Commodities traders brace for a war in Ukraine

“IF RUSSIAN TANKS cross the border, markets will freak out.” That is the considered judgment of Helima Croft, head of commodity strategy at RBC Capital Markets, an investment bank, and a former analyst at America’s Central Intelligence Agency. Were Russia to invade Ukraine, the biggest impact would first be felt on European gas markets. But Ms Croft is not alone in thinking that the shock waves would spread far more widely.