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Ruble Indicated at Record Low Offshore on Talk of Oil Embargo

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The Russian ruble was indicated down 14% at a record low in offshore trading on fears of a ban on Russian crude imports.

The currency fell to 142.46 against the dollar after U.S. State Secretary Anthony Blinken said the U.S. and its allies are discussing an embargo on Russian oil supplies in a further retaliation for the invasion of Ukraine. Russia’s economy could contract by as much as 14% this year if curbs on energy exports are imposed, Bloomberg Economics forecasts.