Russian Ruble, Stocks Slump on US Sanctions
USDRUB talking points:
- The Russian Ruble fell sharply against the US Dollar after the decision by the US to impose new sanctions.
- Moscow stocks dropped too.
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USDRUB jumped Monday to its highest level since November last year after the publication Friday of new financial sanctions by the US on Russian oligarchs, politicians and companies.
The pair climbed to 60.15 from 58.08 at Friday’s close in a delayed response to the sanctions on companies such as oligarch Oleg Deripaska's aluminum business Rusal and his En+ Group.
USDRUB Price Chart, Daily Timeframe (Year to Date)
Moscow stocks, as measured by the MOEX index, fell by more than 9% to 2,073.77 while Rusal shares dropped by nearly 26%. By contrast, the price of aluminum jumped for the third successive session to trade at $2,113 per tonne.
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--- Written by Martin Essex, Analyst and Editor