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Markets await Ukraine compromise, avoid minefields

The prices of risk hedges against “nuclear” sanctions and their knock-on effects shrank back to pre-war levels as Russia continues to sell oil and gas, and major trading nations continue to use the American dollar as the main instrument of exchanges. Fears of a dislocated energy market and a rush out of dollars following the seizure of half of Russia’s $630 billion in foreign exchange reserves haven’t materialized, as both the United States and Russia showed a certain amount of restraint.