Russian Escalation in Ukraine Raises Global Economic Risks

The global economy has one more disruption to deal with.

Russia’s decision to deploy troops to two breakaway Ukrainian provinces and the possibility of heightened aggression and retaliatory sanctions by the West ratchets up the risks to a global economy already reeling from snarled supply chains and some of the highest inflation in years—including soaring energy prices spurred still-higher by the tensions.

President Vladimir Putin late Monday ordered soldiers into two separatist regions of Ukraine after recognizing their independence. The move threatens to scuttle negotiations with the West over the future security of Eastern Europe and...