Right now I am focused on the ongoing financial implications of the Russian annexation of Crimea. We have dueling sanctions, and frankly that is ineffectual. But the market is still not grasping the financial implications. What worries me is that Ukraine owes something like $73 billion of debt and has $12 billion of debt coming due this year. Neither Russia or the West is really holding up their hands and saying, ‘We’ll take care of it.’
Also, these dueling sanctions are doing nothing for the Middle Eastern policy, which is festering away. The lack of resolution in the Middle East and what that means for oil prices is a growing concern. With what is happening here geopolitically, the energy market will become a pawn.
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