By Pierre-Olivier Gourinchas
The Russian invasion of Ukraine has opened a new chapter in international relations, with important implications for the global economic order.
The outbreak of large-scale warfare on European soil, with its associated human tragedies, brings back memories of the continent’s darkest times. Within three days of the invasion, the Group of Seven, consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, soon followed by other countries, deployed a range of economic sanctions against the aggressor.