As a follow-up to yesterdays “Minute”, the European Union just released a statement encouraging Russia to enter the WTO. This was in response to Russia’s statements it may roll back certain reforms it was going to make to meet WTO requirements. It is still unlikely though, WTO entry will be achieved by the end of 2008. The significance of this is that even in the middle of harsh words being exchanged from the recent military conflict, the EU, Russia’s most important trading partner is unlikely to start diplomatic or trade sanctions, although the Russian markets, at least for now have reacted like they are. Keep your intestinal fortitude, be a smart investor, and of course ask us where the opportunities are presenting themselves.