The post-Russia-Ukraine war shook the globalization process
- The ruble weakened significantly after the Ukraine crisis The world has changed since the Russia-Ukraine war. It is too early to understand the full consequences of the war that is about to unfold. But two things are quite clear. Russia's military action in Ukraine is expected to bring about changes in the system of international relations in the long run. Second, the trend of globalization began to reverse before the Ukraine crisis, but now it has suffered a major setback. There are fears that the war could have an adverse effect on the economies of countries around the world and increase inflation. Russia has declared the debt of Russian companies to other countries as an unfavorable issue for payment in foreign currency following sanctions imposed by Western countries. Now these payments can only be made in rubles. Thus, Russia has hit the West indirectly. Russia's move is likely to hurt Western banks and companies. The ruble has weakened significantly since the Ukraine...