Dual perspectives on interpreting the Ukrainian crisis: geopolitics and a financial game

The crisis in Ukraine objectively promotes the deepening of Sino-Russian cooperation. The cooperation between Russia and China will further orient the center of gravity of the Eurasian continent toward Asia, a trend that is of great significance for curbing global hegemony led by the US and pushing towards a pluralist world order.

Professor Wang Xiangsui

The following article is reproduced by Dongsheng’s Chinese Voices (No.36) 13.03.2022.

Context

The crisis in Ukraine has not only caused a shock to the world political landscape but is also having a huge impact on the world economy. According to Wang Xiangshui, the crisis in Ukraine should be analyzed from both geoeconomic and geopolitical perspectives. The crisis in Ukraine is largely a continuation of the longstanding geopolitical conflict between Russia and Europe and the United States, as well as a reflection of the competition between the US dollar and Euro monetary systems.

EU crisis as eurozone set to plunge over Russian gas rationing: ‘Heavily dependent!’ (Image: Getty)

Key points

  • At the end of the 20th century, Europe launched the European Union and the Eurozone, which began to break away from the control of the US dollar system; especially, since the financial crisis in 2008, the growth of the Eurozone has posed an increasingly serious challenge to the hegemony of the US dollar.
  • The EU and Russia have strong economic ties, and if Russia were to integrate into the Eurozone, it would make Europe an important pole in the world, which would be difficult to dislodge. Therefore, the US is using the Ukraine crisis to create conflicts between the EU and Russia.
  • There is no quick solution in Ukraine: the West cannot quickly solve the crisis by military means, especially since Ukraine and EU are heavily dependent on Russian resources; Russia is constrained by the monetary systems of both the US dollar and the Euro in international trade. Each side has its own strengths and weaknesses. Ukraine could become a long-lasting “ulcer” affecting Europe.
  • The outbreak of the crisis in Ukraine has dragged Europe back, to some extent, to the traditional territorial sovereignty disputes. It slows down the momentum of European development and gives the US an important lever to influence European politics and economics.
  • The crisis in Ukraine objectively promotes the deepening of Sino-Russian cooperation. The cooperation between Russia and China will further orient the center of gravity of the Eurasian continent toward Asia, a trend that is of great significance for curbing global hegemony led by the US and pushing towards a pluralist world order.

Summary

The author notes that the development of the crisis in Ukraine proves that the US-led global order has entered a period of disintegration. The actions of the United States in the Ukraine crisis shows that the United States is no longer the superpower that it once was. The US Asia-Pacific strategy will be restrained by the crisis in Ukraine. By provoking the Ukraine crisis to strike Russia, the US has pushed Russia to the East. The US also wants to contain the development of the eurozone through the Ukraine crisis, which will lead to the intensification of the contradictions between Europe and the United States. The US is not as powerful as it used to be, and if it confronts Russia, China, and Europe, it will make the strategic mistake of making enemies everywhere.

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Source: Chinese Voices (No.36) 13.03.2022. https://dongshengnews.org/en/chinese-voices-no-36-en/

The full article is available at: https://readchina.info/en-US/articles/553666101586690074

Author: Wang Xiangsui (王湘穗) is professor and director of the Research Center of Strategic Issues at Beijing University, and a retired senior Colonel of the People’s Liberation Army.

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