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Ruble Slides as Russia Credit Risk Worsens on Ukraine Tensions

  • Default swaps climb most in seven weeks on sanction concern
  • Bonds fall, sending 10-year yields up first time in seven days
Updated on

Escalating tensions with Ukraine sent the ruble tumbling and drove the cost of insuring Russian debt against default up the most in seven weeks.

The currency slid 1 percent, the steepest drop since Aug. 1, as the diplomatic standoff worsened, with President Vladimir Putin bolstering air defense in Crimea and the European Union calling for calm. Russia said Thursday the deaths of two servicemen in Crimea would carry consequences and Ukraine put its troops on high alert, warning that Putin sought to reignite the conflict over disputed territories.