- 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.
For further details see:
Global Strategic Insight: Putin's Invasion - Turning Back Now