The invasion of Ukraine unfolded as the first significant transnational conflict of the digital age. Concerns have been raised about whether emerging digital financial instruments might undermine the global order, curbing the effectiveness of sanctions.

Russian President Vladimir Putin’s war provoked the West to launch broad retributions and an increasingly saber-rattling China should be looking for ways to protect its national interests.

Bearing in mind the economic penalties imposed by Washington, the Chinese government has every right to be afraid. All eyes are on its leaders, widely regarded as challengers to the so-called global order.