Business Standard

Ukraine's globalisation lesson

Actually, interconnectedness and co-dependence preserve strategic autonomy

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Illustration: Ajay Mohanty

Mihir S Sharma
Twenty years ago, the countries of the world seemed to be permanently being bound together by ever tighter chains of globalisation; today, those chains may have been broken beyond repair. Frayed after the financial crisis, they were further damaged by an upsurge in populist protectionism and then the pandemic; and now sanctions after Russia’s Ukraine war may have broken them permanently.

The most potent intervention in the Ukraine war that the United States and the European Union felt was possible, given Moscow’s nuclear arsenal, was expelling some Russian banks from the SWIFT inter-bank messaging system alongside personal sanctions on some well-connected
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

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First Published: Mar 28 2022 | 12:09 AM IST

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