How a war of conquest has become a contest of pain

I received feedback from a number of readers in response to my publication, Bearishness, begone!. They expressed concern over the terrifying spike in European natural gas prices. In response to the EU's support for Ukraine, Russia has weaponized its energy exports. Gazprom has already reduced Nord Stream 1 gas flows to 20% of capacity. What happens this winter? What are the consequences for the region's economy? How will the ECB cope in light of inflationary pressures from rising energy prices?

The root of the surge in energy prices is the Russia-Ukraine war. In response to the aforementioned questions, I discuss:

• The state of the battlefield and its outlook;
• The hybrid war beyond the battlefield; and
• The contest of pain between Russia and the West.

The full post can be found here.