The EU's embargo on seaborne imports of Russian crude and petroleum products will be painful for Russia, but it won't be a disaster for as long as commodity prices remain high and Russia can export oil to Asia. Meanwhile, a rare divergence between the Polish zloty and the Hungarian forint has emerged, with the forint hitting a record low this week. This is likely to at least partly reflect Hungary's far-reaching interventionist approach to fiscal tightening and we wouldn't be surprised if the forint fell below 400/€ in the near term.
We are sending this Weekly two days earlier than usual because Capital Economics’ London office is closed on 2nd – 3rd June for the Queen’s Platinum Jubilee celebrations.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services