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You're reading: Timothy Ash: Russian markets engage in ‘relief rally’ over weakness of new Western sanctions

First, relief that the latest sanction iteration was not worse, and did not extend to existing debt/equity holdings, only future long term financing.

The line perhaps – if this is the worse you can do from a market perspective, “bring it on.”

Herein there is an underlying sense that the West still does not really want to bite the bullet and roll out a meaningful sanctions regime – it has the tool kit to hurt Russia, but would rather not for fear of the collateral damage back to its own business interests.      

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