In Observance of Memorial Day Hudock Capital Group LLC will be closed Monday May 30th 2022


The Doolittle Raiders May 25, 2022
Downloads: The-Doolittle-Raiders.pdf

When someone says the word “hero,” what do you think of?  Do you imagine some muscle-laden dragon-slayer with a magical sword?  Or perhaps a gun-toting, leather-wearing action star, complete with signature sunglasses?  These are what heroes tend to look like in the movies, after all.

In real life, heroes come in all shapes and sizes, from all walks of life.  Perhaps it’s a tall, gawky young man with enormous ears.  Or a balding, middle-aged man with two bum ankles.  Or an old man with glasses and a hearing aid, leaning wearily on a cane.

That’s exactly what one legendary group of heroes looked like.  We’re referring, of course, to the Doolittle Raiders.


The year was 1942.  With the United States still reeling from the attack on Pearl Harbor, a group of officers decided something had to be done.

“The Japanese people had been told they were invulnerable … [but] an attack on the Japanese homeland would cause confusion and sow doubt about the reliability of their leaders.” 

So said Lieutenant Colonel James “Jimmy” Doolittle, describing the impetus behind one of the most notable feats of bravery ever performed when eighty members of the United States Air Force launched a daring air raid on Tokyo despite the overwhelming odds against them.

The need to take the fight to Japan was undeniable.  But according to Doolittle, there was another, more important reason for the raid:

There was a second and equally important psychological reason for the attack.  Americans badly needed a morale boost. 

In February of that year, members of the United States 17th Bomb Group were given the opportunity to volunteer for a secret mission.  They were not told what the mission was about or what its objective would be—only that it was both important and “extremely hazardous.”

Eighty men volunteered.  Eighty men raised their hands.  Despite the danger, despite not knowing what they were signing up for, eighty men said, “I’ll go.  Send me.”

In that moment, they became heroes.

Take a good look at them.  Some were young men barely out of their teens; others were decades older, with wives and children.  Some were tall and some were short.  They came from places like Fresno, California, and New Haven, Kentucky.  Each and every one a hero.

These were the Doolittle Raiders.

Fast forward to April 18, 1942.  The Raiders were still on their ships, almost 800 miles from Japan, when they were spotted by a Japanese boat.  The boat was quickly sunk, but not before it was able to radio a warning to the mainland.  The Raiders’ commander, Doolittle, was a 44-year old former air racer, who was already something of a legend in aeronautics for being the first pilot to ever take off, fly, and land using instruments alone (meaning he was essentially “flying blind”).  Now, he had to make a choice.  Continue as planned—or abort the mission?

Even though their secret was out, and even though they were 200 miles further out than they had planned, Doolittle decided to launch the attack.

Immediately, 16 planes took flight.  Each carried a pilot, co-pilot, navigator, bombardier, and a gunner.  Normally, such bombing raids had fighter escorts, but in this situation, the bombers were all alone.  They didn’t even have the kind of defenses most bombers normally had, because they had to remove as much weight from their planes as possible.  It was the only way they would make it all the way to Japan and back.

The Raiders reached Tokyo about six hours later.  Despite Tokyo’s defenses, not a single bomber was shot down.  They dropped their bombs and strafed their targets, giving Tokyo a taste of what Pearl Harbor had received.  More importantly, they had done what no one thought was possible: taken the war straight to the heart of Japan.

Then, things took a turn for the worse.

With night falling and the weather growing bleaker, the Raiders realized they did not have the fuel to reach their base in China.  Fifteen of the sixteen planes managed to reach the Chinese coast after 13 hours in the air.  Some of them crash-landed, others bailed out.  One plane was forced to fly all the way to the Soviet Union.  The crew was interned, and while they were treated well, it would be years before they made it home.

Many of the other Raiders were given help from the Chinese, but some weren’t so lucky.  Three airmen died while crash-landing.  Another eight were captured by the Japanese.  Three of these men were executed.  A fourth died in captivity.  They had given their lives so that their country would feel hope again.

The others were kept under confinement for four years, where they were starved, beaten, and sentenced to hard labor.  It wasn’t until 1945 that they were finally freed.

When Doolittle finally made it home, he expected to be court-martialed, as every single plane had been lost.  Instead, he returned to a hero’s welcome.  American morale had risen dramatically, just as Doolittle hoped it would.  Most of the surviving Raiders went on to serve in the rest of the war; some even served in Korea years later.

