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Russia nationalizes the Sakhalin-2 natural gas project. US stocks notch up their worst first half in more than 50 years. Chinese President Xi reaffirms the "one country, two systems” policy for Hong Kong on the 25th anniversary of city’s return to China. Analysis: Ukraine War Update:  Risks of a Russian Foothold.

Condition Updates

A rundown of important global risk developments in markets, in business, and region by region.

Analysis: Ukraine War Update: Risks of a Russian Foothold

At the NATO Summit this week, member states agreed to a new Strategic Concept and deployment of forces in Europe that would not have come about without the Russian invasion of Ukraine. The conduct of Russian forces wiped away any residual belief that Russian President Putin could be a partner in European security. NATO members have moved decisively despite threats from Putin of retaliation because the western alliance has come to terms that NATO’s previous posture was insufficient to deter Russian aggression in Europe. Members are determined that Russia cannot be permitted to gain a foothold in any NATO member state, such as it has done in Ukraine, to be used as a launch pad for renewed aggression down the road.

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