While it is all too easy to show the massive outperformance of Russian stocks (even after Carney's "sell" recommendation) as evidence that US sanctions were not 'punishing' as the mainstream media might suggest; this week's release of trade data shows the utter farce that the so-called "costs" imposed on Putin actually are. As WSJ reports, despite all the scaremongery and sanctioning, US exports to Russia in May hit $1.2 billion - a record high (up 21% from pre-sanctions). That will certainly teach them!!
U.S. efforts to penalize Russia for its actions in Ukraine appear to have done little to stem exports of U.S. goods to the country.
The U.S. announced targeted sanctions against several Russian companies and individuals in March, but U.S. trade data published Thursday shows exports to the country were the highest on record at $1.2 billion in May.
