That is true and not true at the same time. Due to the global integration of industries and economies of scale. A disruption in Europe will severely affect the rest of the world. For example the droughts and famines in Northern Africa was being mitigated with Ukrainian grain. Without it those areas are in terminal free fall.People forget that Europe's problems are not nessarly the world's problems
Ukraine also had a sizeable share of the titanium production inside Europe. That's gone too.