Ever since the war, the Doolittle Raiders held annual reunions.  Lt. Col. Richard E. Cole was the last of the Doolittle Raiders.  He passed away in 2019 at the age of 103.  When you look at their pictures, you no longer see the same youth and vitality they once had.  But what you do see is far more important.

You still see heroes.

Every Memorial Day, we pay tribute to the thousands of heroes who died serving our country.  Some of these heroes died before the invention of photography.  Many of them are lost to history, their names unknown, their deeds unrecorded.

But we still know what they look like.  In fact, we know what all heroes look like.

Just imagine someone, anyone, young or old, short or tall, man or woman, raising a hand and saying, “I’ll go.  Send me.”

That’s what a hero looks like.

On behalf of everyone here at Hudock Capital Group, we wish to say “Thank you” to our nation’s heroes.  Thank you for your service.  Thank you for your sacrifice.  Thank you for saying, “Send me.”

Thank you for being heroes.


Barbara B. Hudock CIMA®, CPM®
Chief Executive Officer
Founding Partner

Michael J. Hudock, Jr., CPM®
President and Founding Partner
Wealth Consultant

Riverfront May 9, 2022
Downloads: Riverfront-May-9-2022.pdf

Higher Bond Yields Should Limit Further Losses

Written by RiverFront Investment Group.  Reprinted with permission from RiverFront Investment Group.  Redistribution is prohibited.

Navigating Turbulent Times May 2, 2022
Downloads: Navigating-Turbulent-Times.pdf

Navigating Turbulent Times

Remember when you were learning to drive, how new and scary it could be?  The first time you merged onto the freeway.  The first time you switched lanes during heavy rush hour traffic.  The first time you parallel-parked on a busy street.  The first time you drove in heavy rain or in the snow.

Eventually, though, each of these actions became easier and less stressful…to the point they became second nature. After all, you’d seen it all before. You’d done it all before. No matter what bumps in the road you encountered, you always knew exactly what to do.

We were thinking about this while studying the markets recently. As you probably know, market volatility has been persistent since the middle of January. The S&P 500 has moved in and out of correction territory for the past two months and the NASDAQ is technically in a bear market. (Quick reminder: A “correction” is defined as a drop of 10% or more from a recent peak, while a “bear market” is a drop of 20% or more.)

As you can imagine, this sustained volatility has a lot of investors gripping tight on the wheel — metaphorically, at least. And make no mistake; it’s clear that we are living in turbulent times right now. Some analysts are warning of a potential bear market across the entire stock market; some economists, meanwhile, are even forecasting the possibility of a new recession.1 (Though it’s worth noting this prediction does not seem to be the prevailing one among most economists.)

No one enjoys investing during times like these, just as no one, we imagine, enjoys driving a big rig in a snowstorm.  But as your financial advisors, we decided to write this letter to assure you that we have a major advantage; we are not rookie drivers. We are not practicing for our driver’s test. Our advantage is that we’ve seen this, lived through this, and even benefited from this all in the very recent past!

Let us explain what we mean by quickly recapping why the markets are so volatile. The various reasons are all interconnected, so we can untangle the knot of events fairly easily.

On Monday, April 25, health authorities in Beijing, China, rushed around the city to conduct as many Covid 19 tests as they possibly could. By the end of the day, they had tested almost 3.7 million people.2 Their goal?  Identify and quarantine every infected person in the vicinity so that they could avoid the city-wide lockdown that nearby Shanghai has been dealing with for the past four weeks.

The reason this matter is because the world depends on China for a lot of things: foodstuffs, rare earth metals, computer chips, cars, steel, plastics, etc.  The worry is that if China goes on lockdown again, production on all these items will plummet.  That would throw a major wrench into global supply chains, which are still – still – struggling to recover from the pandemic.

This is something the world can ill-afford at the moment, especially given the ongoing war in Ukraine.  Much of the world depends on both of these countries for the goods they need.  Wheat and neon gas from Ukraine, for example.  Oil and natural gas from Russia.  Thanks to this conflict, and due to the sanctions imposed on Russia as a result of it, it’s now not only more expensive to buy certain items, it’s more expensive to ship them, too.

All these supply chain issues, of course, have contributed to the rampant inflation we’ve seen this year.  For example, take something as simple as chicken eggs.  Russia exports a huge percentage of the components that go into agricultural fertilizer.  When it becomes more expensive for farmers to buy fertilizer, the price of corn goes up.  When the price of corn goes up, the price of chicken feed goes up.  When the price of chicken feed goes up, the price of raising chickens goes up.  That leads to higher-priced eggs, which is further compounded by higher oil prices making it more expensive to ship those eggs to the market and…well, you get the point.

