TRANSFORMATION OF INTERNATIONAL INVESTMENT FLOWS UNDER THE INFLUENCE OF THE WAR IN UKRAINE

Abstract

The article examines the transformation processes of global investment flows under the influence of russia's war against Ukraine. It finds that the military invasion has caused significant changes in the global economy, increased uncertainty in financial markets, and led to a mass exodus of transnational corporations from the russian market. An analysis of recent studies in the field of international finance has been carried out, in particular the works of domestic and foreign scientists who examined the consequences of military actions and sanctions restrictions on global investments. It has been determined that the war, which has exacerbated the rise in food and energy prices, has led to increased macroeconomic instability and a decline in investor confidence. The dynamics of global FDI over the last decade are presented, demonstrating the dependence of investment on global shocks. A regional analysis was conducted, which showed Europe's acute sensitivity to the war in Ukraine and the reorientation of capital towards relatively safer markets. The structure of investment flows was examined, demonstrating an increase in the number of Greenfield projects with a decrease in their value, a reduction in the volume of cross-border mergers and acquisitions, and a decline in international project financing. It was found that the US, China, and Asian financial centers remain the leaders as the main recipients and senders of capital, which emphasizes the shift of investment activity towards politically stable jurisdictions. The author proposes a block diagram that reflects the key channels of influence of the war in Ukraine on global investment flows. It is proven that the war acts as a catalyst for the regional reorientation of investment centers, increases risks for investors, and shapes new priorities in the global distribution of capital. In conclusion, it is noted that the rf’s military actions have not only undermined the investment climate in countries close to the conflict zone, but have also caused a global restructuring of international investment relations.