Moody’s Analytics economist Tim Uy wrote in a recent report:  “The greatest risk facing global supply chains has shifted from the pandemic to the Russia-Ukraine military conflict and the geopolitical and economic uncertainties it has created.”  Our recent “Warning for the U.S. Chip Industry: Russian Retaliation Could Hit Supply of Key Materials” provided a breakdown of the Russian and Ukraine-source material critical to the semiconductor manufacturing process (Neon, Palladium, etc.). In February, The US Geological Survey released the 2022 List of Critical Minerals. Palladium and Scandium are included in the USGS list.