The crisis in Ukraine has the potential to have a further significant and prolonged impact on global financial markets, even though our current judgement is that the fallout is likely to be short-lived. Europe is heavily dependent on supplies of Russian energy and oil prices have already jumped. The financial burden of supporting any new Ukrainian government also looks set to fall mainly on the US and on the EU, especially if Ukraine is given a fast-track to EU membership (not likely, but possible).
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