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Those business journalists at Bloomberg ($) have noticed that some investors are betting that Russian debt – a market frozen since the February 2022 invasion of Ukraine – could “thaw out” if there’s a ceasefire/peace deal. But this is a gamble that has potential to go very wrong.
The transactions — revealed here for the first time — are among the clearest indications yet that investors are quietly betting that US President Donald Trump’s overtures to Moscow for a deal to end the war in Ukraine will eventually translate into Russia’s return to the global financial markets. The buyers are wagering that the deeply discounted securities could soar in value if the sanctions imposed on Russia after its invasion of Ukraine in 2022 are lifted.
Money managers, too, say they are receiving approaches from Wall Street sales teams gauging their interest in making bets on the ruble through non-deliverable forwards — derivatives that because they don’t involve a physical Russian asset or individual person aren’t subject to sanctions. The Russian currency has gained 13 percent against the dollar since the start of the year, according to Bank of Russia data.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. are among banks that have been acting as brokers to facilitate growing investor demand for ways to trade Russian-related assets, people familiar with the matter said.
Given the potential for things to go awry, such as if Mr Putin treats a pause in the fighting to re-group and launch another assault, I’d want to be in close touch with any investment managers running my savings plans to be sure that Russian debt, assuming it was ever to be considered in a portfolio, were to take up more than a few percentage points of my total holdings. In fact, I’d want to insist that Russian debt, even after any sort of diplomatic move (regardless of how it is arrived at), is out of bounds.
The notion that Russia is inherently stronger than Europe is false, of course — Europe has a lot more people and a lot more heavy industry. All the pushups in the world haven’t prevented the vaunted Russian military from turning in a decidedly lackluster performance in Ukraine. But to the American right, perceptions and posturing and vibes are often more important than numbers and statistics. Russia gives off strength, so it must be strong.
And to the American right, strength is everything in international affairs. It’s a dog-eat-dog world out there, and concepts like the rules-based international order or international law are laughable. If Russia and Europe are to fight, Trump and company want to bet on the side with the shirtless pushups.
– Noah Smith
“I know that the conquest of English America is an impossibility. You cannot, I venture to say it, you CANNOT conquer America…As to conquest, therefore, my Lords, I repeat, it is impossible. You may swell every expense, and every effort, still more extravagantly; pile and accumulate every assistance you can buy or borrow; traffic and barter with every little pitiful German Prince, that sells and sends his subjects to the shambles of a foreign country; your efforts are for ever vain and impotent—doubly so from this mercenary aid on which you rely; for it irritates, to an incurable resentment, the minds of your enemies—to overrun them with the sordid sons of rapine and plunder; devoting them and their possessions to the rapacity of hireling cruelty! If I were an American, as I am an Englishman, while a foreign troop was landed in my country, I never would lay down my arms, never! never! never!”
– William Pitt the Elder, speaking in the House of Lords on 18th November 1777 in opposition to the war against the rebellious American colonists.
There are some things about the views of supporters of President Trump, and of Americans in general, about the situation in Ukraine that I understand very well. Consider this Bloomberg clip from the President’s speech to the United Nations General Assembly on 25th September 2018. The caption to the video says gleefully, “Watch the German delegation’s response at UNGA when Trump says “Germany will become totally dependent on Russian energy if it does not immediately change course.” The German delegation had a good laugh at the American rube and his silly ideas about not being dependent on Vladimir Putin, and all the sophisticated people on both sides of the Atlantic laughed with them.
They are not laughing now. They are still asking for money, though. In the face of such arrogance, it is no surprise that President Trump and a great many of his countrymen are saying, “We tried to warn you about Russia but you laughed. It’s nice that you ‘stand with Ukraine’ now, but you can do it with your own money. Bye.”
That, I get. I don’t agree with the view that the conquest of a country in Europe by Russia can safely be ignored by the US, but I can understand it.
What I do not get is how many Americans whose views I normally admire have moved from saying, “This war is sad, but it’s none of our business” to speaking as if Ukraine were morally in the wrong for continuing to fight. To take one example, here is a recent tweet from Elon Musk:
What I am sickened by is years of slaughter in a stalemate that Ukraine will inevitably lose.
Anyone who really cares, really thinks and really understands wants the meat grinder to stop.
PEACE NOW!!
Similar impassioned pleas for “peace” are being made by many accounts that I follow on X that belong to Americans who are proud supporters of the right to bear arms, people who would until recently have considered themselves spiritual descendants of those unconquerable Americans praised by Pitt. It seems to me that the position of the Ukrainians now is very like that of the Americans then, right down to the invaders of their country being reinforced by wretched hirelings from far away who have been sold by their leaders and sent to die in a the shambles of a foreign war of which they know nothing.
Were the Americans of December 1776 culpable for not laying down their arms when all seemed lost? Should the famous painting of Washington crossing the Delaware be covered up in shame?
Washington not caring about the meat-grinder
Wittingly or otherwise, the MAGA online right started to absorb Russia’s narrative on Ukraine: that it isn’t a real country, that the Ukrainians aren’t a real people, that if they are a real people then they are uniquely corrupt. On and on it went: that Ukrainian soldiers are ‘literal’ Nazis, that Zelensky is constantly buying villas and yachts in the south of France, that the whole war is one big money-laundering operation, that Ukraine’s war to push the Russians back is unwinnable because of the great might of the Russian army – and that the whole thing is a giant waste of US taxpayers’ money.
