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USD/RUB Onshore Quotes Narrow Slightly, But Pressure on the RUB Remains Acute

  • USD/RUB BGN opens +4.99% higher this morning at 114.59, after ending yesterday’s session up +5.26% at 108.88 - having made an attempt to close the breakout gap during the session.
  • W/w the cross trades +31.13% higher on the back of drastic western sanctions – pushing Russian economy into a state of isolation and towards technical default.
  • The cross has held below 120 for now, but may increase pressure on the level as the West imposes more sanctions and the economic coats of Putin’s invasion become more deeply entrenched.
  • Energy prices have spiked sharply with brent trading +14% higher w/w, sending inflationary impulses across the globe as the Ukraine crisis rages.
  • As expected, ceasefire talks bore no fruit, with Putin seeming determined to encircle Kyiv before considering a de-escalation in its military campaign.
  • Politically, this campaign has been extremely detrimental for Putin as it has not evolved in the manner he planned – with extensive Ukrainian resistance and Russian casualties likely to weigh on his approval at home.
  • Kyiv appears to be resolute in its efforts to hold out for as long as possible leading to the possibility of extended sieges on key cities.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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