The cost of insuring Russian debt using credit-default swaps fell to a three-week low as tensions with Ukraine eased, offering relief from mounting political risk that had weighed on assets last month.
Five-year CDS contracts declined seven basis points this week to 219, the lowest since Aug. 10 when Russian President Vladimir Putin said he would retaliate against the deaths of two Russian servicemen in Crimea and accused Ukraine of “terror” tactics in the Black Sea peninsula Russia annexed in March 2014. Brent crude fell 0.4 percent to $46.86 a barrel. The ruble gained 0.1 percent to 65.2225 against the dollar by 2:15 p.m. in Moscow.
