For the record – I detest war. I think that in this day and age, sending young men or women to die, whatever the political cause, is unforgivable. But this is a finance blog, and I’m going to leave the pontificating about what the West (or Russia) should / should not do to others. In this article, I’m going to focus exclusively on how I think this Ukraine war will play out, and the impact on financial markets.   Russia is a major commodities producer The first thing to understand – is that while the Russian economy is small in the grand scheme of things (GDP smaller than Italy), it is a major commodities producer: Oil – Russia is 3rd largest oil producer in the world, with 11% of world’s supply (after US and Saudi Arabia) Wheat – Russia and Ukraine supply 29%...