Ukraine today marks the fourth anniversary of Russia's full-scale invasion, a conflict that has reshaped global geopolitics and markets. The Associated Press provides context on this milestone, examining how the war has evolved since February 24, 2022, when Russian forces crossed into Ukrainian territory. This anniversary comes as both nations continue fighting despite international peace efforts.

Over the past four years, the invasion has triggered unprecedented Western sanctions against Russia, disrupted global energy markets, and sent shockwaves through international supply chains. The conflict has cost tens of billions in military aid from NATO countries to Ukraine while Russia's economy has weathered sanctions through energy exports to non-Western markets. Agricultural exports from both nations remain constrained, contributing to global food price volatility.

The war's economic toll extends beyond direct combatants. European energy prices spiked in 2022, forcing central banks to combat inflation while maintaining support for Ukraine. The conflict has accelerated Europe's energy transition away from Russian gas and prompted NATO members to increase defense spending. As fighting continues in eastern Ukraine and the Black Sea region, markets remain sensitive to escalation risks that could further disrupt commodity flows.