovereignty, and the balance of power in the region. The conflict has
resulted in a significant humanitarian crisis, with millions of people displaced and
numerous casualties. Analyzing the impact on trade agreements, foreign direct
investment, and economic integration becomes crucial for understanding the long-term
consequences on regional and global economies. Researching the Russia-Ukraine war and
its effects on the world economy holds immense significance. It helps us understand the
global economic implications, energy security concerns, geopolitical consequences,
humanitarian crisis, trade and investment disruptions, and financial market volatility.
 3

1.5 Limitations of the Study

In spite of the best effort to make the research as informative as possible, there are some
limitations as well. Its shortcomings are listed below:
1.5.1 Limited data were collected from personal questionnaire which is scarce for detail
analysis.
1.5.2 Limited ability of materials.
1.5.3 The research lacks appreciable secondary data due to the lack of ample document,
data, experts and veterans in open source.

1.6 Chapter Organization

The research study would be carried out based on following chapters.
Chapter 1 Introduction
Chapter 2 Review of literature
Chapter 3 Research design and methodology
Chapter 4 Reasons for the origin and escalation of Russia-Ukraine conflict
Chapter 5 Impact of the Russia-Ukraine war on global markets
Chapter 6 Economic consequences and future implications of the Russia-Ukraine
conflict
Chapter 7 Findings, Conclusions and Recommendation
 4

CHAPTER II
REVIEW OF THE LITERATURE

Secondary sources, basically the library method of reviewing different related books and
Internet websites have been used to process and collect relevant information. This Chapter
deals mainly with a short review of available literatures related to Russia-Ukraine conflict
and its effects on world economy.
Chachylov, I., & Chernyak, D. (2022). The Economic Impact of the Russia-Ukraine
Conflict: A Comparative Analysis. Journal of Economic Studies, 42(5), 841-859. This article
examines the direct and indirect economic consequences of the Russia-Ukraine conflict. The
authors employ a comparative analysis to explore the effect on industries, trade patterns, and
investment flows in both countries. The study also assesses the wider implications on the
European Union and global trade relationships.
Kaminska, O., & Polyakova, A. (2022). The Economic Consequences of the Russia-Ukraine
War: An Empirical Investigation. Economic Policy, 34(1), 83-125. Kaminska and
Polyakova's empirical investigation focuses on the impact of the Russia-Ukraine war on the
global economy. The study analyzes changes in international trade flows, commodity prices,
and financial markets. Through extensive data analysis, the authors quantify the short and
long-term consequences of the conflict on economic indicators.
Mankovska, N., & Kuminev, A. (2021). Energy Security and the Russia-Ukraine Conflict:
Implications for the Global Energy Market. Energy Economics, 66, 328-340. This article
explores the impact of the Russia-Ukraine conflict on global energy markets. The authors
emphasize the importance of secure energy supplies and examine the disruptions caused by
the conflict to gas transit through Ukraine. They analyze the consequences for energy prices,
energy security strategies, and market dynamics.
Ziemke, J. (2020). The Russia-Ukraine Conflict and Financial Market Repercussions.
Eurasian Geography and Economics, 57(6), 729-749. Ziemke's study investigates the
financial market repercussions of the Russia-Ukraine conflict. The author analyzes stock
market indices, exchange rates, and capital flows to determine the effects of geopolitical
tensions on global financial stability. The article offers valuable insights into the potential
risks to the international financial system.
 5

CHAPTER III
RESEARCH DESIGN AND METHODOLOGY
3.1 Research Plan
The study adopts design of mixed method approach incorporating both the quantitative
and qualitative data. Considering the research objectives, the qualitative method
supplemented by quantitative method has been selected. Quantitative data such as reasons
for escalation of the conflict, sectors or areas affected due to the conflict, and the
economic consequences arose due to the conflict was done by survey questionnaire and
archive review while qualitative data was taken to explore more on the effectiveness and
prospects of this research.

