1 Institute for International Finance, Bloomberg News, March 24, 2022
2 Barron’s, April 6, 2022
3 CNN, April 7, 2022
4 “Boeing Suspends Buying Titanium From Russia, Assures of ‘Sufficient Supply,’” CNBC, March 7, 2022
5 See “Sector Insights: Potential Sector-Level Impact of the Russia-Ukraine War,” March 11, 2022, for more detail
6 Bloomberg, March 22, 2022
7 “How a Russian Steel Giant was Unplugged From the Western Economy,” WSJ, March 25, 20222
8 “Foreign Exchange Turnover in April 2019,” Bank for International Settlements, September 16, 2019
9 USA Spending Data Lab, data as of July 2021
10 “Global Foreign Direct Investment Rebounded Strongly in 2021, but the Recovery Is Highly Uneven,” UNCTAD, January 19, 2022
11 “Commodities on a Path to Replace Currency Reserves, Pozsar Says,” Bloomberg, April 1, 2022