The newswires have been abuzz this week with reports of a potential Russian military conflict with Ukraine and the US has threatened sanctions which, if imposed, would clearly cause pain for Russia's economy and have a major impact on Russia's financial markets. But unless the US adopted Iran-style sanctions and cut Russia out completely, we don't think they will be a disaster. Otherwise, eyes will be on Turkey’s central bank next week, which looks set to cut interest rates again despite the currency crisis.
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