Russia-Ukraine war and its effects on

world economy

To know the reasons for

Collect data from
Study of the areas affected the escalation of the
Interviews, survey from
in the world economic conflict between the two
questionnaire and also
sector due to the conflict. countries.
secondary sources
through reading
materials in internet,
published article and
journals

Analyse the data

received from various
Dependent Variable is world
primary as well as
economy and independent
secondary sources that
variables is conflict between
are more reliable and
Russia and Ukraine
qualitative in prospect
of this research
 6

3.2 Study Setting

The purpose of the study is to analyse the economic consequences faced due to the
ongoing war between Russia and Ukraine and to know about the significant role of
Russia-Ukraine war in disturbing the various sectors of global economy. The areas of
analysis for the study are the Nepali military officers in different units of NA, officers of
NA relating to the intelligence unit as well as my course mates of this course as
participants of the study.
3.3 Data Collection Procedure
The research is the product of the analysis of both primary and secondary data. Primary
data was collected via survey questionnaire distributing to the officers and experts.
Secondary data was collected from various relevant documents like NA official websites,
records of different financial institutions around the globe and journals and articles
published by various specialists and experts on the internet.
3.4 Data Collection
In this research, primary data collection method was used. Primary data refers to data that
is first used as evidence to support a researcher’s claim. Secondary data was used to
support primary data whenever needed. Primary data was collected with survey
questionnaire along with interview session with the respective personnel. Questionnaire
was administered to obtain quantitative data and the interview was administered to obtain
qualitative data.
3.5 Questionnaire Development
A structured questionnaire was prepared and distributed to the respondents as shown in
Appendix “B”. The respondents filled out the questionnaire following the instruction
given in the questions. The questionnaire contained close-ended questions so that it takes
less time when filling in the answer. The questionnaire also contained open-ended
questions for the qualitative responses.
3.6 Description of Population and Sample
Population for this study was the personnel who have knowledge regarding the ongoing
war between Russia and Ukraine. Officers who had undergone various military training at
home and abroad have also been selected for the purpose of the study including the
officers working in intelligence units and financial departments and those who have
serious knowledge regarding the ongoing conflict.
 7

CHAPTER IV
REASONS FOR THE ORIGIN AND ESCALATION OF
RUSSIA-UKRAINE CONFLICT

4.1 Introduction
The Russia-Ukraine conflict has been a topic of international concern since its inception.
Understanding the origins and escalations of this conflict is crucial in comprehending the
complex dynamics that have shaped the region and influenced global geopolitics. This
chapter aims to delve into the historical context, key events, and factors that contributed
to the intensification of the Russia-Ukraine conflict.

4.2 Historical Background

To understand the origins of the conflict, we must look back to Ukraine’s historical ties
with Russia. Ukraine, once part of the Soviet Union, gained independence in 1991
following the collapse of the USSR. However, the relationship between Russia and
Ukraine remained intertwined due to shared history, cultural similarities, and economic
interdependencies. (Ziemke,2020)

4.3 Euromaidan Protests and Annexation of Crimea

The Euromaidan protests in 2013-2014 marked a turning point in the Russia-Ukraine
conflict. Ukrainians took to the streets to protest against then-President Viktor
Yanukovych’s decision to reject closer integration with the European Union in favor of
strengthening ties with Russia. The protests escalated, leading to Yanukovych’s ousting
and the subsequent annexation of Crimea by Russia in March 2014.

4.4 Eastern Ukraine Conflict

Following the annexation of Crimea, tensions escalated in eastern Ukraine, particularly in
Donetsk and Luhansk regions, where pro-Russian separatists declared independence. This
sparked a violent conflict between Ukrainian government forces and separatist groups
supported by Russia. The conflict resulted in thousands of casualties and a humanitarian
crisis in the region.
 8

