It started last night after a server restart.
Before the server restart, I had died in the air field and decided to run all the way back up to see if perhaps I could recover anything.
Indeed I did, my murderer didn't take any of my equipment whatsoever.
So I then started heading back south to meet up with friends, as I did so the server restarted.
I logged back into the server after the restart and upon logging back in, I discovered I had been transported further north of the airfield than I had gone before, so I continued my course southwards and along the way the lag started to build and build, until it got to the point where I could switch my equipment around.
I then logged off that server and tried connecting to a server with better ping, I did so and experienced the issue I am having now.
There is no lag whatsoever, I just can't interact with anything.
I've uninstalled and reinstalled the game, no effect, reduced my settings as low as possible, no effect, restarted my computer, no effect, and restarted the game to no effect.
There isn't any issue with my internet connection either, I've got fiber optic internet with average download speeds of 10-15mb/s and upload between 5-10 mb/s.