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Pain From Putin Sanctions Deepens as Ruble to Auction Suffer

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Russian President Vladimir Putin’s policy makers are in damage-control mode to confront mounting economic pain from U.S. and European sanctions over Ukraine.

The central bank said today it sold $420 million of foreign currency on Oct. 6 in its third day of interventions this month to slow a decline in the ruble that’s made it the world’s worst performer since June. The government raised less than half the amount offered in a bond sale, while people with knowledge of the matter said OAO Lukoil is seeking a dollar loan to bypass the sanctions. All this while oil, the source of half of Russia’s revenue with natural gas, dropped to a 27-month low.