Sounds like it if John Kerry’s comments are to be believed:

  • Everyone has taken note of what has happened to ruble (bet the buggers were all short RUB)
  • Purpose of sanctions were to make it clear to Russia that there are costs attached to annexation of Crimea
  • What is happening to ruble is not just related to sanctions but to oil prices too
  • Sanctions could have been lifted months ago and could be lifted in days depending on what decisions the Kremlin takes
  • Sanctions were intended to invite Putin to make different decisions on Ukraine
  • Russia has made constructive moves in recent days
  • Hopes in days ahead we can get a clear defined path from all parties on Ukraine
  • Confident that US and Europe will respond on sanctions if Russia continues to move constructively
  • We do not want the people of Russia to be hurt, that is not our goal

Kerry offering a chink of light to Putin & Co. Will he take it?

The comments are easing safe haven flows around the markets at the moment with the yen seeing some selling in the crosses.

kerry putin