Overall Understanding of the current geopolitical situation and its effects on geoeconomics:

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Image source- www.uwp.edu

The clear start to the global geopolitical unrest was with the military campaign implemented in Ukraine by Russia. Lately, the World has been constantly witnessing vigorous unrest. A few of the most widely covered events that roughly mark the initiation of worldly alliances and oppressions were the Syrian civil war, the Israel-Palestine War in the Gaza strip and the removal of US military troops from Afghanistan following the territorial regain by the  Taliban. But none of these events really affected the global market dramatically.

All of this dates back to 2013 when the former Ukrainian President Victor Yanukovych all of a sudden denied signing a political association and free trade agreement with the European Union (EU) as he was more biased towards building up relations with Russia and the Eurasian Economic Union.

This move of his did not align with the general interest of the majority and mass protests outbroke across Ukraine. This period marks the Ukrainian Revolution or the Revolution of Dignity after which Victor Yanukovych was overthrown and exiled to Russia.

Shortly after, Russia secretly invaded and captured the cities 

Ukraine-Russian war impact on the Geopolitical situation

The pro-Russian unrest evolved and remained in Ukraine for the next few years encouraging Russian involvement in the internationally recognized political borders of Ukraine.

In early 2022, NATO accused Russia of gradually building a military presence around Ukraine with evident intentions of seizure which was denied by Russia.

A few days following NATO’s prediction, Russia unlawfully invaded Ukraine which they claimed to be a ‘special military operation’, and warned Ukraine against joining NATO.

Overall Understanding of the current geopolitical situation and its effects on geoeconomics:
Overall Understanding of the current geopolitical situation and its effects on geoeconomics:

This kept continuing till a few days back Russia announced the annexation of four new regions of Ukraine.

This entire move of Russia forced big powers from the West and around the World to protest against Russia in an alliance.

The West, collectively America and Europe, showed high disapproval and condemned Russia for its actions. Many sanctions were passed against Russia, bans were put on Russian international exports, and military aid was provided to Ukraine in an attempt to curb Russia’s wrongdoings.

This triggered the Global Crude oil crisis which went on affecting geoeconomics badly as Russia is recognized as one of the largest exporters of crude oil and natural gas across the globe. The Russia-Ukraine war also made a dent in the global food grain crisis as Ukraine holds a good share of the total food grain exports of the world.

Russia took full advantage of the current geopolitical situation and its influential hold on the global economy by drastically decreasing its oil and gas exports to a lot of countries and increasing the rate at which it was sold, keeping them unusually high.

Soon after this, global inflation skyrocketed and the GDPs of every country dropped. There was a scarcity of crude oil and natural gas everywhere which kept the prices going unsuitably high.

As a result, prices of basic day-to-day essentials increased to an extent where they started becoming deadly. People around the world underwent losses. This affected every societal level including the rich. Due to the current geopolitical situation, The global market crashed.

Few countries saw their worst economic crises, and Sri Lanka is one of the most prominent ones. All of this added up to massive environmental crises (also the coronavirus pandemic previously) across the world where places were hit by drought, cyclones, tsunamis, and earthquakes which made the economic crises life-taking.

Read more about Sri Lanka’s economic crisis: 

The current geopolitical situation is definitely not a temporary one and has prominently altered the course of life. New countries like India are seen evolving into essential positions. Analysts are seeing this as a ‘Regime shift’ where new players are coming into the scene.

While all of these developing political situations have proven to be very dynamic, the upcoming events aren’t that unpredictable.

With the former Soviet state being the epicenter of a bigger war with the US and EU emerging as very strong opponents, countries like India, Pakistan, and China hold a very big role.

Supporting Kremlin can cost these countries enough while supporting the western alliance is again not very promising, history is the witness.

The World seems to be in a state of a deadly war that is going to lead mankind into an irreversible path of pain and misery.

 


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Tiasha Debnath.
Tiasha Debnath.
Tiasha believes in writing about what is important rather than what is popular. She also believes that people can formulate social narratives if they want and that they should use their individual platform to be the reason for a change for the good.

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