A series of sanctions imposed by Europe and the United States on Russia have led to a significant decrease in Russian imports, coupled with a surge in Russian energy and commodity export revenue, which has expanded the trade surplus. Russia's natural gas exports to Europe have effectively stopped, oil exports have not grown significantly, and exports of other commodities are declining, such as metallurgy, lumber, gold, etc., and world commodity market prices have dropped. The sword eventually pointed to Europe and the United States themselves.

Affected by headwinds such as high energy prices and deteriorating global terms of trade, the euro faces further inflationary pressures, while the euro zone's economic growth prospects are weakened. And expectations of faster and bigger Fed rate hikes boosted the dollar.