Russia's invasion of Ukraine has ended globalization as we know it, says the head of BlackRock, the world's largest asset manager.
BlackRock CEO Larry Fink told shareholders in a letter on Thursday that Russia's"decoupling from the global economy" following its assault on Ukraine has caused governments and companies to examine their reliance on other nations. "The Russian invasion of Ukraine has put an end to the globalization we have experienced over the last three decades," Fink wrote.
When economies reopened — and demand surged — supply-chain bottlenecks helped push inflation up to levels not seen in decades. A shortage of semiconductor chips, in particular, has plagued industries over the past year, from carmakers to tech companies. And now Russia's assault on Ukraine — followed by swift and punishing Western sanctions and a raft of company exits — has disrupted international export markets.
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