It is impossible to predict how the horror of Russia’s invasion of Ukraine will develop from hour to hour. So it is folly to think that we can yet evaluate all the implications for the longer term. But one thing is already clear — companies and financial investors should reassess the risk of investing in some emerging markets.

Few will face anything like BP’s $25bn potential hit from abandoning its stake in Russian oil giant Rosneft. But there will be widespread losses for businesses with exposure to Russia and for investors with Russian assets in their portfolios.