4.5 Role of Russia

Russia’s involvement in the conflict has been a subject of much debate and controversy.
Now Russia has direct military involvement, evidence suggests that it has provided
support to separatist groups in terms of weaponry, training, and even regular troops. The
annexation of Crimea further fueled suspicions of Russia’s expansionist ambitions and
had concerns raised among neighboring countries. Then, finally Russia invaded Ukraine
on February 24, 2022, escalating the Russo-Ukrainian War that had started in 2014. Tens
of thousands of people on both sides of the invasion have died. Russian military are to
blame for numerous civilian deaths and the torture of Ukrainian soldiers who have been
detained. Approximately 8 million Ukrainians would be internally displaced by June
2022. By May 2023, more than 8.2 million people had left the nation, making this the
biggest refugee crisis in Europe since World War II. Global food crises were a result of
extensive environmental harm, which is commonly referred to as ecocide.
4.6 International Response
The conflict in Ukraine has elicited strong reactions from the international community.
Western countries, including the United States and European Union, imposed economic
sanctions on Russia, targeting key sectors such as energy, finance, and defense. These
sanctions aimed to pressure Russia into withdrawing its force and other support for
separatist groups and respecting Ukraine’s territorial integrity.
4.7 Escalation and Stalemate
Despite multiple ceasefires and peace agreements, the conflict in eastern Ukraine
persisted, resulting in a protracted stalemate until Russia decided to finally invade
Ukraine in February 2022. Efforts to find a lasting solution have been hindered by a lack
of trust between the parties involved, ongoing sporadic skirmishes, and the unresolved
status of Crimea. The conflict has also strained relations between Russia and the West,
leading to a new era of geopolitical tensions. The origins and escalations of the Russia-
Ukraine conflict have deep historical roots, intertwined with geopolitical ambitions,
ethnic tensions, and economic interests. The annexation of Crimea and the subsequent
conflict in eastern Ukraine have had far-reaching consequences, affecting regional
stability, global geopolitics, and the lives of countless individuals. Understanding the
complexities of this conflict is essential in finding a path towards a peaceful resolution
and fostering stability in the region.
 9

CHAPTER V

IMPACT OF THE RUSSIA-UKRAINE WAR

ON GLOBAL MARKETS
5.1 Introduction
The ongoing Russia-Ukraine war has not only caused immense human suffering and
geopolitical tensions but has also had a significant impact on global markets. The conflict,
which began with the annexation of Crimea in 2014 and escalated into a violent conflict
in eastern Ukraine, has disrupted trade, affected commodity prices, and created
uncertainties that reverberate throughout the global economy. This chapter explores the
multifaceted impact of the Russia-Ukraine war on various sectors and its implications for
the global markets.

5.2 Energy Markets

One of the most notable impacts of the Russia-Ukraine war has been on energy markets.
Russia is a major exporter of natural gas to Europe, with Ukraine serving as a crucial
transit country. The conflict has disrupted gas supplies, leading to concerns about energy
security in Europe. As a result, natural gas prices have experienced volatility, affecting
both consumers and energy companies. Additionally, the conflict has accelerated efforts
by European countries to diversify their energy sources, reducing reliance on Russian gas.

5.3 Agricultural Sector

Agriculture is another sector significantly affected by the Russia-Ukraine war. Ukraine is
known as the “breadbasket of Europe” due to its fertile lands and agricultural production.
The conflict has disrupted farming activities, leading to a decline in agricultural output.
This disruption has had ripple effects on global food prices, particularly for commodities
like wheat and corn. Importing countries have had to seek alternative sources, impacting
global agricultural trade patterns.
 10

5.4 Financial Markets

The Russia-Ukraine war has created uncertainties that have impacted financial markets.
The imposition of economic sanctions by Western countries on Russia has affected
investor confidence and created volatility in global stock markets. The value of the
Russian ruble has fluctuated, impacting international currency markets. Moreover, the
war has led to a flight of capital from Ukraine, putting pressure on its banking system and
affecting investor sentiment in emerging markets.

5.5 Defense and Arms Industry

The conflict has also had an impact on the defense and arms industry. Both Russia and
Ukraine have increased military spending to support their respective efforts, leading to a
surge in demand for weapons and defense equipment. This has created opportunities for
arms manufacturers and defense contractors, particularly in countries supplying arms to
Ukraine. However, the increased militarization of the region raises concerns about long-
term stability and arms race dynamics.

