- Russia has sent conflicting messages
- Europe's reaction to any Russian aggression will be swift and robust
- Kremlin knows our sanctions can bite very hard
They continue to talk up a strong game as though Russia is heavy-heartedly letting go of its position because of the potential retaliation by the EU and its allies. But if anything else, I believe Russia has already made their point well and clear in the past few days - even if there is no invasion coming. Well, to each their own and as long as everybody is happy.
As for markets, it doesn't look like investors are too perturbed by the messaging here. Russia's words that they are pulling back continue to hold more weight as equities are nudging higher on the day.