“We have gone backward probably about 30 years in a blink of an eye,” says Jon Ostrower, editor of aviation industry website The Air Current.

The ruble is a free-floating currency whose value tracks supply and demand. But sanctions have demolished demand and wrecked the market.

Germany dropped its opposition to some tough new sanctions against Russia and is now stepping up spending on defense.

Being cut off from the SWIFT system means Russian banks can’t legally or efficiently execute transactions.

Once again, a professor of Russian history says, ordinary Russians will be “the ones who shoulder the daily burden.”

For 15 years the EU has been talking about decreasing its dependence on Russia’s gas and oil, but it didn’t do it intime.

“So long as Putin continues to be president of Russia, Russia will not be able to benefit from the global economy,” said the Atlantic Council’s Eddie Fishman.

The invasion has introduced a lot of unknowns for global trade, financial markets and national economies. It’s also a blow to the pandemic recovery.

Ukraine had encountered cyberattacks to its infrastructure in the weeks leading up to the invasion.

Together, Russia and Ukraine supply a large part the world’s wheat and corn exports.