Russian Firms Lost Billions on Ruble Derivatives, Interfax Says
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Russian companies lost tens of billions of rubles on foreign-exchange derivatives amid a rout in the ruble, Interfax reported, citing Sergey Moiseev, the head of financial stability at the central bank.
Companies were forced to close out the contracts after the central bank’s move to a free-floating exchange rate exposed them to the world’s highest currency volatility amid a slump in oil prices, Moiseev said, according to Interfax. Most of the transactions were terminated ahead of schedule, triggering penalties, or were restructured, the report said.