Meanwhile, Ukraine’s Zelensky is saying that Ukraine “has reached a strategic turning point in war” and that “time and patience is still needed until victory is achieved”.
The question is “Is this a smokescreen that will end in tears?” or “Are the bombardment of sanctions and defeats on the ground on Russian forces – and all that comes with that – leading to the drive for a truce?”.
The wild card is Putin himself. He drives the machine. He pushed all the chips in the table. The world has reacted from governments to the private sector. There is economic damage all around.
War is not the norm and this war is different. It might not be a world war as in WWI and WWII, but it is an economic WW that is pushing all the players to the gaming table with the stakes high (including potentially China).
Regardless of the end result, the markets – rightly or wrongly – have reacted to the headline news: