According to CNBC, President Vladimir Putin said Russia is ready for war with Europe and recent Ukraine peace talks failed to deliver a breakthrough, elevating geopolitical risk for global markets. source: CNBC In prior Russia‑Ukraine escalations, Brent crude jumped above 120 dollars per barrel in March 2022 and European TTF gas spiked above 300 euros per MWh in August 2022, underscoring how supply risk can rapidly reprice energy and related equities. source: IEA; EIA Geopolitical shocks have historically driven safe‑haven demand into the US dollar and gold while pressuring the euro, highlighting potential FX and commodity volatility if tensions rise. source: BIS Crypto has behaved more like a risk asset since 2020, with rising BTC and ETH correlation to equities, implying geopolitical risk can spill over into digital assets and stablecoin liquidity conditions. source: IMF