The ruble’s new fall is likely related to potential US sanctions against Russian oil.
News about the Biden administration’s consideration of tightening sanctions against the Russian Federation led to a fall in the ruble exchange rate. The dollar exceeded the mark of 108 rubles. This was reported by RosSMI on Wednesday, December 11.
On Wednesday, the dollar jumped by almost 7 rubles on the Forex market, reaching a peak of 108.72 rubles – the highest value since December 2. The euro exchange rate rose to 114 rubles. The Chinese yuan on the Moscow Exchange rose in price by more than 2%, surpassing 14 rubles per yuan for the first time in the past week.
The new ruble collapse is likely due to potential US sanctions, said investment banker Evgeniy Kogan.
According to Bloomberg, the Joe Biden administration is considering increasing restrictions on Russian oil exports to the level being enforced against Iran. According to sources, these measures, which were previously feared in the White House, now look more likely, because there is no shortage of oil on the world market, but on the contrary, there is an excess of it.
While a Reuters source in a large Russian bank mentioned another possible reason for the weakening of the ruble. There is a need for money in the market, which may be related to the exit of a foreign company from Russia. It is not known who exactly left the country, the source added: “The name will be known only after the fact, after the agreement with the new owner is completed.”
Let’s recall that the ruble accelerated its decline against the dollar, euro and yuan after the introduction of sanctions against Gazprombank and 50 more banks in Russia made additional payments for gas more difficult. The yuan/ruble pair on the Moscow Exchange exceeded the 14.5 ruble mark. for the first time since March 2022.
Source: korrespondent
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