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Is it only confusing to me that the Americas region is the lowest one and that it barely dropped after the sanctions?

1. EMEA is surprisingly often a larger market than "the Americas"

2. "that it barely dropped after the sanctions" - good point.

What countries are included in "Americas"? I speculate the Southern Hemisphere is the biggest driver in that category and is one of the places China is most actively engaging. Africa is another region, but lumped together with Europe. The chart, as is, doesn't have sufficient detail to parse out the effects of sanctions from the regions participating vs not.

I wonder if that is the point of the chart's design... WSJ?

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