Tag: sanctions

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727: GEOPOLITICAL DYNAMICS AND DEFENCE MODERNISATION: LESSONS OF 2025 CONFLICTS

 

Presented my views at a round table conference at the Best Practices Meet 2025 organised by Data Security Council of India on 21 Aug 25.

 

The year 2025 has been a decisive moment for international security. It has confirmed trends that have been emerging over the last decade. Growing rivalries between several powers, the swift development of hybrid warfare, and defence transformation have been evident in fighting in Ukraine, and Gaza, elsewhere. These scenarios represent a combination of great power competition, scarcity of resources, and technological innovation that compelled countries to adapt rapidly to new realities. This article emphasises salient geopolitical dynamics, lessons of the 2025 wars, and emerging defence modernisation trends. It summarises how nations are reacting to a more precarious world.

 

Geopolitical Dynamics

Changing Power Blocs and Multipolar Rivalries. The world in 2025 is undeniably multipolar. Power is shared among contesting blocs. The US-China competition is most notable, shaping trade tensions, technological divisions, and alliances such as AUKUS (Australia, UK, US) and the Quad (US, India, Japan, Australia). AUKUS has broadened its scope from naval security to include technology cooperation. The Quad, on the other hand, has enhanced strategic collaboration in the Indo-Pacific. China’s aggressive moves, especially control of key supply chains, have increased tensions. This has compelled the US to deepen alliances with India, Japan, and South Korea. At the same time, Russia and Iran are testing Western strength. Russia’s moves in Ukraine and Iran’s proxy interventions in the Middle East are destabilising Europe and the wider world. Therefore, protectionism is on the rise, global markets are disintegrating, and supply chain breakdowns are common, particularly in semiconductors, rare earth elements, and strategic minerals. These strains have amplified geopolitical risk premiums, causing energy and commodity market volatilities and creating regional polarisations.

Resource Competition as Flashpoints. Scarcity of resources is a major source of geopolitical strain in 2025. China’s dominant hold on rare earth processing—more than 80% of the world supply—gives strategic vulnerabilities to Western countries that depend upon those commodities for electronics, green technology, and defence systems. The competition for energy has gained strength, particularly with Russia employing the use of gas supply as a bargaining chip and the volatile oil prices in the Middle East. Climate change is aggravating water scarcity, emerging as a palpable flashpoint, especially in Africa and the Middle East. Conflicts between Egypt, Ethiopia, and Sudan over the Grand Ethiopian Renaissance Dam and Middle Eastern water shortages fuel political tensions. These are putting pressure on migration channels and over-stretching international aid systems. These are influencing resource flashpoints to emphasise the need for diversified supply chains and robust infrastructure to reduce geopolitical risks.

Hybrid Warfare and Non-State Actors. The wars of 2025 illustrate that hybrid warfare, which involves conventional military operations along with cyberattacks, propaganda, and the utilisation of drones, has become the primary nature of conflict. In Ukraine, Gaza, as well as the India-Pakistan standoff in April 2025, the methods have created a fusion of state and non-state actors. Non-state actors, such as private military companies and terrorist groups, are acquiring sophisticated technologies, frequently with the intermediation of major-power proxies. In the Red Sea, Houthis, with Iranian backing, have interrupted global supply chains. In the Sahel, uprisings in Mali and Niger are taking advantage of shortages of resources related to climate change and foreign assistance to challenge state control. These hybrid threats need adaptable defence approaches that can integrate cyber capabilities, physical means, and information tactics.

Regionalisation of Conflicts and Proxy Involvement. Local conflicts are spilling over into larger conflicts with support from influential nations. The April 2025 India-Pakistan tensions in Kashmir entailed quick mobilisation, artillery engagements, drone strikes, and cyber activities, fueled by external intelligence and arms supply, raising the nuclear spectre. In the Sahel, both the insurgencies in Niger and Mali, which are driven by climate challenges and poor governance, have attracted Russian and Western intervention, making stabilisation a complex challenge. The conflict between Israel and Hamas in Gaza involving Iranian and Yemeni surrogates has precipitated humanitarian disasters and undermined important trade lanes such as the Red Sea and Bab el-Mandeb Strait, showing the global resonance of regional wars.

