The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and Gramercy
Russia’s invasion of Ukraine has thrown policymakers, companies and markets into an inherently uncertain and unsettling world.
The temptation for investors is to try to figure out what will happen next on the ground and react accordingly — understandable but very difficult to get right given the multi-faceted forces that have been unleashed by the turmoil, and those that are yet to come.
The invasion not only has geopolitical, military and diplomatic repercussions but also economic, financial, social and institutional. They are felt across global, regional, national and individual levels. They are certain to interact with each other in variable ways that are hard to predict.
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