Russia’s war in Ukraine: The impact on UK and global trade

How has Russia’s invasion of Ukraine impacted trade, how is it affecting the UK economy, and what does it mean for the future of globalisation?

Members event
19 September 2022 — 6:00PM TO 7:00PM
Chatham House and Online

Russia’s invasion of Ukraine is the latest disruption to an already fragile global trading system. While the UK is less exposed to the direct effects of the war, compared to many of its European neighbours, it is by no means immune.

The war has put further pressure on prices, particularly energy and food. UK prices are already squeezed by labour shortages, a slow post-pandemic recovery and the effects of Brexit. The renewed focus on European security may help encourage the UK and EU to improve trade, security and political ties.

Alternatively, rising inflation and economic turbulence in Europe could hasten the UK’s move to expand trade links with the Asia-Pacific region. This event draws on insights from a new Briefing Paper by David Lawrence that explores the economic and geopolitical implications of the war for the UK.

Extensive sanctions levied against Russia have forced a rethink on how economies integrate internationally with varying political systems. What does this mean for the future international intertwining of economic activity? How might it affect future trade relations, particularly with China?

The experts on the panel will discuss the following key questions:

•    What impact has Russia’s invasion of Ukraine had on global trade and how exposed is the UK?

•    To what extent has trade been a tool in the sanctions imposed on Russia, and what role does the UK’s sanctions regime play?

•    How does the new geopolitical context change the global trading system and economic integration, particularly the UK’s engagement with the EU and Asia?

•    What role can trade play in offering support for Ukraine, and what concrete steps has and can the UK take?

The discussion is part of the Chatham House Global Trade Policy Forum

As with all Chatham House member events, questions from members drive the conversation.

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