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Sanctions Unsanctioned: Russia Becomes EM’s Riskiest Safe Haven

By late 2017, to the surprise of naysayers, the Russian economy appeared to have successfully navigated a challenging sanctions-riddled period and by Q1 2018 was looking to be one of the better EM stories on the market. But the latest escalation in tensions with Washington, along with broader EM outflows, have seen the country’s issuance pipeline dry up even as economic fundamentals remain strong, especially relative to the struggling peers like Turkey and Argentina.

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