DoubleLine Global Bond Strategy Portfolio Manager Bill Campbell is interviewed Aug. 12, 2022, on Sirius XM by Wharton Business Daily host Dan Loney about his recent research paper on the backfiring of G-7 economic sanctions against Russia. In the interview, Mr. Campbell starts (1:18) by surveying Russia’s success in becoming “a strategic supplier of commodities” to the world, including oil, natural gas, metals, food and other agricultural products, all critical to importing countries. Western leaders and policymakers argued cutting off Russia from G-7 trade and finance would cripple the Russian economy and “cause Vladimir Putin to rethink his geopolitical strategy,” more specifically, his invasion of Ukraine. However, while the sanctions seriously hindered Russia’s ability to import goods, causing a contraction in its economy, Mr. Campbell points out the prices on Russian exports, necessities especially in Europe, have surged (2:50). Not only have those exports continued, prices have increased. “The net impact of this is that we’ve seen fiscal revenues to Russia rise.” Meanwhile, with the Russian central bank directing exporters to repatriate profits into rubles, the Russian currency, after an initial tumble in forex markets, surged to new highs against the U.S. dollar and euro. Beyond the immediate impacts in Russia and Europe, Mr. Campbell turns to a longer-term impact of the G-7 sanctions (8:04): an acceleration of the China-Russia strategic-economic axis as a competitor to the West and its increasing pull on such large non-G-7 countries as India. The Ruble as Weatherglass of A Competing Trade-and-Finance Axis: https://doubleline.com/wp-content/upl...
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Mr. Campbell joined DoubleLine in 2013. He is a Portfolio Manager for the DoubleLine Global Bond Strategy and is a permanent member of the Fixed Income Asset Allocation Committee. He covers Developed Markets, Central & Eastern Europe, Middle East and Africa (CEEMEA), and China. Prior to DoubleLine, Mr. Campbell worked for Peridiem Global Investors as a Global Fixed Income Research Analyst and Portfolio Manager. Previous to that, he was with Nuveen Investment Management Company, first as a Quantitative Analyst in their Risk Management and Portfolio Construction Group, then as a Vice President in their Taxable Fixed Income Group. Mr. Campbell also worked at John Hancock Financial as an Investment Analyst. He holds a BS in Business Economics and International Business, as well as a BA in English, from Pennsylvania State University. Mr. Campbell holds an MA in Mathematics, with a focus on Mathematical Finance, from Boston University.