After a short-lived uptick this morning, the S&P 500 index is now back in the red on reports that Russia has asked China for military equipment.
Could it lead to the World War III?
According to Jochen Wermuth – former advisor to the Russian ministry of Finance, such an alliance between Russia and China could trigger the World War III. On CNBC’s “Squawk Box Europe”, he said:
I think the situation we’re facing is certainly grave, in the sense that if there was an escalation, we could be heading for the World War III, with Russia and China opposed against the rest of the world. But we have to be very careful about what’s propaganda and what’s truth.
Both Russia and China have refused such reports. The U.S. Crude prices eased to just over $100 a barrel on Monday.
Ukraine war update: latest developments on Monday
Officials from Russia and Ukraine are scheduled for the fourth round of peace talks on Monday. Meanwhile, Western strategists warn the risk of Moscow using chemical weapons to win the Ukraine war is credible.
A day earlier, IMF’s Kristalina Georgieva said Russia could be days away from defaulting on its debt and plunging into deep recession after the West froze Moscow’s access to its foreign reserves in response to its military action in Ukraine.
Putin’s military forces are now just about 10 miles away from the capital of Kyiv. According to Pentagon, Russia still has roughly 90% of its combat power intact.
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