The U.S. has shared intelligence with European allies indicating that Russia is planning for a potential large-scale invasion of Ukraine early next year, Bloomberg reports.
Why it matters: The attack would be far larger and more devastating than the 2014 conflict in eastern Ukraine, where 14,000 people have been killed in a rebellion waged by Russian-backed separatists.
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Putin's intentions still aren't clear, but the intelligence lays out a scenario in which around 100,000 troops cross into Ukraine from multiple locations, backed up by air support.
Two sources told Bloomberg that Russia has "called up tens of thousands of reservists on a scale unprecedented in post-Soviet times." Troops and artillery are massing on the Ukraine border.
Putin, whose annexation of Crimea in 2014 led to sanctions and international condemnation, views Ukraine as unfinished business.
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