Every news consumer in the Western world can now be an expert on the Ukrainian front. The daily Russian order of battle, unit names, logistical issues, whether the ground is frozen deeply enough for heavy armour – it is all there online for the amateur analyst. We even know Russian strategic and tactical intentions thanks to psychologists and Washington think-tank experts.

But what if there is no war? For investors with a high-risk appetite that are willing to overlook geopolitical tensions and concerns over the way Moscow governs, the research might be better deployed on deep-value Russian equities.

Financial Times