A war sans gunpowder

How the global financial system is so concentrated that it can be weaponised with stunning speed to achieve political ends

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For Indian readers, the most compelling sections analyse the tightrope India must walk in an era of sanctions-driven geopolitics. The Russia-Ukraine war made India a case study in agility: buying discounted Russian oil strengthened its macro-economy even as the West pushed for alignment.

Yet that opportunity comes with risk as Indian exporters now operate under compliance scrutiny; banks hesitate on dollar clearances involving sanctioned regions, and financial routes that were invisible are now exposed.

India is neither a sanctioning power nor a sanctioned economy — but it is deeply vulnerable to a world where access determines strength and exclusion determines fate. Patel suggests that economic autonomy in the 21st century will depend less on self-reliance slogans and more on diversified financial channels, resilient payment systems and geopolitical flexibility.