US Sanctions Hit Ruble as Russia’s FX Sources Are Drying Up
- New sanctions targeted Russian lenders including Gazprombank
- US penalties hit key channels of inflows from export revenues
Russia's central bank in Moscow.
Source: BloombergThis article is for subscribers only.
Fresh US sanctions against Russian banks have caused a further slide in the ruble, putting at risk some of the last channels of direct foreign-currency flows into the country.
The ruble has fallen almost 8% against the dollar since November 21, when the US sanctioned some 50 Russian banks with connections to the global financial system. On Wednesday, the currency went beyond 108 per dollar after passing 105 the day before, the weakest levels since March 2022 during the aftermath of the first sweeping sanctions over the invasion of Ukraine.