The effects of Russia's wide-ranging military attack against Ukraine are already being felt in the United States, and as President Joe Biden announced new economic sanctions on Russia, the conflict overseas is now having an impact on global markets.
"Globally we’ve seen stock markets drop today 2,3,4% around the world including U.S. markets," said Phillip Braun, clinical professor of finance at Northwestern's Kellogg School of Management.
Economic sources believe this will not only have an impact on markets but gas prices and inflation rates.
"It's going to have a major impact at the gas pump," Braun said. "It's going to have a major impact on the U.S. inflation rate, which is already very high, and it’s just going to push it higher."
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Those rising gas prices could help fund the war effort for Russian President Vladimir Putin.
"Every time the price of oil goes up, that means Putin adds to his war chest," said Karen Alter, a professor of international relations at Northwestern University. "He's a petrol state, and he has taken over all control of the gas industry so that the profits go directly to him, so he kind of wins by the price of oil and gas going up."
Even with stricter economic sanctions imposed by the Biden Administration, Alter does not believe it is enough to affect Putin's plans. Alter believes it would take a collective effort to stop this invasion.
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"If you could get the Chinese to cut off their financial transfer systems alongside the west, then I think that would happen," Alter said.
