Retreat, not defeat: What Ukraine war means for globalization
Fans of Britain’s Chelsea football club were shocked to discover early last month that Russia’s war in Ukraine meant they could no longer buy tickets to the team’s matches or purchase Chelsea gear.
The reason: Chelsea’s owner, Russian oligarch Roman Abramovich, a close associate of Russian President Vladimir Putin, was slapped with Western sanctions barring him from profiting from his properties. The issue was soon resolved with an agreement that redirects team profits to victims of the Ukraine war.
Still, the disruption gave Chelsea fans the smallest of tastes of how Russia’s invasion of a neighboring country in violation of international law is having an impact on globalization.
In similar ways, Russian consumers of luxury European goods and American fast-food offerings are learning the lessons of what a growing number of international economists describe as the “deglobalizing” effects
