BoE's Cunliffe: Sanctions will do severe damage to Russia's economy

Bank of England Deputy Governor for Financial Stability Jon Cunliffe said on Wednesday that sanctions will do severe damage to the Russian economy, but should not pose material risks to financial stability more broadly, reported Reuters. Cunliffe said that heightened perceptions of geopolitical risk and its potential impact on growth and inflation can only increase risks around adjustment away from riskier assets.