What did Russia's war mean for business by 1 August 2022?
A look back at two economic developments reported in the days before 1 August 2022, involving McDonald's and Gazprom.
What had the war in Ukraine done to business and energy markets by 1 August 2022? Two reports from 27 July 2022 gave a snapshot.
On that date, McDonald's reported that its profits fell by 46% in the second quarter of 2022, while its revenue fell by 3%. The results followed the company's exit from Russia, and were listed among the economic effects of the Russian invasion of Ukraine.
The same day, the Russian energy company Gazprom cut the amount of natural gas flowing through the Nord Stream 1 pipeline from Russia to Europe to 20% of the pipeline's capacity. The reduction was part of the 2022 gas dispute between Russia and the European Union, and placed Russia's role in European energy supply at the centre of the dispute.
Together, the two developments showed how the invasion was reaching corporate earnings and energy flows well beyond Ukraine's borders as August began.
