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I don't pretend to know how the Russia/Ukraine war will play out, but I can shed some light on how it has impacted the U.S. and Eurozone economies.
Limiting Russia's ability to use the SWIFT payment system is a big factor reducing liquidity overseas.
Whenever the market gets very worried, stock prices (unsurprisingly) decline. The level of worry today is not yet at an extreme, however, so things may get worse before they get better.