How Russia’s invasion of Ukraine could hasten the demise of the US-led economic order.
The economic consequences of Russia’s bloody and despicable assault on Ukraine are very much a secondary consideration to the immediate human and geopolitical implications. And since the various national responses to the conflict are still so fluid, it is far too early to be able to identify the war’s precise longer-term economic effects. Nevertheless, it is possible to tentatively suggest what could unfold on the international economic front.
At least in the short term, the direct and indirect disruptions to economic relations arising from the invasion will almost certainly damage prospects for economic growth and boost inflation far beyond the combatant countries. In particular, the relative toughening of sanctions will generate economic difficulties in many areas beyond Russia itself.
Global banking system faces split as Russians turn to Chinese
Nissan and Levi have become the latest major brands to join the Great Cancellation of Vladimir Putin’s Russia – as Visa and Mastercard also pulled out of the country along with Netflix and TikTok.
… It comes as the global financial system looks set to split in two as Moscow turns to a Chinese payments system as a substitute for Visa and Mastercard.