Understanding how the world’s issues, like COVID and war, contributes to supply chain problems makes it easier to see how they also contribute to inflation.  And what does inflation have to do with the stock market?  Simple, inflation doesn’t just affect consumers, it affects companies too.  During periods of high inflation, it becomes more and more costly for companies to produce the products they sell.  They can – and usually do – raise their own prices to compensate, but this can backfire if it leads consumers to go elsewhere.  Either way, the company’s profit margin suffers – which means they return less value to shareholders.  Shareholders, in response, then start selling their stock, driving the price down.  These are the reasons we’ve seen such sustained volatility in the markets – and why that volatility will likely continue for some time.

These are indeed turbulent times we live in.  But here’s the good news.  If you look closely, nothing we’ve just explained to you is new, is it?  We’ve been dealing with COVID since 2020; with inflation since 2021.  In the last two years, we’ve lived through both a bear market and a recession and come out on the other side.  We’ve been reading about supply chain issues for months; trade issues with China for years.  The sources of today’s volatility are largely the same as yesterday’s.

Much of the market volatility that we are experiencing is based on the uncertainty of “what comes next”?  Will the Federal Reserve hike rates forever?  Will inflation keep rising forever?  Will the Russia/Ukraine conflict last forever?  Will the shutdown in China last forever?   Although we can’t tell you when all of these concerns will end, we don’t believe they will last forever.  History tells us that some of the best investing opportunities come from periods just like this, but it’s not identified until we are in a position of hindsight.  When it feels like the bad news will never end and the market will never stop going down, it’s time to evaluate what we want to own for the recovery.  Our view is once all the bad news is priced in, the market will be in a better position to grow with some of these major concerns behind us.


We know that patience and planning will not only help us avoid making major mistakes, they’ll also help position us for when the markets eventually rebound.  We know that diversifying our holdings and sticking to our long-term strategy eliminates the need for relying on guesswork or shots in the dark.  We know that doing all these things together will not only help us get through today, it’ll help us seize tomorrow too.  That’s why, despite the headlines, despite the gloomy forecasts, we remain confident in our direction and excited about the future.  We’ve navigated volatility before, and we’ll do so again…all with a steady hand on the wheel.

As always, thank you for your continued trust in us and our team.  If you ever have any questions or concerns about the markets, don’t hesitate to let us know!


Barbara B. Hudock CIMA®, CPM®
Chief Executive Officer
Founding Partner

Michael J. Hudock, Jr., CPM®
President and Founding Partner
Wealth Consultant


1 “A major recession is coming, Deutsche Bank warns,” CNN Business,

2 “Beijing Orders Citywide Covid-19 Testing,” The Wall Street Journal,

Riverfront May 2, 2022
Downloads: Riverfront-May-2-2022.pdf

Hope Is Not a Strategy…But Neither Is Fear

Written by RiverFront Investment Group.  Reprinted with permission from RiverFront Investment Group.  Redistribution is prohibited.

Riverfront April 18, 2022
Downloads: Riverfront-Apr-18-2022.pdf

April 2022 Chart Pack Summary

Written by RiverFront Investment Group.  Reprinted with permission from RiverFront Investment Group.  Redistribution is prohibited.

Riverfront April 11, 2022
Downloads: Riverfront-Apr-11-2022.pdf

The Rule of Three

Written by RiverFront Investment Group.  Reprinted with permission from RiverFront Investment Group.  Redistribution is prohibited.

Riverfront March 28, 2022
Downloads: Riverfront-Mar-28-2022.pdf

Public Enemy Number One…Inflation

Written by RiverFront Investment Group.  Reprinted with permission from RiverFront Investment Group.  Redistribution is prohibited.

Riverfront March 21, 2022
Downloads: Riverfront-Mar-21-2022.pdf

Current Market Situation Nerve Wracking

Written by RiverFront Investment Group.  Reprinted with permission from RiverFront Investment Group.  Redistribution is prohibited.

Market Update – War and Stagflation March 15, 2022
Downloads: Market-Update-War-and-Stagflation.pdf


Since our last market communique on the Ukraine war, cross-asset volatility has remained high as the war has proven more intense and geopolitically unpalatable.


