The risk of nuclear weapons being used has ebbed and flowed over the past year. I wasn't 100% certain at the beginning of the war that Russia wouldn't be willing to use nuclear weapons over the newly annexed territories, but now I'm less optimistic than many commentators. If Ukraine looks like it's in a position where it could take back Crimea, I think the chance of nuclear use by Russia goes up significantly. The US and NATO have refrained from directly involving themselves in war here.

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