With the invasion of Ukraine by Russia the gradual erosion of the post-Cold War system of international relations has come full circle. The ever-expanding globalisation of trade, capitals, information and supply chains is giving way to a more volatile world, fundamentally shaped by competition between great powers. Trade is becoming more politicised, information is being weaponised, supply chains are being regionalised. Multilateral institutions weaken by the day and international norms and practices are increasingly resisted if not challenged altogether. Multipolarity is becoming the norm in a number of regional theatres, while at the same time countries around the world are increasingly feeling the gravitational pull towards either of the two main superpowers, the United States or China.