Erosion of Multilateralism. Multilateral bodies such as the United Nations are finding it hard to operate under the current geopolitical tensions. The Security Council dynamics have disallowed rapid reactions in the Gaza and Ukraine crises, demonstrating the shortcomings of consensus-driven governance. When older methods lose potency, smaller configurations like AUKUS, the Quad, and the India-France-UAE trilateral are starting to prove themselves as workable options. Yet, these selective alignments further disintegrate global governance, and it becomes difficult to address interconnected challenges like climate change, conflicts, and economic instability.

Economic Warfare and Sanctions. Economic instruments like sanctions, currency intervention, export controls, and supply chain dislocation have become a staple in geopolitical competition. The Russia-Ukraine conflict revealed Europe’s energy vulnerabilities, with gas supply cutbacks fueling inflation. Middle East conflicts, particularly in Gaza, have resulted in oil price spikes and increases in global inflation. The weaponisation of currency, including China’s and Russia’s departures from the dollar, further polarises the world economy. These trends highlight the importance of multiple economic partners and robust supply chains to mitigate the effects of economic warfare.

 

Learnings from 2025 Conflicts

Speed of Escalation and Hybrid Threats. Conflicts in 2025 build rapidly from grey-zone operations—like cyber attacks and disinformation—to physical military responses, in some cases within days. The conflict in Ukraine and the India-Pakistan crisis demonstrate how hybrid threats involving drones, cyber operations, and disinformation raise the stakes, particularly in regions with nuclear powers. Non-state actors add to the complexity of accountability and response, making integrated defence planning critical to manage multi-domain threats.

Civil-Military Tech Convergence. The swift transition of commercial technologies to military applications has altered the face of war. Ukraine’s exploitation of low-cost, commercially procured drones against Russian forces underscores the need for adaptability as opposed to quantities. Likewise, drone strikes between India and Pakistan in 2025 underscore the need for hypersonic technology, AI-enabled targeting, and premium cybersecurity in multi-domain warfare. Such developments necessitate defence architectures prioritising smooth collaboration between civilian and military realms and fast-paced innovation.

Information Domain as a Decisive Battlefield. Shaping narratives and combating disinformation is important for winning strategically. Ukraine’s success in moulding world opinion using social media and open-source intel is a blueprint for successful information operations. In Gaza, the application of sophisticated technologies has minimised casualties among civilians and preserved the support of allies, exemplifying the necessity of an interdisciplinary strategy of information and combat operations to shape legitimacy and diplomatic results.

Logistics Under Fire. Global conflicts have exposed vulnerabilities in supply chains, with specific attacks on fuel depots, rail infrastructures, and electronic inventory breaking operations. Ukraine’s distributed logistics model, depending on diverse supply routes, has served its military operations against sanctions and blockades. This indicates the necessity of resilient, distributed logistics systems for maintaining operational continuity under adverse conditions.

Electronic Warfare and Counter-Drone Operations. Electronic warfare and counter-drone technologies have become a must. In Ukraine, jamming and signal interference tactics have nullified Russian drone activities. Urban combat in Gaza highlights the need for dependable communication in urban centers. Nations must invest in convergent electronic warfare, counter-drone, and cybersecurity competencies to counter emerging threats in sophisticated electronic environments.

Humanitarian and Ethical Considerations. Minimising mistakes among non-combatants is essential. The Gaza and Ukrainian conflicts underscore the importance of precision technologies and moral principles. Allowing force size variations, modernisation, and preparedness demands adaptive forces that can reform toward humanitarian and operational demands quickly. Morality in war is more closely associated with success in strategy since killing civilians might erode legitimacy and result in global sanctions.

Preparing for Peer-to-Peer Conflicts. Analysis based on US-China wargaming and India-Pakistan interactions emphasises the need for enhanced air and missile defences against hypersonic and mass drone threats. US Government Accountability Office reports indicate optimal practices for overcoming these challenges, including AI-based detection and modular defence systems. India’s swift introduction of Akash-NG and S-400 systems indicates a priority for countering peer country threats.

 

Defence Modernisation Trends

Acceleration of AI-Driven Command & Control.  The inculcation of AI in command, control, communications, computers, intelligence, surveillance, and reconnaissance systems is advancing rapidly. Real-time targeting, predictive analytics, and cross-domain integration are enriching decision-making in high-intensity conflicts. India’s AI roadmap for 2025-27 prioritises surveillance, cyber defence, and autonomous systems, in line with AI-driven warfare global trends.

