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Ruble Indicated 28% Lower in Offshore Trade as Sanction...

Business Maverick

Business Maverick

Ruble Indicated 28% Lower in Offshore Trade as Sanctions Deepen

epa09627318 People walk outside the Kremlin during a snowfall in Moscow, Russia, 07 December 2021. Temperatures dropped to -1 degrees Celsius in Moscow, according to reports from the meteorological service. EPA-EFE/MAXIM SHIPENKOV
By Bloomberg
28 Feb 2022 1

The ruble was indicated 28% lower versus the dollar in offshore trading on Monday after Western nations stepped up sanctions against Russia following its invasion of Ukraine.

The ruble was indicated as low as 117.8170 per dollar based on data compiled by Bloomberg. President Vladimir Putin put the nation’s nuclear forces on higher alert as the U.S. and European allies announced plans to sanction Moscow’s central bank and cut off some Russian banks from the SWIFT financial messaging system.“It will be next to impossible to hedge all those Russian assets as there will be no liquidity to speak of,” said Stephen Innes, managing partner at SPI Asset Management in Bangkok.

The Russian currency has fallen more than 6% in onshore trade to underperform all its emerging-market peers in February as traders brace for Putin’s response to the toughened sanctions. Officials from Kyiv are scheduled to meet their Russian counterparts at the Belarus border for talks.

Offshore ruble opens nearly 30% lower against the dollar Monday
Gallery

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