The Russia-Ukraine war that began over a year ago in February 2022 continues unabated. Last fall, a well-known American investor shared his views on the economic impact of the conflict and the likely outcome for the Russian president Wladimir Putin.

Billionaire hedge fund manager Paul Tudor Jones has warned that the US economy is likely heading for a recessionbut he says the market could recover depending on how much Russia’s War in Ukraine plays out.

“We have a dictator who loses, and that doesn’t usually end well,” Jones said on CNBC’s “Squawk Box” on Oct. 10, 2022.

“Usually that ends in a violent death and the question is who is he going to take with it?”

What you should know: Jones has suggested that the war in Ukraine will end with Putin’s death. He told CNBC that what Putin will do before the war ends could have significant implications for broader markets.

Jones said, “Will it be the regional focus between Russia and Ukraine, or does it go beyond that?”

Putin warned of this at the end of September he doesn’t bluff when it comes to using nuclear weapons to defend Russia.

“When the territorial integrity of our country is threatened, we will certainly use all means at our disposal to protect Russia and our people,” Putin said, before accusing the West of complicity in “nuclear blackmail.”

Why it matters: The potential for nuclear war is an ongoing threat to markets, Jones said.

“The two results thus have two dramatically different effects on the markets. If he were suddenly gone tomorrow … you would have this massive rally in jeopardy and yet, if – which I think is more likely – he escalates on the kinetic side of his response, then you have exactly the opposite, the Armageddon scenario,” Jones said.

He told CNBC that he didn’t think anyone could predict the outcome, but he suggested he had some sort of hedge.

“If you have something that will be…