DoubleLine’s Bill Campbell Interviewed on Russia, China and Backfiring G-7 Sanctions

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...

• This material contains the opinions of the manager as of the date it was recorded and such opinions are subject to change without notice.

• The material represents DoubleLine’s intellectual property. No portion of this presentation may be published, reproduced, transmitted, or rebroadcast in any media in any form without the express written permission of DoubleLine. To receive permission from DoubleLine, please contact media@doubleline.com.

• The views and forecasts expressed in any materials on this website are as of the date indicated, are subject to change without notice, may not come to pass and do not represent a recommendation or offer of any particular security, strategy, or investment. DoubleLine has no obligation to provide revised assessments in the event of changed circumstances. There can be no assurance that the strategies described will achieve their objectives and goals.

• DoubleLine® is a registered trademark of DoubleLine Capital LP.

• ©2022 DoubleLine