The conflict in Ukraine is first and foremost about the violent overthrow of a corrupt regime that was not increasing living standards. But now that Ukraine has appealed to the West, it has become much more about Russia’s sphere of influence and the encroachment of the US, the EU, and NATO on former Eastern Bloc and Soviet areas. The contagion to Russia has begun. However, unless we see armed conflict, the implications for other emerging markets remains muted.
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