The Dow Jones Russia GDR Index, which tracks London-traded Russian companies, has plunged 98% in two weeks.
Europe is carving up Sberbank’s business in the region after sanctions sparked by President Vladimir Putin’s invasion of Ukraine prompted a run on its local deposits. Meanwhile, European energy companies are distancing themselves from Gazprom, with Shell Plc and Italy’s Eni SpA ending joint ventures.
Putin has not only turned himself into an international pariah, laughingstock and domestic failure. He is costing the oligarchs a lot of money.
That creates a lot of tension. It puts him in danger, and makes him dangerous, to any possible rivals as well as to Ukraine and the rest of us.
Putin has overnight achieved what took Saddam Hussein decades in unacceptable despotism. Russia’s only path back to international acceptance is Putin on a platter. Putin as the fall guy. Gotta assume a lot of powerful people in Russia have figured that out. So how does that play out?
Presumably some of those Russian stocks are incredibly good bargains, fundamentally.