Decipher Index

Armed Conflicts tops this week’s rankings due to various factors. U.S. and European officials say Russia is running a physical sabotage campaign across Europe in an attempt to disrupt Western aid for Ukraine. European ambassadors also agreed, in principle, to a deal that would fund Ukrainian supplies with profits from frozen Russian assets. This comes as Germany alone said they have $4.28 billion in frozen Russian assets. This push by European leaders to use the assets to support Ukraine also comes as U.S. Secretary of State Blinken visited Ukraine and discussed seizing such assets in the United States. On the Middle East front, Eurovision 2024 took place in Malmo, Sweden, and was accompanied by controversies and protests against Israel’s participation in the song contest. The protests have also sparked concern among Cannes Film Festival participants, particularly the Israeli team, who are worried pro-Palestine protests could erupt along the French Riviera.

‍Business in Russia is this week’s highest mover particularly due to concern amongst European leaders that Russian-backed sabotage campaigns are targeting railways, military bases, and other supply facilities linked to Ukraine. Arson and GPS jamming have been some of the attacks, including against a Ukrainian-linked warehouse in the UK and military bases in Germany, and GPS jamming against Europe’s railway network. Alongside this, the U.S. warned Austria’s Raiffeisen Bank International that access to the dollar system could be ended over its Russia links. Another high mover this week includes Electric Vehicles as Chinese EV car makers aim to increase sales of lower-cost cars in the region to counter their European competitors as European imports of Chinese-made EVs have drastically increased in recent years.