Is There a Spill Over in the Emerging Market Complex?

Russian central bank's dollar uro yen reserves are no longer accessible to them in order to intervene and support their local acid markets, because they've been frozen. Oil prices have meant that the inflationry concerns across a whole host of emerging markets are now more acute. And you are seeing interest rates in a lot of those emerging markets move up as well. Russia and ukrane together are also very large producers of food grains, and food prices have started moving higher as well.