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Ruble Hits 5-Year High as Gas Buyers Bend to Putin’s Will

  • Euro-ruble volumes surging as exporters convert earnings
  • Putin demanded that buyers of gas switch to ruble payments
Updated on

The ruble closed at the highest level in five years against the euro as more European companies appeared to be complying with Vladimir Putin’s demand that they switch to paying in Russia’s currency for natural gas.

The ruble jumped as much as 9% against the euro and ended Friday’s session 2.8% stronger against the dollar in Moscow. The Russian currency is the best performer globally this year.