An analysis by Victoire de Groote Mitigram Macroeconomist Adviser and Global Head of Country Risk at HSBC.

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Talking points:

• 0:47 - Main exports of Russia and Ukraine, and impact on prices
• 2:44 - Impact on the USA
• 3:30 - Impact on emerging markets
• 4:40 - Impact on shipping and logistics globally, with focus on China
• 5:42 - The opportunities for India and France
• 6:20 - Long term consequences and conclusions