The invasion of Ukraine carries significant medium-term implications across various domains. It poses a formidable challenge to the existing global order, striking yet another blow to globalization and the intricate network of global supply chains. In Europe, the invasion ushers in a new era marked by a surge in defense budgets, as nations seek to fortify their security in the face of this evolving threat. Additionally, the weaponization of money takes center stage as a geopolitical tool, signifying a pivotal moment in the shift away from the US dollar’s hegemony in international finance. Lastly, the energy landscape undergoes a transformation, as the conflict’s repercussions extend to oil, commodities, and green energy, potentially marking the end of “pre-emptive underinvestment” in sustainable and renewable energy sources.