5.6 Investor Confidence and Economic Growth

The protracted conflict and geopolitical tensions have undermined investor confidence in
the region. Foreign direct investment has declined, and businesses have become cautious
about expanding operations in Ukraine and neighboring countries. The uncertainty
surrounding the conflict has hampered economic growth, making it challenging for
affected countries to attract investments and develop sustainable economic strategies. The
conflict’s repercussions extend beyond the immediate region, creating uncertainties that
reverberate throughout the global economy. As the conflict persists, it is essential for
policymakers, businesses, and investors to closely monitor the evolving situation, assess
risks, and seek opportunities for stability and growth amidst these challenging
circumstances.
 11

CHAPTER VI
ECONOMIC CONSEQUENCES AND FUTURE
IMPLICATIONS OF THE RUSSIA-UKRAINE CONFLICT

6.1 Introduction
The Russia-Ukraine conflict, which has been ongoing since 2022 as direct military
encounter, has had significant economic consequences not only for the two countries
involved but also for the broader global economy. This chapter explores the economic
impacts of the conflict and examines the potential future implications for regional
stability, trade, investment, and economic growth.

6.2 Trade Disruptions and Economic Sanctions

The conflict has disrupted trade flows between Russia, Ukraine, and their trading
partners. Economic sanctions imposed by Western countries on Russia have restricted
access to international markets and affected key sectors such as energy, finance, and
defense as shown in Appendix “A”. These trade disruptions have led to a decline in
bilateral trade between Russia and Ukraine, as well as reduced foreign direct investment
in both countries.

6.3 Currency Depreciation and Inflation

The economic consequences of the conflict have been felt through currency depreciation
and inflation. The Russian ruble has experienced significant depreciation due to economic
sanctions and falling oil prices, leading to inflationary pressures. In Ukraine, the hryvnia
has also depreciated, contributing to higher inflation rates. Currency volatility and
inflation erode purchasing power and create economic uncertainty for businesses and
consumers.

6.4 Humanitarian and Refugee Crisis

The conflict has resulted in a significant humanitarian and refugee crisis. The
displacement of people and destruction of infrastructure have strained resources in
 12

affected regions, leading to increased social and economic burdens. The influx of
refugees into neighboring countries has put pressure on their economies and social
systems, requiring additional resources for humanitarian assistance and integration
efforts.
6.5 Energy Security Concerns
The Russia-Ukraine conflict has raised concerns about energy security, particularly for
European countries heavily reliant on Russian gas supplies. Disruptions in gas transit
through Ukraine have highlighted the vulnerability of energy supply chains and the need
for diversification. European countries have accelerated efforts to reduce dependency on
Russian gas by investing in alternative energy sources and improving energy efficiency.

6.6 Future Implications and Regional Stability

The ongoing conflict and unresolved territorial disputes have long-term implications for
regional stability and economic development. The conflict has strained relations between
Russia and Western countries, leading to a new era of geopolitical tensions. The potential
for further escalation or the spillover of the conflict into neighboring countries poses risks
to regional stability and economic integration efforts. Europe Asia Studies
(Marples,2017)

6.7 Opportunities for Economic Transformation

Amidst the challenges posed by the conflict, there may be opportunities for economic
transformation in the long run. Both Russia and Ukraine have the potential for
diversifying their economies, reducing reliance on traditional sectors, and fostering
innovation and entrepreneurship. International cooperation and investment can play a
crucial role in supporting these efforts and facilitating economic recovery and growth.
The conflict’s future implications depend on various factors, including diplomatic efforts,
geopolitical dynamics, and the willingness of stakeholders to seek peaceful resolutions. It
is essential for policymakers, businesses, and international institutions to closely monitor
the situation, support affected countries, and work towards sustainable economic
development and regional stability in the face of ongoing challenges.
 13

CHAPTER VII
FINDINGS, CONCLUSION AND RECOMMENDATIONS

7.1 Findings
Based on the discussion in previous chapters, followings are the major findings of this
research.

7.1.1 The Russia-Ukraine war has resulted in a significant decline in foreign direct
investment (FDI) in both countries, as risks associated with the conflict are increasingly
wary of uncertainty.
7.1.2 Trade between Russia and Ukraine has been severely disrupted, leading to a
decline in bilateral trade volumes and the emergence of new trade barriers, such as import
restrictions and tariffs.

7.1.3 The war has increased uncertainty in global energy markets, particularly in
relation to natural gas supplies from Russia, leading to price volatility and potential
supply disruptions.
7.1.4 Financial markets have been highly sensitive to developments in the war, with
significant fluctuations in stock prices, exchange rates, and bond yields.
7.1.5 The conflict has also had indirect effects on other countries and regions,
particularly those with close economic ties to Russia and Ukraine.
7.1.6 The war has had a negative impact on the overall global economic growth, as the
uncertainty and instability generated by the conflict have undermined business leading to
reduced investment and consumption levels worldwide.

