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Ukraine vs Russia update | 2023


  • Russian winter offensive failed to achieve the Kremlin's goals
  • Conflict has entered its second year
  • In response to Russia's invasion, the Bureau of Industry and Security (BIS) has taken swift action
  • The EU sanctions regime has been expanded in response to Russia's aggression against Ukraine and Belarus
  • Both Ukraine and Russia are expected to experience economic contraction due to the conflict
  • A 200 percent ad valorem tariff on Russian goods will be imposed starting April 2023
  • The conflict is contributing to a cost-of-living crisis and a tightening of financial conditions in many regions
  • The Kremlin plans to exercise all its rights in the conflict, amid anger from Kyiv and allies
  • The EU has adopted a 9th package of economic and financial sanctions against Russia in response to its aggression against Ukraine

Overall, the conflict between Ukraine and Russia continues to be a significant issue with political, economic, and social implications for both countries and the region as a whole.

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