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University of Novi Sad, Faculty of Economics , Subotica, Serbia
The last decades, but also the centuries, have been full of financial crises of various characteristics, intensities, and areas of occurrence. Experiences of financial crises have shown that countries reach a financial crisis when the economy as a whole continuously has a current account deficit when it spends more than it creates, which leads to an increase in external indebtedness. The subject of the research is the current crisis, caused by Russia's intervention in Ukraine, as a result of which comprehensive and very drastic sanctions followed, which resulted in serious market outcomes. This paper aims to see in which segments the consequences of the crisis will be seen first, and whether and to what extent the crisis will affect the global economy. Despite Russia's small economic size, intervention and related sanctions are already causing global disruptions through financial and business ties.
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