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RUSSIA: Ruble Weakens Sharply Following Ukrainian Incursion

RUSSIA
  • The ruble weakened sharply against the dollar in the past week after almost a month of relative stability, Vedomosti report, with USD/RUB falling to 92.60 on August 13 from 84.90 on August 6. Vedomosti’s analysts attribute the slide to the Ukrainian attack on Kursk Region, problems with foreign trade payments due to sanctions, as well as seasonal demand for forex and capital flight.
  • Russian crude oil and oil product exports fell by another 280,000 bpd to 7.4m bpd in July, the lowest figure since August 2023, IEA data showed as cited by Kommersant. However, revenue from these exports grew by $880m thanks to higher oil prices and smaller discounts on Russian crude blends.
  • Russian air defense shot down 117 drones and four tactical missiles over various regions in what was one of the largest overnight attacks during the war, Bloomberg report.
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