Abstract

The COVID epidemic is still ongoing at the end of February 2022. Russia-Ukraine War suddenly broke out. The situation is in a state of rapid change, with the unclear war and the possibility of escalation in a military conflict that is already larger than expected. The U.S.-led Western world has imposed severe economic sanctions on Russia, but there is still a possibility for further sanctions. Several major Russian banks have been banned from SWIFT; restrictions imposed on Russia's central bank have frozen more than $400 billion of the $640 billion in foreign exchange reserves, making Russia difficult to support the stability of the ruble's value. Russia is the world's third-largest oil producer after the United States and Saudi Arabia, while Ukraine is an important food exporter. The Russia-Ukraine conflict and economic sanctions against Russia have already caused a surge in the prices of various related products on the international market, affecting the financial markets of various countries, making the market risk averse, and increasing economic uncertainty. Market confidence and investment enthusiasm are also hindered. The uncertainty will have a huge impact on the normal functioning of the global economy and bring a series of difficulties Chinese economy to achieve stable growth.