The U.S.-led strikes in Syria have put Russia and the U.S. at odds again and set an exclamation point on how swiftly ties between the former Cold War foes have deteriorated.
But Russian markets are shrugging off the latest risk, even with the threat of more U.S. sanctions to come, and officials have been quick to declare that the worst is over.
There remain plenty of reasons for worry. In Washington and Moscow, decision makers have all but given up hope for any improvement in relations. Russia’s preparing its retaliation for the latest sanctions, which Washington has said won’t be the last. And the possible U.S. pullout from the Iran nuclear deal will only add to tensions in the Middle East.
Even if investors hope President Vladimir Putin might be seeking a lull before Russia hosts the World Cup this summer, geopolitics aren’t likely to play along.