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The Ukraine crisis has led to fears of global growth being stymied by conflict. Crude and gas prices have spiked. The Fed which was braced to raise interest rates may now have to review its stance; instead of inflation driven by demand triggered by faster growth, it may have to contend with inflation driven by supply disruptions, as growth slows.
Open conflict is the worst-case scenario since multiple nuclear powers are involved. Sanctions against Russia, which is the most likely scenario, would mean cutting off one of the world's largest energy exporters. Western Europe, which imports over 70 per cent
