The ruble rose to a record
Russian Ruble. (Image: Getty Images)
Specifically, the exchange rate of 1 USD for 70.49 rubles, after having a strong increase at the beginning of the session, reached 68.6 rubles for 1 USD, the highest level since June 2020.
As for the euro, the price Ruble rose 1.2%, trading at 1 Euro for 73.84 Rubles, the highest level since February 2020.
Meanwhile, speaking to the European Parliament, the President of the European Commission (EC) proposed a step-by-step oil embargo, as well as the removal of Russia’s largest bank, Sberbank, and two other banks from the system. SMS, international transactions SWIFT.
However, the EC has not yet proposed sanctions against Gazprombank, which plays an important role in gas payments. Reacting to the above information, the Russian stock market dropped slightly.
Associated Reuters “While a return to pre-conflict levels for the ruble may not be as meaningful as it once was, in light of current sanctions and capital controls,” said a statement from the Netherlands’ Rabobank. shows that Russia is dealing with the situation better than the West expected.”
In March, the ruble fell to a record, losing more than 40% of its value compared to the beginning of the year, when the West enacted sweeping sanctions.
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