Russia’s Invasion of Ukraine Creates Global Financial War – OpEd – Eurasia Review

By the bishop*

More than a month after Russia invaded Ukraine, the military conflict has remained a regional one. While Russia was able to strengthen its claim in eastern Ukraine and made progress in the south, recent Ukrainian counterattacks have driven Vladimir Putin’s army away from kyiv. Meanwhile, allegations of war crimes committed by Russian forces during the conflict have given Ukrainian President Volodymyr Zelenskyy new ammunition in his campaign to increase international pressure against the Russian Federation.

The situation on the ground has fueled a popular narrative in America and Europe that Putin has vastly underestimated the difficulty of the conflict with Ukraine and that the Russian regime is suffering from the “authoritarian trap” of government bureaucrats prioritizing appeasement of their president rather than a precise report on the state of the situation. military affairs of Russia. While the extent to which Russian military failures push countries toward a ceasefire is cause for celebration, the overstatement of Russian weakness could serve to undermine peace negotiations. Hopefully, the analysis of this conflict by the United States and the North Atlantic Treaty Organization is better than it has been in other situations in recent history.

Putin’s aspirations, however, go far beyond territorial conquest in former Soviet nations. Fundamentally, the Russian regime’s goal is to challenge the post-Cold War order of a unipolar American-dominated world order.

On this front, Russia’s actions – and the West’s response – have now sparked global conflict.

Since the 1970s, the dollar has been as vital a tool for American global supremacy as any military weapon. The US War on Terror has not only transformed the Middle East into the main theater of US foreign policy, but has also fueled Washington’s desire to militarize the US financial sector. What began as unbanning al-Qaeda conspirators has become the primary tool used against rogue nations such as Iran and North Korea. In recent years, Western countries have also used these tools against domestic political dissidents.

In response to Putin’s aggression against Ukraine, America and the West responded with some of the most extreme sanctions ever deployed. While these measures imposed severe financial hardship on Russian oligarchs, who had grown accustomed to a certain quality of life outside their homeland, Russia’s own counteroffensive reveals the limits of Washington’s favored weapons.

Global demand for Russian energy, food and other vital resources allowed Putin’s regime to prop up the ruble by requiring purchases to be made in Russian currency – Putin’s investments in various European ‘green’ causes have been well done. The result was the value of the ruble returning to its post-war position and stabilizing a financial sector bearing the brunt of Western sanctions.

What should concern the regime in Washington most, however, is the geopolitical response to the actions of the West. The Russian government has created a list of “friendly” and “unfriendly” countries, taking advantage of access to its products in exchange for neutrality on the Ukrainian conflict. The Kremlin’s response has been bolstered by the West’s increasingly aggressive stances toward countries willing to put Ukraine’s interests ahead of those of their own people. The result has been a growing number of major non-European countries refusing to submit to the demands of the Biden regime.

Countries like Mexico, Brazil and India, all led by nationalist political leaders, have refused to sanction Russia, providing economic support for Putin beyond his handshake deal with the Chinese Communist Party. In fact, opposition to Washington’s demand that these nations sacrifice their economic ties to Russia in order to morally condemn Russia has succeeded in bringing geopolitical rivals together. Pakistani Prime Minister Imran Khan has praised President Narendra Modi for India’s “independent” foreign policy.

As a Pakistani news site reported:

“They (India) say they will import Russian oil because it is better for their people despite the sanctions [on Russia].”

[Kahn] said he had the “same problem”.

As Ryan McMaken recently noted on the Cable, Washington’s military adventurism over the past two decades has significantly eroded America’s claims to moral upliftment. So is Washington’s increasingly aggressive abuse of the privilege of having the world’s reserve currency. A prominent central banker has warned that the US’ continued weaponization of the dollar demonstrates the need for the global community to come up with something new.

That call came not from the Bank of Russia or the Bank of China, but from the Bank of England, one of Washington’s closest allies. Over the past month, we have seen a historic alternative, gold, receive renewed attention as a strategic asset.

The new phase of the West’s financial war is succeeding in bringing together a new coalition of world powers – many of whom have long-standing historical disagreements – that are united in their opposition to submission to Washington’s edicts. Additionally, the economic impact of global economic disruptions – which are currently being felt in gas and fertilizer prices and will be felt in future with food shortages – are now causing social unrest. Politically, the Hungarian nation overwhelmingly re-elected nationalist Viktor Orbán against demands from the European Union and the Biden administration, while polls show Frenchman Emmanuel Macron now trailing European skeptic Marine Le pen.

More than a month after the start of the conflict, it remains to be seen whether or not Vladimir Putin will achieve his military goals in Ukraine.

More and more, though, it looks like he’s achieved his larger goal of overthrowing the unipolar world. Another failure of the technocratic class of Washington.

*About the author: Tho is associate editor for the Wire updates, and can answer questions from the press. Prior to working for the Mises Institute, he served as Deputy Director of Communications for the House Financial Services Committee. His articles have been published in The Federalistthe daily calland Business Intern.

Source: This article was published by the MISES Institute

Comments are closed.