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The Russian War in Ukraine
For the moment everyone is making public statements in support of Ukraine. But there are certainly underlying differences, particularly among industrial leaders who are becoming increasingly worried about high energy prices. It's hard to envision any end game to this war that will lead to a restoration of cheap Russian gas on the terms that it was provided prior to the war. Europe is going to have to reorient itself for defensive reasons toward developing new sources of energy but that takes time.