• Cripla
• January 15, 2023
• 263

As COVID recovered slowly, the world witnessed another major conflict in the form of the Ukraine-Russian war. The war had a polarising effect on geopolitical stances among nations. The ban on Russia from the SWIFT system made it more difficult to trade with the country. The dislocated supply chain and commodity crisis forced western countries to tighten their monetary policies to strengthen their currencies.