| Everyone is feeling the impacts of the highest rate of inflation in decades, with the Consumer Price Index (CPI) still reporting a 8.3% year-over-year rate of inflation. Many pundits are blaming the impact of the Russian sanctions as a primary driver. This month, U.S. companies reporting earnings are repeating the same mantra.
Following Russia’s invasion of Ukraine on February 24, 2022, the U.S., Europe and other countries imposed economic sanctions on Russia that significantly limited the imports and exports to and from Russia. Additionally, many international companies further limited business with Russia beyond any legal requirements based on concerns of reputational costs, potential asset seizures by Russia, or potential further sanctions. As the war has stretched on, additional sanctions against Russia have mounted, and the impact has been felt around the world.
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