Two wars are being waged that are dramatically affecting the geopolitical system: Russia’s invasion of Ukraine, and the U.S.-led economic response to it. In some ways, the latter will be the more consequential. 

The global economy was in a precarious place before the invasion, thanks to the COVID-19 pandemic. The sanctions against Russia, including the removal of many Russian hydrocarbons from the global market, and the blocking of traditional trade routes severely disrupted economic recovery. 

Accordingly, there will be – and indeed there already have been – social crises that will become political crises throughout the world. This will, in turn, necessitate a worldwide economic restructuring that includes quotas on traded goods, diversification of trade partners, and near-shoring projects and initiatives to increase self-sufficiency through increased domestic production. 

New structures create new definitions of what it means to be vulnerable and secure, and thus creates new sources of conflict. At the heart of all this is economic warfare. 

Enclosed is a compendium of analyses that chronicles our coverage of it. It will provide an overview of the many dimensions and factors in play in this incredibly complex battlefield. 

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