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Conflict in Ukraine: is it all over but for the shooting? - Moscow got what it wanted: securing the naval port in Sevastopol and creating a buffer state between Ukraine and Russia as well as keeping Kiev weak and unstable. - But there has been a cost: Sanctions are crushing the Russian economy and Crimea has become a giant money pit for Putin to pour rubles into. A complete economic mess. - However, do not exclude possibility of more violence in Ukraine or elsewhere in the region. - Still waiting for any significant financial aid or military relief from EU or US. Word to the wise: do not hold your breath. - One other conflict is now drawing in Russian troops: Syria. Russian pilots are now flying missions with Syrian Air Force. Deutsche Bank Francis J. Kelly Global Public Affairs francis.j.kelly@db.com * Warsaw POLAND Ukraine Lines of Withdrawal Percentage of population that identified Russian as their native language (2001 census) | 10% 20 30 50% RUSSIA Source: Washington Post; IIF, National Bank of Ukraine _ 19 HOUSE_OVERSIGHT_026813