Ukraine

I mean, one way or another, whether Russia devalues the currency and transfers real wealth away from people -- mostly in Russia -- holding the ruble or ruble-tied assets, or whether they tax people, or whether they just seize assets, it all is gonna ultimately do more-or-less the same thing. Some people in Russia are gonna be paying for the war. Might be more one group than another or have different side effects, but the Kremlin can't just magic up real wealth out of nowhere. They gotta take it from people in Russia.