Can Russia Sustain a 2nd Europe Front?
The report “Russia – This is not Roulette (Sept 9)” got lots of follow up questions. The trust of the ensuing discussion is about the economic sustainability of war for the Kremlin. This is what I write about below. The quick answer is “yes – Russia can prosecute a second front in Europe”. And, unless we strangle its foreign energy flows immediately, Putin will probably do just that in short order! The investment message from this not to use European assets or the currency as a safe haven. They are anything but.