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Risk-Off Move As Lavrov Comments Eye Escalation


Bund moves to session highs, EUR and Eurostoxx futures to session lows following some comments attributed by RIA (via Reuters) to Russian Foreign Minister Lavrov:

  • The geographical objectives of Russia's ‛special operation’ in Ukraine have changed from just Donetsk and Luhansk ‛People's Republics’ to a number of other territories
  • If the West delivers long-range weapons to Kyiv, geographical objectives in Ukraine will be advanced even further

We await fuller comments, but it appears market participants are interpreting them as pointing to broadening Russian ambitions in Ukraine and therefore negative for any prospective near-term resolution to the conflict.

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