Ukraine Banks

World Order Obituary

By Evelyn J. Archuleta

World Order Obituary

Photo: AP

HIGHLIGHTS

  • However, the perils were great, and the penalties turned out to be a travesty when they began to backfire on the prosecutors themselves.
  • The European Union has softened its position on Russia, allowing the unfreezing of certain funds of the main Russian banks.
  • The Canadian government also circumvented its own sanctions to return a Nord Stream turbine to Russia – which was being repaired in Canada. The turbine was key to restoring regular Nord Stream gas flows from Russia to Germany.

New Delhi: On February 24, 2022, the world woke up to something no one ever imagined was possible in the 21st century. Even though civil wars, takeovers, military rule, and government collapse make global headlines, launching a full-fledged invasion was beyond sight, even beyond fantasy.

US intelligence continued to release reports – albeit with hazy details of the Russian invasion. But somewhere, hope was alive, that Putin would not take such an imperial and castrating step.
More than five months later, where are we? Where is Ukraine going? What does the 21st century Russian Führer plan next? What will be the future of Ukrainians – many of whom have to live with this nightmare forever? And most importantly, what has the world collectively done about it?

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For the uninitiated, Russia has been locked in with billions in sanctions, many of which have also been imposed on Putin, his top aides, his family and several Russian oligarchs. Russia has also been cut off from the SWIFT financial system, while dozens of companies have also closed their operations in the country.

But what is the result? Is Putin coping with the heat?

Clearly not! The Russian ruble remains strong. In fact, he is doing much better than he was before Putin launched this naked assault. Once considered rubble, the Russian ruble was the best performing currency in the world this year. For years, Putin has been planning the de-dollarization of the Russian economy, and this is his sovereign success.

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Additionally, Russia has found ways to weaponize energy, threatening to cut off gas to Europe as it commands the Nord Stream – the largest pipeline bringing Russian gas to Europe, which is key to ensure energy security on the continent.
Traditionally, Europe strives to reduce its dependence on Russian gas and without Nord Stream, housing will take a serious hit. To make matters worse, the Kremlin has also asked “unfriendly” countries to pay for oil and gas in its local currency.
However, the perils were great, and the penalties turned out to be a travesty when they began to backfire on the prosecutors themselves. The European Union has softened its position on Russia, allowing the unfreezing of certain funds of the main Russian banks. The Canadian government also circumvented its own sanctions to return a Nord Stream turbine to Russia – which was being repaired in Canada. The turbine was key to restoring regular Nord Stream gas flows from Russia to Germany.

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Even symbolic and diplomatic maneuvers to punish Russia – all seem futile. Remember, US Treasury Secretary Janet Yellen and several others leaving a G-20 meeting in Washington in April when a Russian official spoke up – in one of the most high-profile snubs to highlight isolation from Moscow. However, just 3 months later – no such stunt was visible at the July G-20 Finance Leaders Meeting in Bali, Indonesia.

As the world continues to watch Russian atrocities in Ukraine, the embattled president is being dragged for using social media every day – in what has become his signature attire – as an excuse to drum up sympathy for his war-torn nation. war.

I believe that even if so, netizens were right about the trend, “Steal her looks, not her country.”

It’s nearly 6 months of a shameless assault on Ukraine with no end in sight. Nobody knows how long Putin will continue. Weeks, months, probably years! All the while, so-called world prime ministers have failed horribly to stifle Russia and support Ukraine. The measures seem to be limited to a point that their own economies can tolerate. But whatever the reasons for this global realpolitik, the casus belli can never prevail! Not today, not tomorrow, not in 50 years!

However, to grave disappointment, for sure, and this is an obituary to this supreme world order. Where to start to find a new one? This remains unanswered but up for grabs!

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Evelyn J. Archuleta
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