, Columnist
For Markets and Ukraine, ‘Good’ Scenarios Are Gone
One month into this war, being in risk assets means trusting in luck, not judgment. Even a negotiated settlement will leave a more uncertain world and huge costs for all sides.
Reparations will be a nasty sticking point even in outcomes where bloodshed stops relatively soon. Above: Mariupol.
Satellite Image '2022 Maxar Tech via AP
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It’s been a long month, and not just for the luckless citizens of Ukraine. Russia’s invasion of its neighbor created Europe’s first full-blown land war between two sovereign states since 1945. Clarity is further away than ever, and the chances of an outcome with which anyone can be happy are dwindling.