The Russian invasion attracted -as expected- a stiff sanctions package, so to speak. Russia’s oil and agricultural payments were excluded from the US financial system but not from the European SWIFT banking network, according to President Biden’s announcements yesterday. Furthermore, in a country with FX and gold surpluses, funding restrictions don’t make much difference…
Yesterday’s market reaction -notably after the sanctions announcement- emphasized that the US stocks are back in business with Fed actions and valuation multiples being their main focus ; the rest seems unimportant…
