October 3, 2022

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Ukraine war and pandemic force nations to retreat from globalisation

When the Cold War ended, governments and companies believed that stronger global economic ties would lead to greater stability. But the Ukraine war  and the pandemic are pushing the world in the opposite direction and upending those ideas.

Important parts of the integrated economy are unwinding. US and European officials are now using sanctions to sever major parts of the Russian economy — the 11th largest in the world — from global commerce, and hundreds of Western companies have halted operations in Russia on their own.