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Queen Mary Global Policy Institute

The cost of war: why the crisis in Ukraine matters to all

When: Tuesday, May 3, 2022, 6:00 PM - 7:30 PM
Where: Virtual event, online


"The economic effects of the war are spreading far and wide - like seismic waves that emanate from the epicenter of an earthquake"
IMF World Economic Outlook April 2022

Since late February when Putin's forces extended their invasion of Ukraine, the outlook for the world economy has greatly worsened.

Although Russia's GDP represents only 3% of the world economy, warfare and sanctions have pushed up the prices of energy and commodities. Food costs have also increased markedly, with wheat, in which Ukraine and Russia account for 30% of global exports, under acute pressure. Broader inflationary pressures, already present through pandemic supply-chain shortages, have greatly increased, while financial sanctions, and the withdrawal of foreign investment from Russia, are not without costs to the wider world.

What do the sanctions and ongoing warfare mean for global commodity prices, inflation, and economic growth? How can we mitigate the negative impact on global economies and aid economic recovery? And what are potential future scenarios for the world economic system?

This latest QMGPI Global Seminar presented a panel of eminent speakers from diverse backgrounds and addressed the implications of sanctions for the wider global economy, considering their benefits and wider costs.


The panel of the QMGPI Cost of War event

Our panel includes: 

  • Chair: Martin Sandbu, European Economics Commentator, The Financial Times
  • Professor Colin Grant - Vice Principal (International), Queen Mary University of London
  • Professor Paola Subacchi - Professor of International Economics and Chair of the QMGPI Advisory Board, Queen Mary University of London
  • Professor Sergei Guriev - Scientific Director of the Master and PhD programmes in Economics, CEPR Research Fellow, SciencesPo Department of Economics
  • Steven Pifer - US Ambassador to Ukraine, 1998-2000 / Centre for International Security and Cooperation, Stanford University 
  • Dr. Nicholas Mulder - Assistant Professor of Modern European History, Cornell University

 You can submit your questions to our panel ahead of the event by email to

Watch the event 

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