Comments from US President Joe Biden this week threatening to take a tougher stance against Russia have raised the prospect of tighter US sanctions that could deal a significant blow to Russian markets. Meanwhile, although dismissed by the medical community, fears that the AstraZeneca vaccine could be associated with blood clotting may add to vaccine hesitancy in the region. This potential obstacle adds to a worsening situation on the virus front. Finally, hawkish comments from Romania’s central bank has prompted us to take out the rate cut that we had previously expected in April.
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