The effects of Russia’s invasion of Ukraine are already reverberating through the Syrian economy, exposing ordinary Syrians to some of the worst economic vulnerabilities yet experienced during more than a decade of conflict and upheaval. The catastrophic rise in global prices of grain, fuel and other basic commodities will lead to price hikes and supply shortages in Syria as the regime struggles to afford imports. The most severe shocks will be to Syria’s grain supply, as Russia and Ukraine together account for as much as a third of the world’s wheat and barley supply; Syria is already suffering from severe shortages due to a disastrous domestic harvest season. At the same time, the regime continues to rollout severe austerity measures as an already beleaguered population is pushed further into extreme poverty and socio-economic instability. In a series of protectionist policy decisions, the Syrian regime severely restricted trade, especially exports of food products over the next few months. It is the regime’s attempt to self-sufficiently weather further global economic uncertainty that will curtail what revenue Syria does generate from agricultural exports. Sanctions on Russian financial institutions will complicate business dealings for some regime business cronies, although punitive measures imposed by the US and EU states are not expected to deter prospective trade between Syria and Russia––provided the regime itself is able to finance it––since this already occurs on the peripheries of the international financial system.