Unmanned Systems Proliferation. The expansion and diversity of unmanned systems—drones, unmanned underwater vehicles, and loitering munitions—are developing at a fast pace. Ukraine’s utilisation of cheap drones against more powerful forces proves the utility of swarm tactics and artificial intelligence technology. Countries are emphasising mass production, redundancy, and flexibility in distributed operations to engage numerically superior adversaries.

Resilient Communications and Quantum-Encrypted Networks. Secure jam-resistant communication networks are vital with increasing electronic warfare threats. Quantum encryption holds out a potential answer to counter cyber intrusions. India’s focus on indigenous cybersecurity development is in sync with international pushes towards robust command-and-control networks and maintaining operational continuity in the midst of war.

Integrated Air & Missile Defence Enhancements. Developments in defending against hypersonic missiles and swarms of drones are essential. AI-based radar platforms, modular interceptors, and networked sensors enable faster reaction times. India, combining Akash-NG with Russian S-400 systems, along with practices that the Government Accountability Office has proposed, demonstrates a layered defence against a range of airborne threats.

Distributed and Modular Force Structures. Greater, fixed sizes of units are being supplanted by smaller, networked ones, which can be rapidly redeployed. Modular force structures allow flexible organisation of tasks, and theatre commands facilitate joint operations. India’s initiative of local defence manufacturing and theatre-level integration is in tune with a worldwide trend towards technology-enabled, agile military forces.

Rapid Production & Fielding Through Modular Manufacturing. Accelerating research and development to deployment is imperative in the quest for staying competitive. Industry 5.0 converges AI, advanced robots, and human-machine interaction to enable modular manufacturing. India’s Production-Linked Incentive programs seek scalable manufacturing of drones and AI systems, tracking global initiatives toward quick, flexible manufacturing.

 

Conclusion

The 2025 geopolitical trends, fueled by rivalry between several powers, resource depletion, and hybrid warfare, have transformed global security. Ukraine, Gaza, and Kashmir conflicts display the velocity of escalation, the role of information control, and the requirement of robust logistics and communications. Defence modernisation is progressing at a fast pace, with systems that embrace AI, unmanned systems, and modular forces taking the forefront. States have to focus on agility, convergence of technologies, and morality to combat the complexity of contemporary threats. With the global system continuing to break apart, the 2025 lessons reinforce the importance of flexible, robust, and creative defence approaches towards guaranteed security in a world that is uncertain.

 

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References and credits

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Disclaimer:

Information and data included in the blog are for educational & non-commercial purposes only and have been carefully adapted, excerpted, or edited from reliable and accurate sources. All copyrighted material belongs to respective owners and is provided only for wider dissemination.

 

 

References:-

  1. Al-Jabari, M., & Khalidi, R. (2025). Proxy Warfare in the Middle East: Iran, Yemen, and the Red Sea Crisis. Middle East Policy Council.
  2. Apps, P. (2025, June 27). From India-Pakistan to Iran and Ukraine, a new era of escalation. Reuters. https://www.reuters.com
  3. Binnendijk, H., & Gompert, D. C. (2024). The Future of Warfare: Hybrid Threats and the New Geopolitical Reality. RAND Corporation.
  4. Center for Strategic and International Studies (CSIS). (2025). The Future of Hybrid Warfare.
  5. Center for Strategic and International Studies (CSIS). (2025). Unmanned Systems and Swarm Tactics: Lessons from Ukraine and Beyond.
  6. European Union Institute for Security Studies (EUISS). (2025). Resource Competition and Geopolitical Flashpoints: Energy, Water, and Rare Earths.
  7. EY Global. (2024, December). Top 10 Geopolitical Risks in 2025: Geostrategic Outlook.
  8. Indian Ministry of Defence. (2025). Defence Modernisation Roadmap 2025-27: AI, Drones, and Theatre Commands. Government of India.
  9. IJCRT. (2025). Comparing Hybrid Warfare Strategies Inside The Ukraine Conflict.
  10. Kapur, S. P., & Ganguly, S. (2025). India-Pakistan Tensions in 2025: Escalation and Nuclear Risks. Carnegie Endowment for International Peace.
  11. NATO Defence College. (2025). Hybrid Warfare and the Information Domain: Lessons from Ukraine. NDC Research Paper.
  12. Operation Sindoor demonstrates India’s indigenous defence technological strength. (2025). The Times of India.
  13. S&P Global. (2025, February). Top Geopolitical Risks of 2025. S&P Global Market Insights.
  14. Stockholm International Peace Research Institute (SIPRI). (2025). SIPRI Yearbook 2025: Armaments, Disarmament, and International Security. Oxford University Press.
  15. UNIDIR. (2025, July). Artificial Intelligence in the Military Domain and Its Implications.
  16. Wellington Management. (2025, February). Geopolitics in 2025: Risks, Opportunities, and Deepening Uncertainties.
  17. India’s new warfare: Drones, data, and the defence race that can’t wait. (2025, June). Economic Times.
  18. Narratives Under Fire: Information Warfare Lessons from… (2025, July 31). Small Wars Journal.

