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Ruble Cracks Seen Before Ukraine’s Deadly Descent: Russia Credit

Foreign investor holdings of Russian ruble government bonds slid to the lowest level in 10 months in December as the ruble capped its worst year since 2008 and political tensions in neighboring Ukraine were growing.

Non-residents’ share of ruble debt fell one percentage point from the previous month to 23.9 percent as of Jan. 1, central bank data data published Feb. 21 show. That represented outflows of 17 billion rubles ($477 million) to 894 billion rubles. Foreign holdings of OFZ securities peaked at 28.1 percent on May 1, according to the figures.