Ukraine war and pandemic force nations to retreat from globalisation

In the meantime, the uncertainty has left the US-China relationship in flux.

Windows of the closed Dior boutique at GUM department store in Moscow. PHOTO: AFP

(NYTIMES) - 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. American 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. Amid the pandemic, companies are reorganising how they obtain their goods because of soaring costs and unpredictable delays in global supply chains.

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