This has led to a ratcheting-up of economic sanctions on Russia that are rapidly crippling their economy.  While economic sanctions are common pressure points applied to wayward countries in times of war, the breadth and scale of sanctions implemented thus far by the US and her allies on Russia (including freezing Russian central bank assets, denying access to the global payments system called SWIFT, and now today boycotting Russian oil in the US) is without modern day precedent. One commentator has called this the economic equivalent of dropping a nuclear bomb on Russia—already incinerated nearly half the value of the Russian currency since hostilities began.


From a market and economic perspective, the greatest risk remains the knock-on effects of rising commodity prices (especially oil & wheat) on global inflation.

The war has already induced a commodity supply shock, and it’s happening at a time when inflation was already running at 40-year highs.  The best corollary to the current situation is 1973, when geopolitical events in the Middle East led to an oil shock when inflation was similarly high.  Like the 1970s analogue, a serious risk today is that commodity prices move high enough to slow the economy while simultaneously keeping sustained upward pressure on inflation—resulting in stagflation (i.e. high inflation with weak growth).  In this situation the Fed would have to choose between the lesser of two evils:  1) fight inflation (by raising interest rates and tightening conditions that could slow growth still more) or 2) defend growth (by deferring rate hikes…but allowing inflation to run hot).  Historically, the Fed has favored defending growth.

During the 1970s, the Fed consistently lagged its policy response to inflation in an attempt to preserve growth—believing that the underlying pressures were only temporary given the geopolitical nature of the oil shock.  While they did raise interest rates, the hikes were ultimately too slow and modest to prevent inflation from being a problem for a decade (until the Volker rate hikes of the 80s).  The potential parallels to today’s Fed are obvious.

To be clear, the situation today in the US is better than it was in the 70s.  Today, the US is a major producer and net exporter of oil, which mitigates both supply and price risk to Americans.  Europe, by comparison, is not energy self-sufficient and is in a far more tenuous position (which is probably why they haven’t yet sanctioned Russian oil and gas).

We believe that over time, geopolitical tensions will be lessened and inflation pressures reduced, but right now we are keeping a sharp eye on these current global challenges and have opportunistic plans in place as the market volatility continues.

Riverfront March 14, 2022
Downloads: Riverfront-Mar-14-2022.pdf

Could Oil Price Levels Cause a Recession?

Written by RiverFront Investment Group.  Reprinted with permission from RiverFront Investment Group.  Redistribution is prohibited.

Riverfront March 7, 2022
Downloads: Riverfront-Mar-7-2022.pdf

‘Process Over Prediction’ in Real Time: Responding to the Unexpected

Written by RiverFront Investment Group.  Reprinted with permission from RiverFront Investment Group.  Redistribution is prohibited.

Russia invades Ukraine… March 2, 2022
Downloads: Russia-invades-Ukraine.pdf

Q&A: How the Russian Invasion of Ukraine May Affect Investors

On Thursday, February 24, after months of tension and military buildup, Russia invaded Ukraine.  It’s the first major war between European nations in decades and brings significant humanitarian and economic ramifications for the entire world.

We want to assure you that our team has spent a lot of time analyzing the situation and how it might impact you.  We’ll go over some of the details in a moment, but the most important thing for you to know is that we are keeping a close eye on everythingWe remain confident in our investment strategy as well as the path to your financial goals.

Now, as you can imagine, the markets fell sharply when the world woke up to the news of invasion.  In this message, we’re going to explain what effect this war is likely to have on both the global economy and on the markets.  Because we’re financial advisors, not a geopolitical expert or military strategist, we’re going to refrain from commenting on why this war is happening, even though we have our own opinions, as we’re sure you do.  Before continuing, though, we do want to say that our hearts go out to the Ukrainian people.  While this message will focus on the financial and economic consequences of war, nothing compares to the human cost.  We earnestly hope that peace prevails as soon as possible.

Now, let’s do a Q&A about how this conflict will impact investors.  These are some of the most common questions we’ve heard from clients over the past few days.

Q: Why is this conflict impacting the markets? 

A: You’ve undoubtedly noticed in recent weeks how volatile the markets have been.  The ultimate reason, frankly, is quite simple.  War brings disruption.  To production, to trade, to everything.

That’s especially true with this conflict.  When it comes to the global economy, Russia and Ukraine are key players.  For example, both together comprise 29% of the world’s wheat.1  Ukraine alone is one of the world’s top producers of corn, while Russia is Europe’s largest source of both oil and natural gas.  Both countries also play a major role in producing minerals and metals – think copper, nickel, platinum, etc.

