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Russia: bond sell-off intensifies as the war effort steps up

Sovereign bond yields in Russia have surged to multi-year highs this year as markets have increasingly questioned the trade-off between the war effort on the one hand and policymakers’ ability to maintain fiscal stability and control inflation on the other. Further aggressive interest rate hikes from the central bank appear baked in and there is a growing risk of a hard landing in the economy further down the line.

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