Asian Insider

Does Russia's war in Ukraine mean the end of globalisation?

The war in Ukraine threatens to unravel gains made since the fall of the Berlin Wall.

Are we heading back to a divided world of geopolitical and economic blocs? What’s at stake? Why is globalisation worth holding on to? ST correspondents report.

Ukraine invasion another blow to globalisation

Russia's invasion of Ukraine was a seismic event in global affairs.

That a nuclear power would embark on a conventional war against another state and redraw its borders was considered almost unthinkable for many, given the advance of globalisation.

Economies, according to conventional wisdom, were so enmeshed that any pain inflicted on another nation would rebound upon oneself, discouraging conflict.

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Major milestones in globalisation since 1944

Since the end of World War II, the world has formed and dissolved blocs, gone through financial crises and seen shifts in the global financial order. A look at some of the major milestones in globalisation since 1944.

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Ukraine may provide the answer to the Russian question

The invasion of Ukraine has revived the Russian question in Euro-American affairs. The answer lies at least partially in tracing the recent history of the question.

During the Cold War, the North Atlantic Treaty Organisation (Nato) served primarily to deal with the German question - which had sparked two world wars - and to keep the Soviet Union at bay.

Following German reunification and the disintegration of the Soviet bloc, Nato "lost a priori its justification", scholars Thomas Gomart and Nicholas Sowels wrote in the journal Politique Etrangere several years ago, but "the alliance managed to transform itself by redefining its missions and making enlargement its new raison d'etre".

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Uncertainty around secondary sanctions amid Russia-Ukraine war and their likely impact

All eyes are now on "secondary sanctions", following the unprecedented measures taken by the United States and its allies against Russia for invading Ukraine.

Many companies around the world - and not just Chinese firms - that work closely with Russia are now operating under a "high degree of uncertainty" as it is not clear how forcefully such sanctions against third parties will be enforced, said senior analyst Joe Mazur of consultancy firm Trivium China in Beijing.

It is also too early to discuss the impact of secondary sanctions that might be imposed on China, according to analysts, who noted that Chinese firms have been careful so that they would not be targeted.

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