SINGAPORE (Feb 4): Emerging-market equities have underperformed developed market equities such as that of the US during much of the past 18 months. This was in large part attributed to capital flight from EMs such as Turkey and Argentina, and sanctions against Russia. Even now, selective sanctions programmes are being either administered or enforced by the US Department of the Treasury’s Office of Foreign Assets Control, the European Union and other countries and multi-national bodies. Among the countries, some Russian companies and sectors, including finance, are subject to sanctions. At one point, Turkey was threatened with sanctions, but they have not been imposed.

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