The Democratic Republic of Congo has filed a case against Rwanda at the International Court of Justice, accusing Kigali of backing M23 rebels in the east. Britain, ever the champion of judicial process, has thrown its weight behind the proceedings. But let us not forget the bottom line: this is a squabble over mineral wealth, not a legal remedy.
The ICJ moves at a glacial pace, while the Congolese franc plummets and gold flows across the border. Investors should watch the flight of capital from Kinshasa and the rising risk premium on Rwandan bonds. The court may debate sovereignty, but the market has already priced in continued volatility.
