The article assesses the effects of the current global geopolitical recomposition on Serbia, especially in the light of the multidimensional consequences of the current war in Ukraine. The effects of the dominant policies of the main external factors-i.e., the United States, the European Union, Russia, and China-have been analysed from a geopolitical perspective, with the argument put forward being that, following the war in Ukraine, Serbia will find itself on the western side of a New Iron Curtain, which will fall across Europe from the Baltic to the Black Sea as the main geopolitical consequence of current conflict in Ukraine. The aim of the article is to contribute to the existing scholarship in the field by the exploring issues yet to come into the focus of geopolitical analysis in the Serbian context: 'green' initiatives, energy and climate change, and COVID-19 vaccines. All these have become extensions of the geopolitics and geo-economics of the key global powers in their efforts to position themselves as best they can in developing a multipolar world.