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Hardy: You're right to be worried about Russia
Investors are becoming increasingly nervous about Russia. Even before the Ukraine crisis the ruble was weak. Saxo Bank's Head of FX strategy, John Hardy, says with geopolitical tensions continuing to rise, concerns are growing steadily.
Russia itself is warning of investor flight. It expects assets worth up to $70 billion to be moved out of the country this quarter. There’s also the question of where Russians themselves will put their money.
Market speculation is
growing on whether the government will impose capital controls in order to halt
this outward flow of investment. Most economists and analysts, however,
believe that’s unlikely to happen at the moment.
John Hardy is also warning that tougher sanctions will hit the Russian currency. He says sanctions that cut off energy supplies are a "huge risk" to the ruble.
01:10 minutes
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