Russian President Vladimir Putin has launched an attack on Ukraine.

What began as a limited incursion by Russia’s armed forces is now a full-scale invasion. Western intelligence agencies and various European leaders, including British Prime Minister Boris Johnson, have for several weeks warned that the hostilities could eventually become the largest conflict on the continent since World War II.

Most of the impact will be felt in Europe, even if the war widens. NATO will likely expand defense spending. Russia will be heavily sanctioned and increasingly isolated from the world economy.