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Ruble Reopens With a Slump as Traders Price Increased Isolation

  • Currency halted Friday, capital controls fail to stem drop
  • Wednesday is investors’ first chance to react to oil ban
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U.S. and U.K. Ban Russian Oil Imports
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The ruble slumped as local traders got their first chance this week to react to a fresh slew of negative developments for Russia, including curbs on one of the nation’s key export earners.

Market turmoil unleashed by Russia’s Feb. 24 invasion of Ukraine forced the central bank to shutter trading entirely on Friday. Since then, the U.S. and U.K. have banned Russian oil imports, Fitch Ratings warned that default now appears “imminent,” and JPMorgan Chase & Co. and Bloomberg LP removed Russian assets from their indexes.