These are not products the world can live without.  From the U.S. to China, from Germany to Ghana, we depend on these products to eat, communicate, get to work, grow crops, and even stay warm.  If you think of the global economy as a big spider web, touching a strand on one end causes the entire web to vibrate – sometimes violently.

Now, there are steps both Europe and the United States can take to mitigate these issues.  (More on that in a moment.)  But given that we are still recovering from supply disruptions caused by the pandemic, war is the last thing the world needs right now.

Another reason this conflict is impacting the markets is because of the shock it will have on the global financial system – in the form of economic sanctions the West has started levying on Russia.

Q: What are the U.S. and European Union doing about this?

A: Before we get into what the U.S. is doing, let’s quickly cover what the U.S. is not. 

This is not a war between the United States and Russia.  Currently, there are no plans to send U.S. troops into Ukraine.2  While American forces have reinforced several nearby countries like Poland and Romania, these are fellow NATO members.  Ukraine is not a member of NATO, which means NATO is not bound by the terms of its alliance to defend it from invasion.  Instead, the U.S. will support Ukraine by providing supplies, intelligence, and logistical assistance.

Because Russia’s actions are both a violation of international law and its own pledge to respect Ukraine’s borders3, the U.S. and many other western countries have announced a number of economic sanctions.4  Some of these sanctions include:

• Asset freezes and travel bans on dozens of influential Russian politicians and business leaders.
• Restricting Russia’s access to the European Union’s financial markets.
• Halting approval of the undersea Nord Stream 2 pipeline, which was set to deliver natural gas to Germany and be a major source of new business for Russia.
• Barring select Russian banks from raising money in the west or trading new debt in U.S. or European markets.

According to President Biden, these sanctions are just the first wave, with more soon to come.

Now, there’s no question that sanctions will have a major impact on Russia’s economy.  When Russia forcibly annexed Crimea in 2014, the U.S. also imposed sanctions on Russia that many experts believe have stalled Russia’s economic growth dramatically.  (Since 2014, Russia’s economy has grown by an average of 0.3% per year, compared to the global average of 2.3%.5)  These new sanctions are likely to be even greater, with an even greater effect.

But sanctions take time, and alone won’t stop Russian forces from penetrating Ukraine.  They can also be a double-edged sword.

Since World War II, Europe has become more economically intertwined to prevent another devastating conflict.  (This idea was the impetus behind the European Union.)  Since the end of the Cold War, Europe has also worked to make Russia a more integral economic partner.  The idea was that the more East and West relied on each other for trade, the less likely war would ever break out.

While this experiment has largely been successful, there’s a downside.  Trade in times of peace brings mutual gain – but nixing trade brings mutual pain.  Sanctions will undoubtedly punish Russian banks and companies that depend on foreign business.  But it can also hurt U.S. and European firms that rely on business with Russia.  This is another reason the war is roiling the stock market.

Q: Okay, so let’s focus on what’s happening here at home.  How long will market volatility last because of this? 

Obviously, that’s impossible to say.  Furthermore, trying to guess – and then making decisions based on a guess – is one of the worst things we as investors can do.  So, we’re not going to do it!

That said, there are some interesting things to note here.  First is that, historically, geopolitical crises often have a surprisingly short-lived effect on the markets.  For example, take the Cuban Missile Crisis.  The world has never been closer to nuclear war than during those nerve-wracking thirteen days in 1962, yet during that time, the Dow only fell 1.2%.  By the end of the year, the Dow was up 10%.6

Remember when Iraq invaded Kuwait back in 1990?  The Dow declined more than 18% in the immediate aftermath – only to recover completely a few months later, and indeed climb 38% over the next two years.7  Eleven years later, after the September 11 attacks, the Dow fell over 14%, but returned to normal a few months later. 7   More recently, look at Brexit.  When the UK voted to leave the European Union, it took most analysts by surprise, and many predicted it would lead to a major drop in the markets.  At first, it did.  The vote took place on a Thursday.  The next day, the Dow fell over 600 points, and then another 250 points the Monday after.8  But less than a month later, the Dow climbed to a new record high.

As you can see, while geopolitical events often seem scary to investors, their impact on the markets isn’t necessarily huge.  That’s because many things impact the markets.  Even something as big as war is only one ingredient in the dish.

