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Economics

Russia Ringfenced as Old Empire's Currencies Thrive

  • Ruble is worst performer in ex-Soviet region in first half
  • U.S. sanctions among reasons for pressure on Russia’s currency
Residential and commercial buildings stand in Almaty, Kazakhstan. 

Residential and commercial buildings stand in Almaty, Kazakhstan. 

Photographer: Taylor Weidman/Bloomberg
Updated on

The former Soviet republics have rarely been more free of Russia since reclaiming independence almost three decades ago.

For the first time in half a decade, the Russian currency suffered the worst performance in the first six months of the year among its 11 ex-Soviet peers. After the toll taken by sanctions and tightening U.S. monetary policy, the ruble is now down almost 9 percent against the dollar in 2018, more than double the loss of any other currency in the group.