BERKELEY, California – Russia’s invasion of Ukraine is radically redrawing the global economic, political and security landscape.
Politically, it is pushing Russia away from Europe. It has redoubled NATO members’ commitment to their alliance and led Germany to abandon its aversion to defense spending. Economically, it augurs an extended period of high energy prices as Europe weans itself from Russian oil and gas, in turn raising the specter of stagflation.
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