At the beginning of the year, equity analysts were still raving about Russian stocks.
After a difficult period, the conditions now seemed to be in place for the stock market to catch up.
Those who invested back then did so in the knowledge of the autocratic political leadership and the high dependence on fossil fuels.
But it is not the job of analysts to moralize.
They enlighten investors about potential returns.
Fortunately, the financial markets are currently in the process of changing.
The shift towards environmental, social and governance issues shows that such risks are now perceived as a financial challenge.
Even more important is this more critical look at where you invest your money when it's a matter of life and death, as is currently the case in Ukraine.
In this respect, even those investors who are affected by the fact that current prices for VTB, Sberbank and Co. are no longer being created on Western European stock exchanges should welcome targeted financial sanctions.
However, two arguments that can be heard on the stock exchanges are irritating: an entry could be worthwhile in the smoke and the markets would only remain stable if the attack on the Ukraine ended quickly.
The focus is on Ukraine's ability to defend itself.
In such a political situation, increasing money is not a priority and even indirect financing of the war should be out of the question.