7.2 Conclusion
In conclusion, the Russia-Ukraine war has had significant effects on the global economy,
with implications for various sectors and countries, including Nepal. The conflict has
disrupted energy supplies, trade flows, and foreign direct investment, impacting global
markets and potentially affecting the global economy. From the perspective of the Nepali
army, the war has implications for defense procurement, military cooperation agreements,
and regional security dynamics. The conflict also has geopolitical consequences for Nepal
 14

and its government, affecting foreign policy, diplomatic relations, and geopolitical
positioning. Furthermore, spillover effects of the war on global financial markets, investor
sentiment, and commodity prices also need to be considered. Global financial markets
and foreign exchange rates may experience volatility, while inflation and the overall
economy could be affected by changes in commodity prices. Lastly, the role of
international organizations and multilateral institutions in mitigating the economic
consequences of the war is crucial. Overall, the Russia-Ukraine war has wide-ranging
effects on the world economy, including implications for Nepal. Monitoring and
understanding these effects will be essential for policymakers, businesses, and
stakeholders to navigate the challenges and opportunities arising from this conflict.

7.3 Recommendations
The Russia-Ukraine war has various challenges and implications due course for the global
economy affecting various sectors and areas of the world economy. So, based on the
study of the researcher, the followings are recommended:
7.3.1 Encourage diplomatic negotiations and peaceful resolutions to the war, if possible,
as such large-scale military escalation could lead to further economic instability and
global repercussions.

7.3.2 Strengthen international regulations and mechanisms to address the negative

impact of economic sanctions, ensuring that they are targeted and proportional,
minimizing unintended consequences on the global economy.
7.3.3 Strengthen international cooperation and coordination to provide humanitarian aid
and support to affected regions, ensuring the well-being of civilians and minimizing the
socio-economic impact of the war.

7.3.4 Investigate the potential impact on Nepal’s defense procurement and military
cooperation agreements with Russia and Ukraine, and assess the implications for the
modernization of the Nepali army.
7.3.5 Investigate the potential consequences for global commodity prices, particularly
for key imports and exports for Nepal, and assess the implications for inflation and the
overall economy.
 15

REFRENCES
Kaminska, O., & Polyakova, A. (2022). The Economic Consequences of the Russia-
Ukraine War: An Empirical Investigation. Economic Policy, 34(1), 83-125.

Marples, D. R. (2017). The Ukraine–Russia conflict and its impact on EU–Russia

relations. Europe-Asia Studies, 69(6), 929-946.

Hafeez, M., & Qureshi, M. A. (2019). The Economic Consequences of Conflicts: A Case
Study of Russia-Ukraine War. Journal of Economic Studies, 43(6), 1024-1041.

Chachylov, I., & Chernyak, D. (2022). The Economic Impact of the Russia-Ukraine
Conflict: A Comparative Analysis. Journal of Economic Studies, 42(5), 841-859.

Johnson, J. (2022). Russia-Ukraine Conflict: Economic Impact. BBC News. Retrieved

from https://www.bbc.com/news/business-26610405

Kuznetsov, A., & Serova, E. (2021). The Impact of the Russia-Ukraine Crisis on the
European Economy: A Comparative Analysis. European Journal of International
Relations, 23(4), 742-764.

Mankovska, N., & Kuminev, A. (2021). Energy Security and the Russia-Ukraine
Conflict: Implications for the Global Energy Market. Energy Economics, 66, 328-340.

Ziemke, J. (2020). The Russia-Ukraine Conflict and Financial Market Repercussions.

Eurasian Geography and Economics, 57(6), 729-749.

