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The world's seven largest economic powers on Monday urged Russia to accept an immediate cease-fire with Georgia and agree to international mediation over the growing crisis in Georgia's separatist areas that is verging on all-out war.
Secretary of State Condoleezza Rice and her colleagues from the Group of Seven leading industrialized nations spoke by telephone and pledged their support for a negotiated solution to the conflict that has been raging since Friday between the former Soviet state and Russia, deputy State Department spokesman Robert Wood told reporters.
"We want to see the Russians stand down," Wood said.
He noted that Georgia had agreed to a cease-fire and said the ministers wanted to see Russia sign on immediately as urgent consultations at the United Nations and NATO were expected.
"I think this conflict is more about pride than anything else," says Tim Seymour on Fast Money. "I don’t think the United States will get dragged into this."
According to Seymour Russia has every reason to protect it’s role as a provider of energy to Europe and, "I think Georgia has as much to do with the violence as Russia."
However, at the end of the day Seymour doesn't expect the violence to get much worse. "I expect to see some face saving exit.”
How do you trade it?
I think Russia is extremely cheap, replies Seymour. I like Gazprom, but you have to be willing to hold on through more turbulence. You can also look at Vimpel-Comm [VIP
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Trader disclosure: On Aug 11, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (MSFT), (WMT), (COST), (UUP); Jon Najarian Owns (C), (MRVL), (TSM), (XLY); Jon Najarian Owns (TSO) Calls, (VLO) Calls; Jon Najarian Owns (CSCO) Call Spreads, (INTC) Call Spreads, (AAPL) Call Spreads; Jon Najarian Is Short (GLD); Quint Tatro Is The Principal Of Tatro Capital; Tatro Owns (C), (JPM); Tatro Capital Owns (INTC), (IBM), (QQQQ), (SPY), (XLF), (SSO); Tatro Capital Is Short (RIMM); Tatro Owns (GS); Tatro Capital Owns (SMN), (EEV)
Terranova Owns (RIMM), (IYT), (INTC), (CME), (GOOG), (FCX), (VLO), (SA), (KOL), (SU), (BNI), (YHOO), (XLF); Terranova Is Short Crude Oil (Dec. 2008); Terranova Is Long Crude Oil (Dec. 2012)
Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BRE), (CNTY), (CLB), (OFC), (DLR), (ESS), (EXR), (FL), (IAT), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (SKT), (BLV); Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
Seygem Asset Management Owns Gazprom OAO Shares; Seygem Asset Management Owns (VIP); Seymour Is Short RDX Index; Seygem Asset Management Is Short (RSX); Seymour Is Short RSX Index; Seygem Asset Management Is Short RSX Index
Data is a real-time snapshot *Data is delayed at least 15 minutes