Today's Deep Dive is 1,385 words and
a 8-minute read.
The Russian invasion of Ukraine in 2022 sent immediate shocks
around the world, triggering multiple crises, including migration
into Europe by displaced Ukrainians, global food insecurity and
European energy insecurity. Longer term impacts have also unfolded,
such as NATO enlargement to deter Russian aggression. Perhaps even
more significantly, the global trade landscape shifted as Russia
responded to the largest sanction regime ever imposed; Russia
sought to avoid economic isolation by reorienting its trade
eastward towards countries not enforcing western sanctions. With
Russia shut out of the global financial system, the Kremlin has
been forced to rely on currencies other than the dollar and the
euro. Economists have long considered de-dollarization as a
marginal risk, seeing the dollar's standing as the global
reserve currency as secure with no real competitor. However, in a
period of just over two years,
