Put has directed a one year ban on importing food from the West. Even fruits and vegetables are now affected by the proclaimed sanctions by the Kremlin. Putin’s one year ban was announced by prime minister Dmitry Medvedev. The sanctions are Russia’s sharpest response to Western sanctions over the Ukraine conflict. They also apply to Australia, Canada and Norway. (see GMX)
This is clearly feeding directly into our model that has been projecting that this economic downturn will be worse than the last. Now we are emerging into the type of retaliation that prompted the Great Depression.
