Pressure on Russia ramps up as Trump loses patience

The US sanctions on Russia’s energy sector announced this week, if enforced stringently, have the potential to significantly raise the cost for Russia of continuing the war in Ukraine. But Putin’s response to the measures suggests they won't immediately force him to make concessions in peace negotiations. Elsewhere in the region, we expect GDP data next week to show that economic recoveries in Czechia and Hungary continued at a modest pace in Q3.