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598: FROM ALLY TO ADVERSARY: US SANCTIONS HIGHLIGHT PAKISTAN MISSILE THREAT

 

On December 19, 2024, U.S. Deputy National Security Adviser Jon Finer described Pakistan’s missile developments as an “emerging threat,” noting the increasing sophistication of its missile technology and the potential to reach targets beyond South Asia, including the United States. In response, the U.S. has imposed new sanctions on Pakistan’s ballistic missile development, including on the state-run defence agency overseeing the program.  This recent imposition of sanctions by the United States on Pakistan’s missile program has raised significant concerns about the trajectory of their bilateral relationship. Once regarded as a strategic ally in the Cold War and the War on Terror, Pakistan now finds itself under renewed scrutiny as Washington seeks to address emerging security threats. These developments not only highlight the growing apprehension in the U.S. about Pakistan’s missile capabilities but also reflect broader geopolitical shifts and challenges in maintaining regional stability.

 

The Rise and Fall of a Partnership. The U.S.-Pakistan relationship has seen dramatic shifts over the decades. During the Cold War, Pakistan emerged as a critical ally for the United States in its containment strategy against the Soviet Union. The alliance shaped regional geopolitics, from military aid to intelligence sharing. One key event was Pakistan’s facilitating the U.S.-China rapprochement in the 1970s. Islamabad’s diplomatic efforts, particularly under leaders like Zulfikar Ali Bhutto, earned it significant goodwill from Washington. Following the events of September 11, 2001, Pakistan became a “frontline state” in the U.S.-led War on Terror. Billions of dollars in military and economic aid flowed to Islamabad as it supported American operations in Afghanistan. However, the relationship began to sour due to allegations of double-dealing. U.S. officials accused Pakistan of harbouring militant groups like the Haqqani network, which targeted American forces in Afghanistan.

 

Missile Development in Pakistan: A Strategic Imperative. Pakistan’s missile program’s evolution reflects Pakistan’s desire to maintain strategic parity with India while deterring external threats. The program began in earnest during the 1980s, driven by its strategic rivalry with India. The need for a credible deterrent grew more acute following India’s advancements in ballistic missile technology and its nuclear tests in 1974. Early development relied heavily on foreign assistance, with China and North Korea playing significant roles. The Hatf missile series, for example, showcased the fusion of indigenous efforts and imported technology. Over the decades, Pakistan’s missile arsenal expanded to include short-range, medium-range, and cruise missiles capable of delivering both conventional and nuclear payloads. Key missile developments include:-

 

    • Ghauri Missile. A medium-range ballistic missile developed with North Korean assistance.
    • Shaheen Series. A family of solid-fueled missiles with improved accuracy and range.
    • Babur Cruise Missile. A subsonic cruise missile with advanced targeting capabilities.

 

Recent Advancements in Pakistan’s Missile Program. Pakistan has made significant strides in its missile program, enhancing its strategic capabilities by developing Multiple Independently Targetable Re-entry Vehicles (MIRVs) and exploring hypersonic technologies.

 

    • MIRV. A notable advancement is the development of the Ababeel missile, designed to carry MIRVs. The Ababeel is a medium-range ballistic missile with a reported range of approximately 2,200 kilometers, capable of delivering multiple warheads to different targets independently. This capability enhances Pakistan’s deterrence by enabling it to penetrate advanced missile defence systems. The first publicly announced test of the Ababeel was conducted on January 24, 2017, with subsequent tests, including one on October 18, 2023, confirming its MIRV capabilities.

 

    • Hypersonic Technologies. While Pakistan does not currently have an indigenous hypersonic weapons program, there have been developments suggesting interest in this area. The Pakistan Air Force has indicated the development of a hypersonic-capable missile as part of a broader modernisation effort to counter evolving threats. A video released by the Pakistan Air Force featured the CM-400AKG anti-ship missile, a Chinese-manufactured missile that allegedly travels at hypersonic speeds.

