The West Needs an Off-Ramp From Sanctions, Too
The shocks from sanctioning Russia go two ways. What’s the exit strategy for governments and companies if Putin survives them?
Ukraine’s most important role in the world economy is as its foremost breadbasket.
Photographer: Alessia Pierdomenico/BloombergTo get John Authers' newsletter delivered directly to your inbox, sign up here.
Excluding Russia from the global financial infrastructure promises to create stress for the rest of the world, whatever its effects on Moscow. The most dramatic effects are on the strategically important metal nickel. Sanctions have led to a halt in trading of shares in Norilsk Nickel, Russia’s biggest producer, on the London markets after a dramatic fall. Less predictable was that trading in nickel futures on the London Metals Exchange also halted, after the interruption to supply spurred a price spike for the ages: