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Second debt auction in Russia cancelled: Ruble slides

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Second debt auction in Russia cancelled: Ruble slides

The ruble is looking to be heading for some trouble as a second consecutive debt auction was cancelled in Russia amid discussions concerning the new sanctions due to be placed on the country within the coming days. As a result, the currency dropped for the fourth day. It weakened against the euro by as much as 0.4% to 47.9050. It also retreated against the US dollar by 0.3% to 35.6425.

On the other hand, however, stocks showed advances, with the Micex Index gaining by 1.2%.

Reports claim that the EU and the US could make a move on Moscow by imposing new economic sanctions as soon as today. Potential targets include finance, defense and energy industries. This comes in the face of President Vladimir Putin “doubling down” in support of separatists in Ukraine, US Deputy National Security Adviser Tony Blinken said yesterday. EU governments agreed to impose travel bans and asset freezes on some of Putin’s allies.

Commenting on the outlook to Bloomberg, Tom Levinson, analyst at Sberbank CIB, said that this negative drift in the ruble will likely continue for now as sanctions continue to be discussed. The threat weighs on the market, especially after support from taxes and dividends payments subsided, he said.

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Mauritius,
J. Balcikonio str. 9,
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Lithuania,

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.