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Key Takeaways

Ethiopian Prime Minister Abiy Ahmed called on “all able-bodied Ethiopians of age” to join the fight against Tigray rebels. Per a WHO adviser, the highly transmissible nature of the Delta variant renders “herd immunity” impossible. SoftBank will hold back on new investments in China as it monitors the country’s regulatory crackdown on tech.

Condition Updates

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

Russia Update: Political Implications of Calvey Sentencing

Last week, a Moscow court sentenced a prominent American financier to a five-year suspended term after finding that the businessman, Michael Calvey, embezzled millions of dollars from a Russia-focused private equity group he founded and directed. The case is widely viewed as the result of a business dispute with a Russian businessman with close ties to the Kremlin. Furthermore, it is the latest in a series of recent lengthy convictions handed down to American defendants in Russia and has heightened both political and economic tensions between Washington and Moscow.

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