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This Crimean crisis is, perhaps, reaching its apogee. As a referendum is held on the Black Sea peninsula, a territory 25pc bigger than Wales and home to 2m people, the stand-off between Russia and the West continues, dominating the global news-cycle.

Talk of a new Cold War is deeply alarmist. Politicians on both sides are posturing in front of each other and their respective electorates. Be in no doubt, though, relations between Russia and the US are now at their lowest ebb since the Soviet Union collapsed over 22 years ago.
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