Financial markets present unique and evolving risks as states compete through the economic and information instruments of power. States have proven their ability and interest in manipulating both financial and political markets, and amplified through social media. While there are limited military options for response to these challenges, financial and economic markets present an unusual battlefield as states attempt to gain influence on the geopolitical stage.
President Putin made three foundational assumptions in launching his war against Ukraine that should have been correct but were not. First, Putin assumed the invasion of Ukraine would be a quick and easy fight. Second, he assumed the world would denounce the invasion but tacitly allow it. Third, Putin assumed the war would deter NATO expansion.
