He wanted to overthrow the pro-Western government and return Ukraine to Russia's sphere of influence. Putin failed, but more than three years on a fifth of Ukrainian territory is in Russian hands, and the US - until recently Ukraine's strongest ally - has paused aid under President Donald Trump and blamed Ukraine for starting the war.

Now America is attempting to force a resolution to the war, investors must try to gauge the consequences of its success or failure. The most obvious shifts have been in the markets for European assets,

The U.S. decision to withhold intelligence and military aid came on the heels of a tempestuous White House visit last week by Ukrainian President Volodymyr Zelenskyy. President Donald Trump is trying to pressure Ukraine into accepting a peace deal with Russia.