The Special Counsel report is behind us. Russia has largely been “exonerated.”
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The Mueller testimony was—as one hedge fund manger put it—a total face plant for the Democrats and anyone looking to link Trump to a villainous Russia. This story is officially over as a market mover. Since the summer of 2014, Russian oil and gas firms and Russian banks have been sanctioned by the U.S. and to some extent Europe, though Europe did not sanction oil and gas entities. The sanctions were all due to Russian involvement in a separatist movement in East Ukraine.Moscow financial center at dusk. Russia's economy has managed to weather sanctions. The good news is, it won't have to weather any new ones anytime soon.
We went from Ukraine to Trump and Syria as a reason to keep tightening the screws on Russian oil and gas companies like Gazprom, and its state-owned banks led by Sberbank. Both are the lifeblood of Russia’s commodity-heavy economy. Syria could pick up steam again, and Russia will back its leader Bashar Assad. But barring U.S. and Russian military colliding somehow, there is nothing new on that front to irk sanction-loving lawmakers.
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