24 February 2022: Beginning of a new era
THE world has changed since 24 February 2022, and laid the foundation of a new world order.
Developing countries before 24 February wished to have friendly and cordial relations with all states.
But since the recent Russia-Ukraine crisis developing states like Pakistan are being forced to choose sides, which is not only against the set norms of international relations but these gestures of choosing sides also added a new element in international relations.
The old order has gone but a new world order is in the making.Here the question is what would the new world order look like in future?
What sort of weapons, states will use?Will the world rely on bombs and bullets or something else?Each morning it is hard to comprehend who is right and who is wrong.
In Afghanistan, it looked like the Taliban were causing a humanitarian crisis but at the end of the day, it was the US putting the life of Afghans at risk due to power politics and its economic sanctions.
In the case of Ukraine, everyone was certain that Russia was at fault but with the recent biowarfare labs disclosure, the world is shocked to decide who is at fault.
Biowarfare Labs raised severe challenges for the world superpower to justify its war positioning and if Ukraine is betrayed by the western forces.
It has clarified and proven that Russia’s security concerns were valid, such as if the NATO troops based on the Russian border will have serious security threats for Russia.
Biowarfare weapons presence has clarified the Russian stance.Where realignment of power is taking place and getting shaped with each passing day the jigsaw puzzle of who is right or wrong will also settle down.
In the recent Afghanistan and Ukraine crisis, the world superpower has used economic sanctions as a weapon against its enemies.
Apparently, at this stage economic sanctions are the new tools/weapons of modern warfare strategy in the new order.
The weaponization of international finance is yet another element of war.Where FATF will decide which country to be put in the grey, black and green list.Where the organization is purely based on great power politics.
Today, For Kings, Queens, Princes and Princesses as well as corrupt leaders of the developing world, the US and Europe are no longer trustworthy places to park their ill-gotten wealth.
The banking sector has become a target of international politics and superpower rivalries.If your country of origin is in the good books of these countries and your country is on the right side of the superpower only until then your assets are safe, otherwise freezing assets has become another tool of modern weaponization.
Freezing Afghan assets, putting sanctions on Russia and threatening their assets for freezing must have unnerved those countries and individuals who have parked their money both legal and illegal in the US, Europe and UK banks.
With the freezing assets act, trust from the Western banking sector has been broken at all levels.
This will have an impact on the saving assets of various organizations and individuals in the future.
Probably, people at individual and state levels will have to explore other means to safeguard their assets and not rely on western states for the safety and security of their financial assets.
Gradually, a shift of assets from the west will be witnessed towards Asia.As fog is going to set aside and two clear block are emerging: Western Block and Asian Block.
States in the new world order will decide based on their mutual state interest which side to choose to park their assets.
These blocks will redefine friends and foes in the international system.As the older friends are either unreliable or their mutual interest is in the clash.But will the new world order/system threaten the existence of NATO?
Not only states with mutual interest but states with mutual war and financial interest will group to form their allies.
Recently, the way people of color are treated at the Ukrainian border while exiting has set another criterion for who is going to be a refugee and who will not be considered as a refugee.
This issue raises serious concerns on the UNHCR definition of refugee and asylum seekers.Will the UNHCR define coloured people as different from white and blue-eyed people?
If yes, some drastic legislation will be required at the UN and International Law regarding refugees and asylum seekers across the world.The new world order brings along economic sanctions and racism as new war weapons.
Racial discrimination against people of colour and ideology has grown deeper and come to the forefront more openly by western societies.
It has become an instrument to subjugate people based on their origin in international relations, which raises eyebrows that will colour decide international relations in the new world order?
Or is it going to be the state’s national interest?Brutal control of financial assets will certainly bring a new order in international finances.
The way the West has used the International Financial Institutions IFI’s like the IMF, World Bank etc the world may see the emergence of new financial architecture in the Asian region.
This will certainly lead to polarization of international politics as well as international finances, which do not augur well to the global community.
But can the world afford this new order and who will be held responsible where the US has put a SWIFT ban on the Russian banking sector?
The world has started relying on China Union Pay.It is a Chinese financial services company headquartered in Shanghai.It provides bankcard services and major card schemes in mainland China.
They offer Union Pay International as well whose acceptance is in 180 countries and various regions.
By blocking SWIFT access automatically Union Pay will be replaced by VISA and Mastercards.
Does the US want the establishment of the Asian Monetary Fund?Already the World Bank substitute is the Asia Infrastructure Investment Bank (AIIB).
The China Development Bank is already contributing to the infrastructure development of many developing countries.
If over one billion Chinese are already using Union Pay International instead of VISA and MasterCard, the act of US and Western forces is pushing the other billion to use Union Pay.
Who is to be blamed?The West is dividing the world financially, politically and socially.
—The writer is Assistant Professor, Department of Government and Public Policy, School of Social Sciences and Humanities, National University of Sciences and Technology.
