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between the united states and russia and europe and russia. as to which is stronger, it s hard to say. but because it s hard to measure because of the backlash that you would have from isolating russia from s.w.i.f.t. the sanctions that have been announced today are very tough. when people think of sanctions, they shouldn t think of the actual measure taken. what i mean is when the united states sanctioned today vtb bank, yes, assets in the united states is frozen and u.s. cannot do business with that target any more but what it does is unleash market forces and financial institutions and banks and businesses around the world that aren t in jurisdictions that sanctions will question whether they want to do business with them. they ll question whether they want to take capital outflows. so, market sources are unleashed and around the world you see this effort because they prefer to maintain relationships with new york. because they prefer to do

Isolating russiaEastern europeSanctioning swiftVtb bankMarket forcesAren tMarket sourcesCapital outflowsNew york