University of Novi Sad, Faculty of Economics Subotica, Serbia

The Institute for Artificial Intelligence Research and Development of Serbia, Novi Sad, Serbia


The last decades, but also the centuries, have been full of financial crises of various characteristics, intensities, and areas of occurrence. Experiences of financial crises have shown that countries reach a financial crisis when the economy as a whole continuously has a current account deficit when it spends more than it creates, which leads to an increase in external indebtedness. The subject of the research is the current crisis, caused by Russia's intervention in Ukraine, as a result of which comprehensive and very drastic sanctions followed, which resulted in serious market outcomes. This paper aims to see in which segments the consequences of the crisis will be seen first, and whether and to what extent the crisis will affect the global economy. Despite Russia's small economic size, intervention and related sanctions are already causing global disruptions through financial and business ties.


Full Text


Andrea Enria, Invasion of Ukraine: euro area banks so far resilient to a second exogenous shock, Morgan Stanley European, Mart 2022

Bank of Russia, Consumer price dynamics No. 2 (74) , February 2022, Information and analytical commentary

Elahi M., Factors Influencing Liquidity in Leading Banks “A Comparative Study of Banks Operating in UK and Germany Listed on LSE”, Imperial Journal of Interdisciplinary Research (IJIR), 2017., 3(3): pp. 1557-1575.

EU Parlament: Economic repercussions of Russia’s war on Ukraine – Weekly Digest, Mart 2022

OECD Economic Outlook, Interim Report, Mart 2022.

Trenca T., Petria M, Corovei C, Evaluating the liquidity determinats in the central and eastern European banking system, Finance – Challenge of the Future, 2012., 1(14): pp. 85-90.

UN Food and Agriculture Organization, Blumerg, Bank of Russia calculations