Russia.

What a mess. Rates hiked to 9.5% from 8%, inflation at 8% and rising, currency plunging despite the rise in rates reflecting a fundamental lack of confidence in the economy. And possible worst of all -
Oil price falling to what is widely believed to be a level which makes the Russian budget unsustainable.

Sanctions take time to bite - it looks like they are finally hitting home. The Black Swan for the next 12 months could be the implosion of the Russian economy. That's make a few high end hoteliers and yacht charterers in Southern France wince.

Putin wanted to recreate the USSR. Looks like he's succeeded - complete with the inevitable collapse.