In an interview with Bloomberg Television at the Milken Institute conference, Nouriel "Dr. Doom" Roubini said, war in Ukraine could tip 'fragile' and 'uneven' Europe back into a recession, " I would say the last thing that the eurozone can afford and need right now is another shock coming from an increase in gas prices and or even a cut off of supply of gas coming from Russia to the Western European economies. That would tip the European economies back into a recession if that were to occur."

Roubini also expressed concern regarding Chinese: "I would say the other big tail risk is the one coming from China."

Highlights:

On whether Ukraine represents the single biggest risk:

"Certainly among the global tail risks, the one coming from Ukraine is the most important one. There is the beginning now of a new cold war between the West and Russia, and this cold war could actually become a hot war if it’s possible Russia were to effectively destabilize and invade the eastern provinces of Ukraine, in which case things would escalate. You could have another episode of global risk aversion. If this were to become a real war, even a situation in which the supply of gas to Europe may be cut off from Russia. The European economy is barely now recovering from a recession. That could tip back the eurozone into a recession."