Western allies’ sanctions against Russia have started to blowback in the form of large potential losses for their own banks, companies and investors, often in unexpected ways. In the past, such fires have been precursors to financial crises. But some market participants say they aren’t seeing panic in the market, at least not yet. “We haven’t had any of those ‘holy shit’ phone calls,” said David Schamis, co-founder of financial services-focused private equity firm Atlas Merchant Capital, while heading out of town for his daughter’s hockey tournament over the weekend. “There is so much more capital in the system. Russia is not that big. Risk management is better,” Schamis said, comparing the situation now to the financial crisis in 2008 when he had a front-row seat as someone with capital to invest. Indeed, banks have fat buffers this time around. In a sign of […]