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New Russia Sanctions Are More Bark Than Bite for Ruble

New round of Russia sanctions triggered a muted ruble response

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A new round of Russia sanctions may have spooked investors, but the ruble’s 2% decline against the dollar on Thursday and Friday is already reversing, comparing favorably to a year ago, when the U.S. first punished Russia over the nerve-agent attack on the spy Sergei Skripal in the U.K. The new long-awaited round includes restrictions on sovereign debt and trade, though the scope looks limited -- more bark than bite, according to Bloomberg Economics. But the announcement has ratcheted up uncertainty about implementation as well as proposals for harsher measures.