How long will this last? Recent developments certainly aren’t tipping the global balance in favour of the West. On the one hand, it is becoming increasingly apparent that Nato’s strategy in Ukraine isn’t working: not only is Ukraine facing heavy losses, while the West unable to keep up with Ukrainian demands for ammunition and equipment, but the sanctions have hurt Western countries, as well as developing ones. On the other, the financial crisis triggered by the collapse of Silicon Valley Bank is yet another reminder of the intrinsic instability of the West’s hyper-financialised brand of capitalism.

Only last week, America’s global standing took another hit with the signing of a historic agreement between Iran and Saudi Arabia brokered by China (while, it should be noted, the Saudi foreign minister was in Moscow). As part of the deal, Iran has agreed to stop arming Houthis in Yemen, potentially paving the way to a resolution to the nine-year-long Yemeni war. Writing in Newsweek, David H. Rundell, a former chief of mission at the American Embassy in Saudi Arabia explained that the deal will be seen as “a watershed moment for Chinese influence in the Middle East”, while further eroding America’s already poor reputation in the region.