Adam Tooze gets characteristically to the point on the unfolding war in Ukraine and how it might escalate, at what feels like a particularly critical juncture:

“Over the last week, we have seen how the reality of war, the shock of moving from hypothetical to reality, changes the calculus. That is the stage we are reaching with the economy next week. The shooting has started. What will be the fall out? The truly concerning prospect should be that a general panic in Russia, triggers a further dangerous and unpredictable military escalation.”

Putin’s nuclear threats might be a tactic – “escalate to de-escalate” – but they might not be, either. As Tooze cautiously concludes:

“…the worrying thing is precisely that, as far as the economy is concerned, the chaos is just about to get started. Clearly the economy has not been the determining factor in Putin’s calculus so far. Sanctions were intended to get his attention. Next week will reveal how that message lands.”