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Ruble dropped on fresh round of sanctions

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Ruble dropped on fresh round of sanctions

With the US imposing new sanctions on prominent Russian companies following President Vladimir Putin’s refusal to end support for Ukrainian rebels, the markets reacted with a decline in stocks and in the Russian ruble.

Oil group Rosneft took a big hit on the new measures and is now heading for the biggest retreat since May. This brought the Micex Index (INDEXCF) down by as much as 1.7% to 1,449.65 earlier this morning. The ruble are took a tumble, recording a drop of 1.1% versus the central bank’s target dollar-euro basket to 40.2842. This is the weakest standing since June 17th.

The latest round of sanctions are in the bid to squeeze Russia further into submission on the Ukraine situation. Riedel Research Group pointed out that they will be doing so by limiting access to financing, a move that will likely result in the country’s economy going into a recession. 39 of the Micex’s 50 shares dropped, paring to 16% the rally from this year’s low in March, when Putin moved to annex Crimea.

“The Russian market will go down, but not as much as at the depths of the Crimea crisis,” said David Riedel, the president and founder of Riedel Research, said by e-mail to Bloomberg yesterday. “The country is teetering on the edge now and this will be enough to push it over” into recession, he said.

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media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.