How a security development transmits into economic exposure or civilian impact, one step at a time — with every step graded for how firmly it is established.
Eastern EuropeInterstate warPublished
Published
Newest chain assessed
2026-08
Conflict reviewed
2026-09-13
Weekly review / event-driven updates
Risk context, not investment advice. These records explain mechanisms and state how firmly each link is established; they contain no prices, tickers, named securities, forecasts or recommendations.
How each step is gradedA step can never be graded more firmly than the step it depends on: a consequence cannot be better established than its cause. That rule is enforced when this site is built — a chain that broke it would fail the build rather than publish.
ConfirmedDocumented as having occurred, with sources.
Plausible exposureA mechanism Vigil assesses as likely; not documented as having occurred.
Unconfirmed scenarioNamed because it is worth watching. Not asserted.
The mechanisms6 transmission mechanisms in Ukraine–Russia, each shown as its own stage sequence. The grade under each stage is that step’s, not the chain’s — the point of the strip is to show where a mechanism stops being documented.
The measure designed to keep the oil flowing and the money down, and what it actually did.
Standing conditionThe sanctions architecture and the crude price cap in force since 2022, with successive packages and designations layered onto it
Affected asset, route or regionConfirmed
Operational disruptionConfirmed
Exposed sector or commodityConfirmed
Broader economic significancePlausible exposure
Lands onCrude and refined-product export revenue · Federal budget and the National Wealth Fund · Shipping, insurance and intermediation costs · Payment and settlement channels · Defence-industrial input procurement
A military result that reopened an economy: what happens to a farming country when the sea comes back.
Triggered byThe Black Sea Fleet is pushed from the western Black Sea, 2023 – early 2024
Affected asset, route or regionConfirmed
Operational disruptionConfirmed
Exposed sector or commodityConfirmed
Broader economic significancePlausible exposure
Lands onGrain and oilseed exports · Metals exports · Farm-gate prices and rural incomes · War-risk insurance and freight rates · Foreign-currency earnings · Global food prices in importing countries
The part of the war that keeps working after the shooting stops, on farmland and in the villages people want to go back to.
Standing conditionA prolonged, artillery-intensive ground war across a roughly thousand-kilometre front, with extensive deliberate mining by both sides
Lands onCivilian casualties from mines and explosive remnants · Agricultural land withdrawn from use · Return and reintegration of displaced people · Rural incomes in frontline districts · Sequencing of reconstruction spending
Lands onDistrict heating in multi-storey housing · Water supply and sanitation · Health-service continuity · Telecommunications and emergency services · Conditions for people unable to relocate · Return decisions by refugees abroad
As of 2026-08→
Evidence and grading
Basis
How firmly one STEP is established — documented, assessed as likely, or named but unverified. It is a property of the link, not of the chain.
Confidence
How well established Vigil considers this assessment to be. It is not a measure of how severe the situation is.
