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Russia’s Bondageddon

Russia's Bondageddon
Image by Bandai Namco Entertainment America

Russian assets are toxic nuclear waste again. On April 6 the US Treasury Department (USTD) released a new set of targeted sanctions aimed at some of Russia’s biggest businessmen and their companies, and unleashed chaos on the markets.

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Russian assets were hot until the new sanctions, with foreign investors piling into Russia’s sovereign ruble-denominated debt as one of the best ways to make money in the global zero-interest world. But the sanctions have hit not just those companies on the new US list, but all of Russia’s companies. A sword of sanctions is now dangling over everyone as those announced so far were directed in such a way is it is impossible to guess where it will fall next. This uncertainty has done far more damage than the actual sanctions which applied to a very small number of names.

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