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RUB: RUB Hits Lowest Since Mar 2022, Latest US Sanctions Likely Driving Weakness

RUB
CEEMEAEM BulletRussiaBulletEmerging Market News

USDRUB has exceeded the 110.00 level for the first time since March 2022, RIA report citing trading data. Today, the exchange rate has risen over 7%.

  • RUB weakness is broadly due to fresh US sanctions on Russian banks - most notably on Gazprombank – with these measures heavily cited by local press. The sanctions put direct currency flows at risk, and as such some locals have been buying FX to be able to make payments to counterparties.
  • Escalation in the Russia/Ukraine conflict will no doubt be playing a part too, with Russian troops recently entering a key frontline town in the Donetsk region. This came as Russia vowed a fresh response to new Ukrainian strikes on its territory with US-supplied missiles.
  • Earlier in the week, finance minister Anton Siluanov sought to ease concerns over the currency's drop, saying it would be "very conducive to exports".
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USDRUB has exceeded the 110.00 level for the first time since March 2022, RIA report citing trading data. Today, the exchange rate has risen over 7%.

  • RUB weakness is broadly due to fresh US sanctions on Russian banks - most notably on Gazprombank – with these measures heavily cited by local press. The sanctions put direct currency flows at risk, and as such some locals have been buying FX to be able to make payments to counterparties.
  • Escalation in the Russia/Ukraine conflict will no doubt be playing a part too, with Russian troops recently entering a key frontline town in the Donetsk region. This came as Russia vowed a fresh response to new Ukrainian strikes on its territory with US-supplied missiles.
  • Earlier in the week, finance minister Anton Siluanov sought to ease concerns over the currency's drop, saying it would be "very conducive to exports".