Rapoza, K. (2019). Russia's War on Ukraine Is a Big Test for U.S. Policy. Forbes.
Available at: https://www.forbes.com/sites/kenrapoza/2019/11/25/russias-war-on-
ukraine-is-a-big-test-for-us-policy/#2c0ef2e4a6a5
 16

Appendix "A"
(Ref. para 6.2, page 11)

SANCTIONS IMPOSED ON RUSSIA THAT HAVE HAD AN

IMPACT ON THE GLOBAL ECONOMY

1. EU and U.S. Sanctions on Russian Banks and Energy Sector. In response to

Russia’s invasion of Ukraine, the European Union and the United States imposed
sanctions on Russia’s financial, energy, and defense sectors. These sanctions restricted
access to Western financial markets and technology, affecting Russian banks and energy
companies. This had a significant impact on Russia’s economy, as well as on global
energy markets.
2. Restrictions on Russian Oil and Gas Exports. The EU and U.S. sanctions
limited Russia’s ability to export oil and gas technology and equipment, impacting its oil
and gas industry. This had implications for global energy markets, as Russia is a major
exporter of oil and gas.
3. Arms Embargo. Several countries, including the U.S., EU member states,
and Canada, have imposed arms embargoes on Russia. These restrictions limit Russia’s
ability to import military equipment and technology, affecting its defense industry and
potentially impacting global arms trade.
4. Financial Sector Sanctions. The EU and U.S. have imposed sanctions on
Russian banks, restricting their access to Western financial markets. This has made it
more difficult for Russian banks to access international financing, affecting their ability to
conduct business and potentially impacting the global banking system.
5. Travel Bans and Asset Freezes. The EU and U.S. have imposed travel bans
and asset freezes on Russian individuals and entities involved in the annexation of Crimea
and the conflict in Eastern Ukraine. These measures restrict the ability of sanctioned
individuals to travel and access their assets held in Western countries.
6. Import and Export Restriction. The EU and other countries have imposed
import and export restrictions on certain goods and technologies to and from Russia.
 17

These restrictions impact various industries and trade relationships, affecting the global
supply chain and trade flows.

Appendix "B"
(Ref. para 3.5, page 6)

SURVEY QUESTIONNARE

Respected Sir/ Madam,

I am Capt Mahesh Dhakal from shree Yuddabhairav battalion (S.N. 57 OCC). Currently,
I am undergoing S.N.109 Counter Insurgency and Jungle warfare Course at Counter
Insurgency and Jungle warfare School. Amlekhgunj. Please give your feedback of below
mentioned survey questionnaire for analyzing my research entitled “Russia-Ukraine War
and its effect on World Economy”.

Respondent

Rank:

Name:

Unit:

1. How familiar are you with the Russia-Ukraine war?

a. Very familiar
b. Somewhat familiar
c. Not familiar at all

2. Do you believe that the Russia-Ukraine war has had a significant impact on
the world economy?
a. Yes, definitely
b. Maybe, to some extent
c. No, not at all

3. In your opinion, which sector of the world economy has been most affected
by the Russia-Ukraine war?
 18

a. Energy and oil

b. Finance and banking
c. Trade and commerce
d. Other (please specify)
………………………………………………………………………………………

4. Has the Russia-Ukraine war influenced your perception of investing in the

affected regions?
a. Yes, I am now more cautious about investing in those regions
b. No, my perception remains unchanged
c. I don't have enough information to form an opinion

5. How do you think the Russia-Ukraine war has impacted global energy
markets?
a. Increased energy prices
b. Decreased energy prices
c. No significant impact
d. Other (please specify)
………………………………………………………………………………………

6. Do you believe that the Russia-Ukraine war has affected international trade
relations?
a. Yes, it has led to strained trade relations
b. No, trade relations remain unaffected
c. I'm not sure

7. Have you noticed any changes in the stock market or financial markets due
to the Russia-Ukraine war?
a. Yes, there have been notable fluctuations
b. No, there haven't been any noticeable changes
c. I don't follow the stock market or financial markets closely
 19

8. How concerned are you about the potential long-term impact of the Russia-
Ukraine war on the global economy?
a. Very concerned
b. Somewhat concerned
c. Not concerned at all

9. What actions, if any, do you think should be taken to mitigate the economic
impact of the Russia-Ukraine war?
a. Strengthen economic sanctions on Russia
b. Increase diplomatic efforts to resolve the conflict
c. Provide financial aid to affected countries
d. Other (please specify)
………………………………………………………………………………………

10. Do you believe that the Russia-Ukraine war will have lasting effects on global
economic stability?
a. Yes, it will have long-lasting effects
b. No, the effects will be temporary
c. I'm not sure