Exploring the nations paving the way for the future of AI
The Russia-Ukraine war has now reached its fourth year, showing no signs of resolution. This conflict has resulted in tens of thousands of casualties and displaced millions. As nations around the world choose sides, some countries have benefited financially from the support of either Russia or Ukraine. It shows that regional conflicts affect not only the direct participants, but also have far-reaching implications for today's interconnected global economy. In this gallery, we explore how several nations have profited from the Russia-Ukraine war. Click on for more.
The global economy is a complex system with multiple participants, each with vested interests. During geopolitical conflicts, there can be opportunities for countries to gain financial advantage over their competitors.
Conflicts can create opportunities for countries to gain control over valuable resources. By supporting one side, nations may secure access to oil, gas, minerals, or agricultural products essential to their economies. Aligning with a particular faction can lead to favorable trade agreements, opening up new markets and boosting exports. This alliance might also include reduced tariffs or better trade terms.
Supporting a side in a conflict can translate into opportunities for payoffs in the future. Nations may provide military aid, financial support, or loans, expecting to gain political and economic favors in return.
Here are some nations that have gained financially during the years of the ongoing conflict.
Norway's oil industry has greatly benefited during the Russia-Ukraine conflict, leading to a 10% increase in gas exports to the European Union (EU).
Between 2022 and 2023, Norway generated an additional €108 billion (US$117 billion) from the sale of oil and gas.
A major contributing factor was the diminishing supply of Russia's pipeline gas, which made up 40% of the European Union's energy imports, and the subsequent rise in global energy prices.
With its luxurious hotels, golf courses, marinas, and lucrative real estate opportunities, the UAE has seen a major spike in its economy since the beginning of the war. Russians are the top non-resident investors in Dubai, with half of all property sales carried out in all-cash deals.
Many Russian nationals see the investments as a way of safeguarding themselves from Western sanctions.
Several international carriers suspended flights to and from Russia in response to the invasion of Ukraine. Aeroflot, Russia's flagship airline, promptly equaled the boycott by halting its international flights.
However, UAE's Emirates airline continued to transport passengers between Dubai and Moscow, and currently has 21 flights per week between the two cities.
Being a global juggernaut of oil production, the UAE cashed in on the rise in global demand for energy due to the war. But it's not just oil that makes money for them. Despite sanctions, the UAE has exported machinery, electronics, computer chips, and other products to Russia that, invariably, could have been used in the war against Ukraine, or could be in the future.
Since 2021, China has become a major importer of Russian crude oil. In fact, in 2023, Russia became China's top crude oil provider, replacing Saudi Arabia.
Despite sanctions on such trade, Russia exported about 107 million tonnes of crude oil to China.
According to official figures, China and Russia traded goods and services worth US$237 billion in 2024, a massive 64% increase from 2021.
China exported about US$3.6 billion worth of dual-use items alone. These are products that can be used for civilian and military use. Some of the products are drone components, microelectronics, cars, and other goods.
Turkey has maintained amicable relations with both Russia and Ukraine, mediating deals between the two on several occasions.
In November 2022, Turkey's import of Russian crude hit an all-time high of 400,000 barrels per day, making up almost 14% of Russia's oil shipment via sea. In 2023, the total value of Russian goods imported amounted to US$45.6 billion.
Tourism plays a crucial role in Turkey's economy. As the ongoing war denied Russian tourists access to European destinations, Turkey became a popular choice.
In 2023, 56 million people visited the country, of which 6.3 million were from Russia.
India has maintained a stance of neutrality since the beginning of the war.
But because of its heavy reliance on fossil fuels, India capitalized on the opportunity to buy Russian crude at cheaper rates.
Between February 2022 and 2025, India imported $US122 billion worth of crude from Russia at a significant discount, as much as $18-20 lower than the international price per barrel.
Furthermore, India exported fuels such as petrol and diesel, refined from Russian crude oil, to European Union and G7 countries.
The US has been a staunch supporter of Ukraine for several years, providing financial, strategic, and military assistance against Russian aggression. And all of this entails massive economic gains.
Reportedly, almost 90% of the financial aid given to Ukraine remains in the US. They are used by defense contractors to manufacture rockets, javelins, night-vision gear, small arms ammunition, and medical equipment, all of which is eventually supplied to Ukraine. Essentially, the aid is used to boost weapon research and production and to test them on the battlefield without directly participating in the conflict.
The US and Ukraine are also on the verge of signing deals that would greatly benefit the US. One component of the deal involves setting up an 'investment fund' that will be responsible for rebuilding the Ukraine's infrastructure.
As part of the deal, Ukraine will contribute 50% of the revenue generated from mineral resources, oil, and gas to the fund, which will be managed by the US and Ukraine on equal terms.
Although the negotiations went awry, the US is keen on signing the deal, as Ukraine possesses 5% of Earth's rare minerals, including 22 out of 34 crucial for national security.
Sources: (BBC) (CNBC) (The Guardian) (The Washington Post)
See also: The war in Ukraine, three years on
The countries that benefit from the Russia-Ukraine war
A lot of money can be made from global crises
LIFESTYLE Global conflict
The Russia-Ukraine war has now reached its fourth year, showing no signs of resolution. This conflict has resulted in tens of thousands of casualties and displaced millions. As nations around the world choose sides, some countries have benefited financially from the support of either Russia or Ukraine. It shows that regional conflicts affect not only the direct participants, but also have far-reaching implications for today's interconnected global economy. In this gallery, we explore how several nations have profited from the Russia-Ukraine war. Click on for more.