If the West thought that the conflict would remain safely contained in Ukraine, they had better think again. There has long been signs that Putin’s ambitions cover more than just Ukraine.
Sweden & Finland
Norway
Undersea fiber-optic cables to Svalbard Island were cut in two places.
The Black Sea & Moldova
Rostov, Russia
War is even spreading to within Russia itself, with Ukraine attacking a military airfield in Rostov Oblast (adjacent to the Donbas). Attacks on staging posts in Belarus are also likely.
NATO Article 5
Francois Heisbourg at the the International Institute for Strategic Studies (IISS) warns that Putin may test NATO directly.

Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.