How Markets Are Thinking About the Ukraine Battle Lines
Summary
The markets have been unsettled for many reasons this year, but the escalating conflict between Ukraine and Russia pushed them past a symbolic milestone yesterday. Russia and Ukraine collectively account for just over 3 percent of the global economy, but the consequences of their intensifying tensions — from sanctions to shortages and price surges — could hit some countries, industries and companies particularly hard. blacklisted Russian lawmakers and blackballed banks with links to separatist areas; and Australia, Canada and Japan joined in similar efforts. Crude oil futures are down slightly from yesterday, given that the initial round of sanctions didn’t directly hit Russian energy producers, aside from Germany pausing certification of a major gas pipeline. And even the governing body for European soccer is facing pressure to cut sponsorship ties to the Russian energy giant Gazprom and move its Champions League final from St. Petersburg.
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