OBTC - The Boomerang Effect Of Sanctions On Russia Is Still Unknown

• The EU surely has more to lose from backfiring Russian sanctions than anyone else, given its rather large trade relationship with the Russian Federation and its dependence on Russian natural gas and oil.
• One puzzling development has been the amazing recovery of the Russian ruble, which last week traded at levels near 76 on the USDRUB rate - stronger than before the war started.
• QE has broken down a lot of correlations, and the Ukrainian crisis has not helped. The present situation may turn out to be equally bullish for both gold and the U.S. dollar - two assets that normally are inversely correlated.

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