On 24 February 2022, Russia launched a full-scale invasion of Ukraine, escalating the war that started in 2014 (World Economic Forum, 2023). 

The invasion has sparked extensive global apprehension and garnered widespread condemnation from numerous nations, prompting them to affirm their commitment to supporting Ukraine by curtailing Russia’s earnings that are used to spearhead their invasion and attacks on the country (World Economic Forum, 2023). This includes the enforcement of an oil embargo, which rendered Russia unable to export oil to various countries.

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