Unlike the annexation of Crimea, in 2014, the 2022 Russia-Ukraine crisis is occurring in an inflationary macro context. Russia will likely restrict exports of both energy and metals to the West, while Ukrainian wheat exports may also be disrupted. As a result, the prices of these commodities are likely to rise. As in 2014, increasing exposures to wheat and gold to hedge against the risk of higher inflation is a strategy that should perform strongly.

Presentation  (32 mins)

Podcast   (32 mins)