– Douglas Murray (£)
To all the people holding a vitriolic hated, anger & haranguing Zelenskyy,
Whom remain completely silent over Putin, as if he doesn’t exist – despite the fact that he’s the tyrant that started this invasion & could stop it whenever he wanted to – you’re a pro-Kremlin shill.
– Andreas Koureas
Then there is one other thought. If you are getting praise from the Kremlin, you aren’t on the right side of the argument. Much of what I’ve heard from people with whom I usually align politically has been Kremlin propaganda without a hint of nuance or consideration that invading another country is morally repugnant and indefensible. An internal conflict is not a justification. The popular uprising that overthrew Yanukovych, which some attribute to the CIA—as if they have that level of power (they don’t)—does not justify an invasion. There was never a justification.
The deal on the table is a shitty one for Ukraine and a good one for Russia. I always felt that the least bad outcome would be the one that would have to happen, but sucking up to Putin and pretty much rewarding him for his invasion is going to backfire. The accusations of NATO expanding eastwards begs the question, why do those countries want to join if Russia is such a peaceful neighbour? Zelensky’s point, clumsily and inappropriately made, is that diplomacy hasn’t worked so far and he is right. Moldova, Estonia, Finland and Sweden are getting twitchy and with good reason, they know how this is likely to pan out, hence the point Zelensky was making about security. Without that, no deal is worth signing, for the bloodshed will merely be delayed.
– Longrider
There is a legit argument over what support we should give Ukraine. But I don’t understand how so many conservatives convinced themselves that Ukraine committed an unforgivable offense by getting themselves invaded.
– Megan McArdle
I will forever remember that it was Russia’s invasion of Ukraine that made me realise the political right is as retarded as the political left.
– Tim Newman
Just not in the way the Guardian thinks.
The Guardian view on Romania’s annulled election: a wake-up call for democracies
The unprecedented move by the country’s constitutional court last week to annul the results of the first round of the presidential election, amid allegations of Russian interference, is a landmark moment in the increasingly embattled arena of eastern European politics. The decision followed an astonishing surge to first place by a far-right admirer of Vladimir Putin, who had been polling in low single digits until the eve of the election. According to declassified intelligence reports, Călin Georgescu benefited from a vote that was manipulated by various illicit means, including cyber-attacks and a Russian-funded TikTok campaign. Analysts found that about 25,000 pro-Georgescu TikTok accounts became active only two weeks before the first-round vote.
What form did the “manipulation of the vote” by these cyber-attacks take? One would think the Guardian’s leader-writer would be clearer on this point. If it was something like changing the tallies on voting machines (I do not know if Romania even has voting machines), that absolutely would be illicit manipulation of the vote. No doubt Vladimir Putin would be delighted to literally falsify the numbers of votes cast for candidates in the Romanian election if he could, but did he? Give us evidence, or I am going to assume that these alleged cyber-attacks are of a piece with the 25,000 fake TikTok accounts – that is, not attacks at all, just the issuance of propaganda. As I have frequently said, Vladimir Putin belongs at the end of a rope. But that is because he is a mass-murderer, not because he gets a bunch of drudges and bots to say words on the internet.
When I was a kid, I used to turn the dial of our family’s radio to “Moscow” quite often. Radio Moscow wasn’t as good – by which I mean it wasn’t as bad – as Radio Tirana, whose announcer would say “Good night, dear listeners” in a strange voice eerily reminiscent of the evil Dr Crow in Carry On Spying, who I have just found out after half a century was not played by Hattie Jacques but by Judith Furse, only voiced by John Bluthal in order to sound more asexual. (The character is meant to be the forerunner of a race of artificially created superior beings who have gone beyond being male or female.) Neither the supervillainesque lady in Albania or the main Russian presenter, whose English accent was eerily good, had much luck in turning me communist. But I always thought that one of the things that made the UK a democracy was that I was perfectly free to turn the dial to Tirana or Moscow and let them try.
I saw this comment by Paul Marks to the previous post and thought, “This is huge. Why isn’t this story the main headline on every news outlet?”
It is being reported, somewhat less prominently than the Princess of Wales going to a carol concert. Heartwarming though that is, I would have thought that the fact that a Romanian court has annulled the first round of their presidential election because the Russians allegedly “ran a coordinated online campaign to promote the far-right outsider who won the first round” was bigger news.
So what if they did? Where did this idea come from that the people of a country are not allowed to watch, read or listen to foreigners attempting to persuade them how to vote? Well, certain foreigners at least – those who promote this information Juche never seem to have a problem with the European Union’s taxpayer-funded propagation of its opinion.
How to tell if the people in Europe making predictions of doom if Trump wins actually believe what they have been saying:
Europeans defence expenditures go to 4%+ (i.e. Polish levels) within the next few months.
Otherwise it’s just so much verbal flatulence.
If Trump does indeed abandon Ukraine and tries to force a de facto surrender of occupied territories on them, and Europe still does not rapidly ramp up defence expenditure, then maybe Trump and the USA was never the problem.
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