 

Strategic Implications and Proliferation Risks. These recent advancements have raised concerns internationally.  U.S. officials fear these capabilities could destabilise the region and enable Pakistan to project power beyond South Asia. The U.S. has long been wary of Pakistan’s role in global proliferation networks. The infamous A.Q. Khan network, which supplied nuclear technology to countries like Iran, Libya, and North Korea, underscored the risks of unchecked development. One of Washington’s primary concerns is the intensifying arms race between India and Pakistan. Both countries have developed increasingly sophisticated missile systems, raising the risk of miscalculation and escalation.

 

Involvement of Pakistani Firms. The United States imposed sanctions on four Pakistani firms for their involvement in aiding Pakistan’s ballistic missile program, which is closely linked to its nuclear program. The sanctioned entities were found to be involved in the transfer of critical technologies and materials used in the development of ballistic missile systems. These technologies included components necessary for guidance systems, propulsion, and control mechanisms, which are vital for both missile and nuclear weapons development. The transfer of these technologies represents a significant concern for the U.S., as they could potentially enhance Pakistan’s ability to develop more advanced nuclear delivery systems. Some of these Pakistani firms were collaborating with foreign entities and institutions that are under U.S. and international sanctions. This collaboration allowed the transfer of sensitive technologies and expertise, which accelerated the development of Pakistan’s missile capabilities. These firms were directly involved in the design, development, and testing of ballistic missile systems. The U.S. identified these entities as providing essential support, including material assistance and technical expertise, which allowed Pakistan to improve its missile technology. This development raised concerns about the potential for these missile systems to be used in a nuclear context, thereby complicating global security dynamics.

 

Sanctions. These sanctions are aimed at curbing the spread of missile technology and preventing the enhancement of Pakistan’s military capabilities that could pose risks to regional stability and U.S. security interests. The latest sanctions specifically target entities involved in Pakistan’s missile development. These include National Development Complex (NDC), a state-owned organisation central to missile research and production, and Karachi-based Companies (Akhtar and Sons Private Limited, Affiliates International, and Rockside Enterprise), accused of supplying critical components and technology. The sanctions include freezing U.S.-based assets of the targeted entities, prohibiting American businesses and individuals from conducting transactions with them, and restricting access to international financial systems. These sanctions aim to disrupt Pakistan’s ability to acquire advanced technology and materials critical for its missile program.

 

Pakistan’s Response. Islamabad has strongly condemned the sanctions, describing them as “discriminatory” and counterproductive. The Pakistani Foreign Ministry issued a statement arguing that the sanctions undermine regional peace and stability. Pakistan claims that its missile program is purely defensive and aimed at maintaining strategic balance, and the U.S. is applying double standards, as similar concerns are not being raised about India’s missile developments. Within Pakistan, the sanctions have sparked a wave of nationalist rhetoric. Political leaders and media outlets have framed the U.S. actions as an affront to Pakistan’s sovereignty, bolstering anti-American sentiment.

 

Broader Implications and Realignments. The U.S. troop withdrawal from Afghanistan in 2021 marked a turning point in U.S.-Pakistan relations. Washington’s diminished reliance on Islamabad for logistical support in the region has led to a reassessment of the partnership. As U.S.-Pakistan relations cool, Islamabad has sought closer ties with China and Russia. The China-Pakistan Economic Corridor (CPEC) and growing military cooperation with Beijing underline this shift. At the same time, Pakistan’s increasing engagement with Moscow signals a diversification of its strategic alliances. The sanctions could exacerbate tensions in South Asia. With Pakistan feeling cornered, there is a risk of accelerated arms development or even closer alignment with adversaries of the U.S., such as China.

 

The U.S. sanctions on Pakistan’s missile program mark a significant moment in their bilateral relationship. While Washington’s concerns about proliferation and regional stability are valid, the move risks further alienating Islamabad at a time when global alliances are shifting. For Pakistan, the sanctions underscore the possibility of diversification of partnerships. For the U.S., they reflect the delicate balancing act of addressing security threats while maintaining influence in a critical region. As the two nations navigate these challenges, the question remains: Can they find common ground, or will their paths continue to diverge?

