The economic impact of the 2022 Russian invasion of Ukraine began in late February 2022, in the days after the Russian Federation recognized two break-away Ukrainian republics and commenced a war in Ukraine. The subsequent economic sanctions have targeted large parts of the Russian economy, Russian oligarchs, and members of the Russian government.[1][2][3][4][5] Russia has responded with sanctions of its own. Both the conflict and the sanctions have had a strongly negative impact on the world economic recovery during the ongoing COVID-19 recession.