### Ukraine's Long-Range Missile Strike Escalates Conflict, Sparks Nuclear Fears

Ukraine's recent long-range missile strike on a Russian military base has sharply escalated the ongoing war, now surpassing its 1,000-day mark. This bold move capitalized on Ukraine's newfound missile capabilities, triggering Moscow to issue heightened nuclear threats in response to such conventional attacks.

The financial markets reacted strongly, with investors rushing towards safer assets, leading to a noticeable drop in the yields of 10-year Treasuries and equivalent German securities. Currency markets also experienced turbulence, as both the Japanese yen and Swiss franc saw substantial gains.

North Korea's recent involvement in the conflict has only intensified the situation, prompting U.S. President Joe Biden’s administration to ramp up arms shipments to Kyiv. Ukrainian President Volodymyr Zelenskiy continues to advocate for more military aid, while German Chancellor Olaf Scholz, after his recent conversation with an uncompromising Vladimir Putin, also presses for a resolution.

Tatyana Stanovaya from the Carnegie Russia Eurasia Center warns that Putin may exploit the heightened tension to pressure Western leaders into negotiating on Russian terms or risk nuclear escalation. Although Russian Foreign Minister Sergei Lavrov attempted to quell fears by asserting Russia's stance against nuclear warfare during the G-20 summit, Serbian President Aleksandar Vucic noted that Putin wouldn’t hesitate to use nuclear weapons if threatened.

Concurrently, the mysterious damage to undersea data cables near Kaliningrad has raised suspicions of sabotage, with Swedish authorities launching an investigation and neighboring states wary of further Russian aggression. The deployment of North Korean troops last month prompted the Biden administration to approve the use of American-made Army Tactical Missile Systems (ATACMS) by Ukraine.

Ukraine's inaugural use of these missiles targeted an ammunition depot in Russia’s Bryansk region. While Russia claimed to intercept most of the missiles and reported no casualties, the event marked a significant escalation. In response, Putin expanded Russia’s nuclear doctrine to include the use of nuclear weapons against conventional attacks on its soil, particularly those backed by nuclear powers.

As the international community grapples with these developments, Ukrainian President Zelenskiy urged European leaders to intensify their support for Kyiv's defenses, subtly critiquing some for prioritizing political concerns over the ongoing war. Despite these tensions, the global discourse remains divided, with major summits like the G-20 struggling to maintain focus amid the conflict's backdrop.