 

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References and credits

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References:-

  1. Landay, Jonathan S. “U.S. Imposes Sanctions on Pakistani Firms over Missile Proliferation.” Reuters, December 14, 2024.
  1. Haider, Kamran. “Pakistan Criticizes U.S. Sanctions, Calls Them Unjustified.” Dawn, December 15, 2024.
  1. Burns, John F. “Pakistan’s New Missiles Worry U.S. and India.” The New York Times, October 20, 2024.
  1. Tellis, Ashley J. “The Evolution of US-Pakistan Relations: Prospects for the Future.” The Washington Quarterly 34, no. 4 (2011): 109–123.
  1. U.S. Department of Defense. Military and Security Developments Involving the Islamic Republic of Pakistan 2023. Washington, DC: Office of the Secretary of Defense, 2023.
  1. Federation of American Scientists (FAS). Pakistan Missile Program Overview. Washington, DC: FAS, 2022.
  1. Arms Control Association. “Pakistan’s Missile Capabilities.” December 2024. https://www.armscontrol.org
  1. Nuclear Threat Initiative (NTI). “Pakistan’s Nuclear and Missile Programs: A Profile.” Updated October 2024. https://www.nti.org
  1. Kampani, Gaurav. “Pakistan’s Evolving Missile Strategy: Implications for Deterrence and Security.” South Asian Strategic Review 18, no. 2 (2023): 22–34.
  1. Tariq, Mohammad. “US-Pakistan Relations: From Strategic Alliance to Mutual Distrust.” Pakistan Horizon 71, no. 3 (2024): 15–37.

 

Disclaimer:

Information and data included in the blog are for educational & non-commercial purposes only and have been carefully adapted, excerpted, or edited from reliable and accurate sources. All copyrighted material belongs to respective owners and is provided only for wider dissemination.

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249: UKRAINE WAR: MAYBE THE BIRTH OF A NEW GLOBAL MONETARY ORDER

Pic courtesy: The Borgen Project (Internet)

 

Western Sanctions on Russia

 

  • The United States and European Union have frozen nearly half the Russian central bank’s $640-billion foreign exchange reserves held in banks outside Russia.

 

  • Russian companies have been debarred from doing transactions in dollars and euros.

 

  • 400 odd western firms have closed operations in Russia.

 

  • A majority of the Russian banks have been cut off from the SWIFT (Society for Worldwide Interbank Financial Telecommunication), which executes financial transactions and payments among banks worldwide.

 

Expected results

 

  • The sanctions and curbs were expected to result in a big sell-off of the rouble.

 

  • It was expected to create insolvency risks for the Russian economy.

 

Rouble Performance

  • The rouble was trading at around 76 before the invasion.

 

  • It went down to a record low of 139 on March 7.

 

  • The rouble appreciated to 83 to the dollar intraday on 29 Mar.

 

  • The rouble has recouped most of its losses.

 

Sanction Effect (So Far)

 

Considering the severity of European and American sanctions on Russia, the effect on the rouble is modest. The recovery in the rouble suggests that the impact of the West’s economic sanctions is much lower than anticipated.

 

Likely reasons

 

  • European countries continue to buy oil and gas from Russia. The European Union gets 40 percent of its natural gas from Russia.

 

  • Major emerging markets (including China) continue to trade with Russia.

 

  • The biggest jump in the rouble occurred when the Russian president announced that unfriendly countries (EU, USA, Canada, Australia, New Zealand, Japan, South Korea, and Taiwan) would have to pay in roubles. This increased the demand for the rouble.

 

Implications

 

  • Energy Crisis. The sanctions on Russia might lead to a global energy crisis.

 

  • This could be the beginning of the de-dollarisation of global trade, especially in oil and gas.

 

  • This could be the beginning of a new global monetary order.

 

  • The new monetary order could be based on commodity-based currencies.

 

  • This would weaken the Eurodollar system.

 

It is wait and watch for long term repercussions.

 

Bottom Line

It is all about Money.

 

Question

Is this the end of the Petro-Dollar?

 

Suggestions and value additions are most welcome

 

Links to previous posts on Ukraine war:

USE OR NON USE OF AIRPOWER IN UKRAINE WAR

UKRAINE CRISIS & INDIA (02 FEB 22)

RUSSIA – UKRAINE CRISIS BLOWS UP: 24 FEB 22

UKRAINE CRISIS: A GAME OF DOG AND THE BONE

RUSSIA – UKRAINE CRISIS ESCALATES (24 FEB 22)

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