US President Trump’s threat of 'secondary' tariffs on Russia - which would apply to countries buying energy from Russia - if followed through on, could exert a major squeeze on Russia’s fiscal position. Elsewhere, we think that the Turkish central bank will resume its monetary easing cycle next week, but that policymakers will tread a more cautious easing path going forward than most expect. We'll be online on Tuesday to discuss the decision and rebalancing in Turkey's economy in a Drop-in. Sign up here.
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