Russia’s invasion of Ukraine has ended globalization as we know it, says the head of BlackRock, the world’s largest asset manager.

BlackRock CEO Larry Fink told shareholders in a letter on Thursday that Russia’s “decoupling from the global economy” following its assault on Ukraine has caused governments and companies to examine their reliance on other nations.

“The Russian invasion of Ukraine has put an end to the globalization we have experienced over the last three decades,” Fink wrote.

The CEO, whose company manages $10 trillion in assets, predicted that Russia’s isolation will “prompt companies and governments worldwide to reevaluate their dependencies and reanalyze their manufacturing and assembly footprints.”

But some countries could benefit from focusing on building up their domestic industries, as companies onshore or “nearshore” their operations, he said.

Fink said that the coronavirus pandemic had already set these wheels in motion.

Businesses that were more self-reliant with full operations incapsulated in each country had an easier time navigating the pandemic and the impact of the war. Other companies see it.