USOI - Global Strategic Insight: Putin's Invasion - Turning Back Now

• The tragedy of the unfolding events in Ukraine is the pure futility of the widespread loss of life. The Russian invasion has manifestly failed to achieve quick regime change.
• Western politicians have realised they have the popular support to economically pressure Russia, no matter the short-term impact on oil prices or the economy.
• Global wheat prices have also soared by over 40% since the invasion. This is likely to push headline inflation higher in the second half of the year, extending a period of above-target inflation, to the discomfort of central banks already contending with a rapid post-COVID surge in price indices.

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