Russia-Ukraine war brings about structural changes in global trade

Even the western countries will find it difficult to absorb the costs of helping Ukraine fight Russia and rebuild its civilian infrastructure and host millions of refugees

This Friday marks the completion of one year since Russia invaded Ukraine, sending the global economy into a tailspin for a while. The war has led to some structural changes in global trade that can only result in sub-optimal outcomes.
 

First, global trade has got fragmented with the United States and its allies refusing to trade with Russia. Hundreds of companies from Europe and the US have stopped operating in Russia. They have imposed a near freeze on import of oil, gas, and petroleum products from Russia. The carriers and insurers from Europe and the United States have been asked