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USD/RUB Holds Below 74.00 as EU Firms Eye RUB Payments For Gas

RUSSIA
  • USD/RUB trades +0.27% higher this morning, treading water a fraction below 74.00.
  • The cross fell a further -2.33% yesterday as Putin ratcheted up the pressure on the EU to pay for gas in RUB with threats of halting delivery to unfriendly states who refused to pay in RUB.
  • Although the EU said it has contingencies, reports suggest many firms and some states are bowing to pressure and looking to pay in RUB in a move that should soften the blow of Western sanctions and support the local currency.
  • Markets expect the CBR to reduce its key rate by 200bps on Friday in the face of easing supply-induced price pressures and a firmer RUB – although Nabiullina will retain a cautious approach with the conflict still ongoing.
  • Oil markets slipped overnight as lockdowns in China dampened demand-side drivers, bringing brent closer to the $100 mark and sending USD/CNH +0.93% higher.
  • Ukraine-Russia negotiations remain stalled, with few signs of a return to meaningful talks in the near-term.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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