The Russian invasion of Ukraine last year has fundamentally altered the global economic and geo-political order, with wide ranging consequences for international trade. My investment thesis is that the Western world, especially Europe, will have to reconfigure their supply chains to become less dependent on Russia. Even when the war ends, it would be a foolish mistake to resume international trade with Russia on key exports such as energy, metals and agricultural products. The West should aspire for energy and food security. Economic fragmentation is likely to be inflationary but it is a necessity given the new geopolitical reality.