Whether it is confidence in Poroshenko's statements that "the ceasefire is holding" or fears over Russia's threats of "asymmetric" retaliation, Europe's leaders - having convinced the Finns not to veto - emerged from their emergency meeting and declared tough new funding sanctions on Russia's big three oil companies... will be "delayed a few days." It would seem - as we noted earlier - Europe is debating whether or not it can last the winter cold better than Russia can withstand the funding lock.



The suspended provisions include barring some Russian state-owned defense and energy companies -- including OAO Gazprom Neft, OAO Rosneft and OAO Transneft -- from raising capital in the EU, according to a European official who spoke on the usual condition of anonymity

As Reuters reports,

The European Union formally adopted a package of new sanctions against Russia on Monday, but said their entry into force would be delayed to leave time to assess whether a ceasefire in Ukraine is holding. "The entry into force (of the new sanctions) through the publication in the Official Journal will take place in the next few days. This will leave time for an assessment of the implementation of the ceasefire agreement and the peace plan," EU Council President Herman Van Rompuy said in a statement. "Depending on the situation on the ground, the EU stands ready to review the agreed sanctions in whole or in part," he said.

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We assume this is today's de-escalation reason for the v-shaped recovery that enabled S&P 500 to regain 2,000 once again.