Russia’s full-scale invasion of Ukraine and Ukrainian resistance to that invasion remains the most significant international event of 2022. Beyond the military implications, the invasion has created millions of Ukrainian refugees, caused many men of military-age to leave Russia, affected food and energy supplies and changed the Russian economy.

In the Forbes article, "Russia’s Economic Prospects Have Gone From Bad To Terrible," Brian Taylor, professor of political science and author of "The Code of Putinism," discusses the war’s progress, the state of the Russian economy, Russian attacks on Ukrainian infrastructure, Vladimir Putin’s view of Ukrainian sovereignty and other topics.

"The biggest economic problem that Russia and Russians face today is, of course, the war. Instead of an expected growth of around 4% for 2022-2023, Russia's economy is expected to decline by 8% over those two years," says Taylor.

"Sanctions have hit production in key sectors very hard, and the effects will continue to mount. The government is shifting to a wartime economy, which means even more state control and military spending and less investment in human capital such as education and health care," Taylor says.