Russia attack looks like all-out, not limited invasion

Significance

The invasion started shortly after Russian President Vladimir Putin announced a "special operation" to destroy Ukraine's military capacity and decapitate its leadership, or in his words, "de-Nazify" it. Ground troops are pushing north from Crimea, south from Belarus and west from Russia, and Ukraine's military is fighting back.

Impacts

• The advance from Belarus suggests that capturing Kyiv is an objective.
• The Moscow Exchange and the ruble have plummeted and further losses seem inevitable.
• US and EU sanctions will hit Russia harder than any to date, but are unlikely to alter Putin's course.