On the other hand, financial experts like to say that “Past performance is no guarantee of future results.”  So, just because history has leaned one way doesn’t mean it can’t shift course in the future. This current crisis could have a sustained impact on the markets for all the reasons we’ve discussed.  There’s no way to know – meaning we need to be mentally and emotionally prepared for both possibilities. Our team is well prepared.

Another thing we need to prepare for is the possibility of higher prices here at home.

Q: So, how will this war affect our own economy? 

There’s no point beating around the bush: Consumer prices are already sky-high and are now likely to rise even higher.

Due to the pandemic, inflation has risen at a historic rate.  New sanctions and supply-chain issues will only compound the problem.  For that reason, it’s very possible we’ll see a jump in prices for the following goods and commodities:

• Gasoline. While oil prices and the price we pay at the pump aren’t the same, they are linked. On February 24 alone, oil prices rose above $100 per barrel.9
• Natural gas. As of this writing, prices are up 29% in Europe; we could see a similar rise.10
• Travel costs. Pricier oil means pricier jet fuel, which means higher airfares for travelers.
• Food. As we’ve already covered, Russia and Ukraine are hugely important to the world’s supply of wheat, corn, and other staples.
• Electronics. From your car to your cell phone, we rely on minerals and metals for our technology to function. Due to the pandemic, there was already a shortage of these supplies.

The U.S. can release oil reserves to combat rising fuel prices, and Europe can turn to other places for natural gas and wheat. (Including the United States.) But while these measures can help, they’ll take time – and can only blunt a rise in consumer prices, not stop it entirely.

Interest rates may also be affected. Most experts expected the Federal Reserve would soon announce significant rate hikes to combat inflation. In light of the invasion, interest rates will probably still go up, but might be less than previously thought. That’s good news for the stock market, at least in the short term, but it won’t help slow inflation as much.

Whew! We just threw a lot of information at you, didn’t we?  Well, take a breath, grab a sip of water, get up and stretch your legs – and then let’s cover the fifth and final question.

Q: Given everything that’s going on, what should we be doing about it? 

Prior to today, the idea of one European country invading another seemed almost unthinkable.  It was something for the history books, not the front page.  But that’s the world we woke up to today.  A different world than the one we went to sleep to yesterday.

But here’s the thing to remember.  The world is always changing – and we’ve always done a great job of adapting!

Massive change often triggers massive uncertainty.  Massive uncertainty often triggers massive overreaction.  That’s why so many investors tend to lose money during times of volatility, because they make long-term decisions based on short-term emotions under a fog of uncertainty.  By acting without overreacting, you are literally doing the single best thing you can to stay on track to your financial goals.

The situation in Ukraine will likely change every day, hour, and even minute.  Headlines you read in the morning might be obsolete by afternoon.  That’s why it makes no sense when investors panic, sell, or “cash out” just because of uncertainty.  By the time they do, the situation they’re reacting to may have already passed!  So, my advice, «Salutation»?  Over the coming weeks, let’s keep doing what we always do.  Let’s keep our heads and hold to our long-term strategy.  After all, we already know that it works!

We hope you found this message to be informative.  Of course, please let us know if you have any questions or concerns about your portfolio.  Our team is here for you.  We’ll keep monitoring the situation, and if anything changes, we’ll let you know immediately.

Sincerely yours,

Barbara B. Hudock CIMA®, CPM®
Chief Executive Officer
Founding Partner

Michael J. Hudock, Jr., CPM®
President and Founding Partner
Wealth Consultant


1 “How a Russian invasion of Ukraine could hit supply chains,” CNBC, February 23, 2022.

2 “Here’s what Biden has said about sending US troops to Ukraine,” CNN, February 24, 2022.

3 “Letter from the Permanent Representatives of the Russian Federation…to the United Nations,” General Assembly Security Council, December 19, 1994.

4 “U.S. imposes sanctions on Russian banks, sovereign debt and elites after Ukraine invasion,” Politico, February 22, 2024.

5 “The impact of Western sanctions on Russia,” The Atlantic Council, May 3, 2021.

6 “How markets reacted to geopolitical crises,” The Economic Times, April 13, 2017.

7 “Stock Market History: More Ups Than Downs,” Forbes, September 27, 2017.

8 “Dow plunges over 600 points as U.K. ‘earthquake’ crushes global markets,” CNN Money, June 24, 2016.

9 “Global oil prices soar above $100 and could go much higher,” CNN Business, February 24, 2022.

10 “Russia’s attack on Ukraine means these prices are going even higher,” CNN Business, February 24, 2022.

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