Russian Markets Take a Hit as Biden Vows Putin Will Pay a Price
- Ruble sinks most in 3 weeks as Biden agrees Putin a ‘killer’
- Specter of tougher sanctions that could hit bonds has returned
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The ruble retreated, bond yields climbed and the cost of protecting Russia’s debt against default jumped after U.S. President Joe Biden promised the Kremlin would pay a price for election meddling.
Biden’s comments to ABC News -- in which he agreed Vladimir Putin was a “killer” -- sent the Russian currency down the most in three weeks. The prospect of additional penalties as soon as next week revived concerns that the nation’s sovereign debt could eventually be targeted.