• The Ukraine crisis is still ongoing, and the resulting fears are still a dark cloud and responsible for risk-off sentiment pervading in market However, we have seen no overnight reports of a real escalation. In fact, the US Secretary of State Anthony Blinken is scheduled to meet his Russian counterpart Sergei Lavrov next week. Recall that the US has responded to Russia‚Äôs (outrageous) security demands. So, at least there is something to talk about. In any case, below we postulate nine axioms on the Ukrainian crisis. These axioms give a basic understanding of the crisis and serve as a template for further analysis.

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