The Kerch Strait has been blockaded by the Russian Navy

  • 3 Ukrainian vessels have been seized (FSB says the vessels illegally crossed Russian border)
  • Direct fire has been exchanged between Russia & Ukraine, injuries reported to 3 Ukrainian sailors

By closing the Strait Russia has blocked Ukrainian access to Mariupol

More:

  • Ukraine has called for an emergency meeting of the Un Security Council

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This has the potential to be a negative for risk markets and see flows into yen and CHF.