Systemic risks: Russia vs Middle East

The unfolding Russia-Ukraine crisis isn't a systemic risk, one analyst told CNBC, warning that political tensions across the Middle East and Africa (MENA) deserve greater attention.

"The Middle East and Africa, no question about it, is a greater systemic risk. Flare-ups in Nigeria, Syria, Iraq, potentially Libya, Saudi Arabia, and Kuwait are far more significant than Russia and Ukraine," said Viktor Shvets, head of Asia strategy research at Macquarie.

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