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As Ukraine crisis pushes Europe further into its worst conflict since the Second World War, the sanctions imposed on Russia by countries around the world mark an epochal change in the geopolitical scene.
The continuing conflict coupled with fallout from the Covid-19 pandemic will have far-reaching consequences for politics and the global economy, leading political advisers said in Abu Dhabi on Monday.
Speaking at the Forbes 30/50 Summit, Huma Abedin, chief of staff to former US secretary of state Hillary Clinton and Tina Fordham, geopolitical strategist and adviser, gave a warning that the short-term impact of the Russian incursion in Ukraine would likely be rising prices and intensified deglobalisation.
“I think that the period of time where people from rich, industrialised countries don't have to pay attention to politics is probably over,” said Ms Fordham.
“Now, we're in an inflationary environment. We're in a tightening environment, where commodities, prices and supply chain risks are coming out of the pandemic.
“So if we take the combination of factors here, we have both the pandemic, which was a massive deglobalising event and now this conflict.
“I think it's the beginning of a new geopolitical epoch because the other conflicts that have taken place in our personal and professional lifetimes haven't been systemic.”
As the world transitions into a post Covid-19 era, Ms Fordham said it will face periodic disruptions for some time.
“We're not necessarily going to have central banks able to suppress volatility, which has allowed us all to not have to pay attention to politics or price rises or other things,” she said.
“It's going to be difficult for leaders, and I think that there will be repercussions and consequences across sectors and geographies.”
Ms Abedin, who has worked alongside Ms Clinton for more than two decades, said the Russian attacks in Ukraine have highlighted the brunt that women and children face in the midst of war.
“[On the news] I watched a family killed on a bridge [in Ukraine] yesterday. A mother and her two children,” she said.
“Our hearts and minds are very much on what's happening in the world right now, but simultaneously seeing the defiance and the strength of the Ukrainian people has been just extraordinary.
“I think we're learning from Ukraine, both the leadership and also the citizens, of what it is to fight, to be a patriot, to fight for your country, to fight for what you believe in, to fight for your truth.”
Calling the crisis “the world’s new reality”, Ms Fordham and Ms Abedin said this was a war of information and misinformation.
They said the widespread protests across Russia are especially notable, considering that you can be imprisoned for 15 years for protesting, while at the same time there is a fair amount of public support for this conflict by Russians.
“I think that leads to another point, this isn't just a kinetic conflict, it's an information war,” said Ms Fordham.
“And that's another weapon that we saw to a very detrimental effect during the pandemic, that information can be used and people can be mobilised around, to the extent to which we can have a significant proportion of a population living literally in a parallel universe.
“Family members living in Ukraine and Russia are having entirely different conversations. I mean, Russians are not hearing the truth.”
On Monday, as Ukraine accused Moscow of intensifying shelling in the country, the Russian Defence Ministry said humanitarian corridors will be opened in the Ukrainian cities of Kyiv, Mariupol, Kharkiv and Sumy.
The ceasefire — at 10am Moscow time (11am UAE time) — came at the request of French President Emmanuel Macron, who spoke to Russian President Vladimir Putin, Interfax reported.
