Skip Navigation. Investing Club. Key Points. A man views a digital board showing Russian rouble exchange rates against the euro and the US dollar outside a currency exchange office. On March 2, , the Russian rouble hit record lows with the US dollar and the euro rates reaching and at the Moscow Exchange respectively.
VIDEO Sanctions are making Russian assets 'uninvestable,' says Goldman Sachs. Squawk Box Europe. Asia's 'energy hungry' importers may see downward pressure on currencies: EIU. Squawk Box Asia. In light of the rising tensions between Russia and Ukraine, an extraordinary G7 meeting was held between the United States and its allies to announce a range of economic sanctions on Russia:. Given the developments of the crisis and the current situation on the energy market in Europe in particular, what implications can be drawn on the currencies of countries trading with Russia?
Conversely, the trade exposure of non-euro member countries like Hungary, the Czech Republic and Poland is less important while the UK and the US have only limited trade exposure to Russia. Russia on the other hand has increasingly been focusing on trade flows to the East to bolster its economy. In its efforts to reduce its reliance on the dollar, Russia has found a partner in China. Russia already made headlines in with its annexation of Crimea. Can we expect similar fluctuations on the forex market or will the Russian ruble fare differently this time?
Russia currently has one of the lowest debt-to-GDP ratios in the world and a record-high current-account surplus. As the situation continues to unfold, all eyes are now on the Western response. February - Monthly Economic Outlook. The ins and outs of the foreign exchange market. Contact us Open an account Ask a question.
Understanding the implications of the Russia-Ukraine conflict on the foreign exchange market 25 February Implications on the global energy market The effects of the Russia-Ukraine conflict are spilling into the global energy market. The rise and fall of commodity-based currencies The dramatic increase in energy prices, and oil and natural gas in particular, strengthened the Russian ruble RUB and other commodity-currencies like the Canadian dollar CAD and the Norwegian krone NOK throughout The European Union agreed on a range of measures intended to penalise members of Russia's upper house that had voted for the recognition of the two targeted Ukrainian regions as independent states.
The United Kingdom announced the freezing of five Russian banks that had their assets in the Britain and three Russian billionaires.
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Since mid-February till the week ended May 6, the central bank's FX reserves have declined $37 billion, Standard Chartered Bank's report said. A worldwide outcry has been caused by Russia's recognition of the DLPR, which has triggered the first batch of sanctions. The Russia-Ukraine war has hit many currencies hard. In a note Friday, Goldman Sachs co-heads of global FX, rates and EM strategy.