Russian troops massing on the Ukrainian border are pointing their weapons in the wrong direction. Jittery markets represent a greater threat to Russia than its neighbour’s mooted membership of Nato.
As an emerging economy, Russia is already exposed to disinvestment triggered by US rate rises. An invasion of Ukraine would accelerate that trend and trigger US and European sanctions.
Not that Vladimir Putin cares a jot what foreign investors think. Politics trumps economics, Lex believes. An invasion could bolster the strong-man credentials of the Russian president even as it impoverished his country further.
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