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EU Sanctions Need to Change the Narrative to See Material Impact on RUB Assets

RUSSIA
  • Uncertainty over the extent of the sanctions may put upside pressure on USD/RUB in the short-term, but with the sanctions being subject to unanimous approval there may be room for the vote to fail with Germany and Italy the key holdouts
  • However, Russia is no newbie to sanctions pressure and failure to meaningfully hurt Russia economically and change the narrative from previous sanctions efforts will likely see only a short-term effect on Russian assets and risk premia
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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